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All Forum Posts by: Ray Harrell

Ray Harrell has started 27 posts and replied 1254 times.

In any short-term case, short term rentals is best. You can hire managers who manage short term rentals. Your income potential is higher, depending where you live. In Chicago, you make a killing in the summer, but visitors in the winter are scarce, unless your bnb is close to downtown or an airport.

Post: Insurance as % of overall revenue

Ray HarrellPosted
  • Investor
  • Chicago, IL
  • Posts 1,272
  • Votes 930

I'm at 4%, but I have higher than normal cash flow. Also mine is a 3 flat so insurance is cheaper.

Post: Light fixture Recommendation

Ray HarrellPosted
  • Investor
  • Chicago, IL
  • Posts 1,272
  • Votes 930
I have some integrated LED fixtures (can lights) that haven't given me any problems. I will see how they are in 5 years. But LED is definitely the way to go.

Post: Gave tenant inaccurate 30 day notice- can they stay 60 more days?

Ray HarrellPosted
  • Investor
  • Chicago, IL
  • Posts 1,272
  • Votes 930
In Chicago it's almost ALWAYS done wrong. Tenants always have the upper hand. I would even run your C4K letter by an attorney, because what if you give cash, and they give you THEIR set of keys, but then show up the next day with the copied set? In Chicago your 30 day notice is effective the 1st of the month concurrent with or following 30 days. So a notice given on August 2 will allow them to stay in the unit until September 30.
You don't owe them a rent credit for the remainder of the month UNLESS you happened to rent the unit on the day they moved out. You can't collect rent from two parties on the same unit for the same days. If they left early, that's on them.

Post: Walk Away From Rental Property

Ray HarrellPosted
  • Investor
  • Chicago, IL
  • Posts 1,272
  • Votes 930

At least in Chicago. Too tenant friendly. 2 months just to get a court date. Tenants talk. They learn u can not pay rent and live rent free for 3 months.

Post: Walk Away From Rental Property

Ray HarrellPosted
  • Investor
  • Chicago, IL
  • Posts 1,272
  • Votes 930

I've felt this way for over a year.

Post: Walk Away From Rental Property

Ray HarrellPosted
  • Investor
  • Chicago, IL
  • Posts 1,272
  • Votes 930

On terms and owner financing means I'm still connected to the property, but thanks for the input.

Post: Walk Away From Rental Property

Ray HarrellPosted
  • Investor
  • Chicago, IL
  • Posts 1,272
  • Votes 930

After 3 years of trying, I'm finally fed up with being a landlord. I don't even want to go to the building to check on it. What is the best way to get out of this QUICKLY, like in the next week? I don't want to be attached to this property at all, but I want my mortgage paid. That's it. I thought about shutting off the utilities and letting it go into foreclosure, but that's a whole other legal issue with the tenants.

Any suggestions?

Post: Chicago Building code Violations

Ray HarrellPosted
  • Investor
  • Chicago, IL
  • Posts 1,272
  • Votes 930

The city is slow to close cases, if at all.