All Forum Posts by: Ryan Daniel Palmer

Have you talked to them about applying for the Emergency Rental Assistance Program (ERAP)? I believe every state still has a large pot of money and they're working hard to give it away. Tenants can apply for past due rent, current rent, and even future rent. It's a good way for him to get ahead. I had a tenant that wasn't even behind on their rent. They applied for three months of future rent and were approved, then they received a notice two weeks later that they could apply again. They've received six months of rent with very little effort.

P.S. I hate government give-aways, but people should take advantage of it when it's available.

@Ryan Daniel Palmer - That's honestly a tough situation that stinks.  First of all, I am sure there are some key learning opportunities you took away on properly vetting tenants and figuring out the Chicago Landlord-tenant ordinance (i.e, move-in fee).

I'd just talk to your tenant first and see if he can be reasonable, then resort to cash for keys. Curious @Mark Ainley opinion on this one?

I am kinda with @Joe Villeneuve no one really wins here, you just need to figure the way to mitigate your costs.  What area is this property in?

@Ryan Daniel Palmer

Welcome to Bigger Pockets!

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@Ryan Daniel Palmer - Happy to connect and highly recommend checking some Chicago networking events (https://www.straightupchicagoi...)

1. Can you refi or take out a HELOC? Can you just find another deal and partner with another investor?

2. Add A/C or in-unit W/D if you don't currently have them

3. Check out Hemlane (www.hemlane.com) - I can make an intro if you like what you see.

I don't have anything but empathy for you and a tenant that's clearly heading to the curb.

Maybe adjust your future leases -- Is there a regulation/law in Chicago that would preclude 'refunding excess rent'?   My half-baked idea: charge a bit more every month as an 'ongoing maintenance escrow' or some similar language.   Maybe $50 more than you'd otherwise charge, but with the stipulation that any excess 'escrow' at the end of their tenancy would be reimbursed.  Then basically the tenant is building your 'security deposit' over time, without using that language?  Naturally, longer-term tenants would create a substantial reimbursement, so maybe discontinue additional collections after 5 yrs, or a rent-reduction for 'long-term' residents.   I've just started listening to the podcasts (I'm on 97 now) -- so I've heard you have an encyclopedic rulebook up there for landlords.   Maybe there's a loophole to use as a future carrot.   Wouldn't matter with this guy, but could solve solutions moving ahead?