All Forum Posts by: Rob B.

Believe me, I'm all for hands-on and handling the cosmetic work (since you doing those renovations is your competitive edge) but as someone who has lost family (grandfather) to cancer caused by asbestos, I'm going to advise that you proceed with some serious caution; do the appropriate testing. Again, as mentioned above, disturbing the lead-based paint is where a lot of the technical issues come into play. I'd recommend spending the money on going lead-free (removal of lead) and play it safe. Best of luck! 

Definitely make sure it is in accordance with local Chicago law, but also know that it is your rental business. They sound like good tenants, and true, it is possible they're great dog owners, but even the friendliest pets can cause lasting damage to the rental property. You have to decide for yourself if this is the type of risk you want to take on as the property owner. There was nothing in writing early on and this is all contingent upon a separate agreement and deposit, in which you outline the restrictions on size. Again, you set those rules and expectations. Just know that it is possible they might push back and try to claim EAA status, but, they also have to be flexible in that owning a dog is not part of that original lease agreement. All about that middle ground.

Make sure you know the area where you're buying, in-and-out. Great example; the Woodlawn neighborhood here in Chicago is based on the south side. Crime definitely exists in and near the neighborhood, but one of the world's most prestigious universities (the University of Chicago) is also right there (in Hyde Park and Woodlawn). Many students end up renting in the surrounding areas with [more often than not] guaranteed funding from their programs — this also covers housing costs/expenses. A great market to rent to, and a great place to own a rental property. But, if you were just looking at Woodlawn's numbers/crime statistics, by most standards, the area definitely is one where you know certain parts are lower-income. 

Be hands on. And as others have mentioned, low priced, low-income areas still have a situation where one street or area is better than the rest. I know a lot of landlords who would immediately think, "Southside of Chicago? No thanks" but there are many landlords in the area making bank on rentals. @Christopher Davis

I definitely agree with what @Brie Schmidt and @Ashley Kehr have already mentioned in that the daughter should apply like anyone else. Sounds like you've tried to follow-up with questions as well but no response from her, so... that's a pretty clear indicator that this might not be the best situation for your rental moving forward. Additionally, in regards to your second question, go with what's in the best interest of your business; definitely be sure to ask questions that don't violate any FHA rules but make those questions standard across all applications. Sometimes the trick/non-obvious trap questions can help you get a better idea of what kind of tenant they'll be. They can have the best credit score in the world, or a really great reported income/salary, and still be considered a terrible tenant. Don't forget to conduct those reference requests with prior landlords as well. That usually sheds some light on some of the less obvious issues; ie. would you rent to this tenant again?, did they pay their rent? on time? etc. - If you have any additional questions or recommendations as far as tools you should use, I'd be happy to help via DM! @Jeff Lehman

Ahhh, this is a tough one (the clear choice isn't always the easy one to pick). Just speaking from a personal standpoint, I wouldn't necessarily move forward with the,m but also, there are other factors to take into consideration; if they're really strong applicants and dog breeding is just another revenue stream for them, turn to the lease conditions/terms. Make it very clear to them via the lease that they are responsible for damages incurred from pets and/or pet breeding process. Sure, French Bulldogs are smaller and sounds like they're not keeping the dogs any longer than they have to but... I'd just be very wary of the situation, and I love puppies... but they know how to get into trouble lol. If you need help with screening tenants or putting that next lease together, definitely have some recommendations! Feel free to DM.

I personally would hold the property for a little while longer; and as mentioned above, the time you'd have to put into securing additional properties vs just following a refi on this one, you'd be best to hold. Definitely, want to make sure the numbers pan out but from the sound of it, this property still has a positive cash flow so you're still generating income over time and is continuing to appreciate in value. @Wade G.

@Gary C Jones - Casey is spot on; you definitely want to make sure you have the proper policy which accounts for that pool. And a good idea would be to build it into the rent (no DIY on that front, definitely have a professional cleaner come out), but first iron out what the insurance policy dictates around requirements; removing certain items or making sure that certain things - a fence - are in place. 

A lot of great advice here already; I'm inclined to agree in thinking that a BRRRR method might be your best bet but all comes down to what your goals are (I like the way others broke this out - h/t @Herndon Davis@Herndon Davis@Herndon Davis

Definitely a lot of great resources out there. I've personally found Jay Baer's "Hug Your Haters" to be super useful. Another one is "Do Better Work" by Max Yoder; as you can tell much of my focus tends to be geared towards the communication aspect of the business but I like to look to other industries for good books on the top skills requisite of that industry (ie. service industry is a great place to look for books on improving communications and sales). I hope this information helps! Looking forward to reading others' suggestions as well. @Jingru Sui

Looks like this has been stated above but worth mentioning that you should definitely make sure you understand the lease agreement. Your purchase of a property is none of the landlord's business; what is his business is whether or not you'll be able to honor the terms of that lease. Again, definitely look at the lease and be sure to communicate with your landlord about your plans and go from there. It is exciting though! I'm in a very similar process of looking into property acquisition right now but plan to wait until closer towards the end of my lease term with my landlord. @Alex Ramirez