All Forum Posts by: Quincy Lockett

@Jay Hinrichs

I assume the per capita income in Palos Altos supported the higher home prices. All of those super high income tech workers competing for limited housing. Such a scenario is probably rare in but for a few places in the country. I think affordability is fast becoming an issue for most buyers even in a limited inventory environment. I’m just as curious how this will play out with pricing. My assumption is that prices will eventually level off or drop a bit.

@Kirk Markus

Hey Kirk! South Holland is great but it’s not Dolton. I own in both. South Holland now has geographical rental restrictions in which you have to contact the city to inquire if your property is “eligible” for rental. It’s is predominantly a homeowner neighborhood of professionals whereas Dolton is more rental blue-collar. Both neighborhoods though qualify for premium Section 8 rents. I’ve moved to the South Loop but I still own in both neighborhoods.

@Jay Hinrichs

Absolutely. It appears most landlords that operate in the C and below ranks are called slumlords, Regardless of how attentive they are to their properties. My premise is that because those properties are typically the older structures in the less desired neighborhoods by proxy they are “slums” and the people that purchase them are slumlords in most outsider’s eyes. In my experience most C Class renters despise having to commit to leasing these units. Everyone wants the “American Dream” home even though they typically don’t the capacity to achieve it. So they end up resenting me because somehow I’m partly responsible for their lot in life. It’s almost a no win situation. Except for those exceptional RETURNS! Lol!

@Jim K.

Had a tenant report a water leak from upstairs into new kitchen cabinets. Plumber discovered it was from a tub fixture and he needed access to the adjoining unit. I contact that unit and inform them I needed emergency entrance the next day to do the repair. The tenant refuses! I assume I’m legally correct (WRONG)! I schedule the plumber anyway and try to gain entrance the next day. Tenant refuses entry. I call the city police. Police arrive and I explain the scenario. Police proceeds to try to gain entry. Tenant opens door and refuses. Proceeds to tell police “I never fix anything.” When asked what needed to be fixed she murmured something about shelving. I’m oblivious and annoyed because til then we had a courteous relationship. Tenant husband joins in berating me and telling me I can come into “MY HOUSE!” ….”This is MY HOUSE!” They close the door temporarily and the cop explains to me. In the state of Indiana if a tenant refuses entry regardless

of you giving them 48 hours notice or in this case 24 hours emergency notice, you CAN NOT ENTER! I walk away to defuse the apparent hostility. The plumber talks to the tenant and they agree to allow entry the next day. The repair is performed successfully.

Meanwhile I go home and pull their lease to see when it ends and what do you know? It ends the following month. I immediately typed up a 30 day notice to no renew lease and posted the next month.

Would you believe the wife actually emailed me to ask me “Why are you putting my family out??” I responded. “We’re not putting you out, we’ve just decided not to renew the lease.” INSANE. I have countless more stories after 20 years of owning and managing lower C class properties. It’s like serving a tour of real estate combat at this level.

@Linda S.

#2 in your post is called “Winnie the Poohing.” Top with no bottoms. Lol!!!

@Paul K.

You’ll be permanently dealing with lower tier tenants and definitely at least a 20% rent reduction. Sell now and take the loss or keep and be prepared to manage challenging tenants with higher turnover.

@Justin Kerstetter

At this point, the respect level has been forever diminished. Whether the dog is an ESA or not, the tenant should have informed you BEFORE bringing the pet into the unit. I would still request proof of ESA and charge accordingly but regardless of their ability to produce proof, my intent is to NOT renew their lease agreement upon lease end. And NOT give a specific reason. In order to have a good landlord/tenant symbiosis there MUST be mutual respect.

@Sam P.

Move on.

@Jane S.

In 21 years of investing I have never had an argument with a tenant. Even though many tenants have wanted to. I try my best to remain civil in all discourse even when they’re being irrational. I understand your concern, 90 days is a long time to deal with the energy of resentment from tenants (Illinois just increased lease non-renewal from 30 to 60 days). There’s nothing you can do to prevent a mentally compromised person from behaving mentally compromised in your property. But if you’ve maintained professionalism throughout their tenancy, I wouldn’t worry about extreme damage. It’s hasn’t happened to me…..yet.

I didn’t mean for you to take it personal. To be successful you’re doing to have to be less emotional. But good luck.