All Forum Posts by: Sam G.

Anybody?

Hi guys,

So I'm once again reaching out to BP for advice on my latest tenant issue. One of my tenants who is only 4 months into the lease has decided he needs to move closer to school. He is an inherited tenant but has been with me for 1 year and with the previous landlord for 1 year. Good tenant no trouble. He says his commute is too long (over an hr), mine is almost 1.5 hrs! Anyways, he says he realizes he's got an obligation but wants permission to bring potential tenants to me and have me put my own ads up in effort to get a new tenant. 

I recently changed all my tenants lease dates to summer because I HATE worrying about turnover in Chicago winters. This is ruining that! He's asking for a favor which I don't want to go along with because I don't have time to remodel for turnover or look for a new tenant, especially when it wasn't planned. But I don't want trouble at the same time. What do I do?

I thought I could offer him to sublease the unit. This would make him responsible for the legwork and if somebody is qualified then they could just move in, subject to my approval. With subleasing, would they have any agreement with me? Or his lease stands and he creates a separate lease with them and he is thier landlord. I don't like the sound of that.

Would you advise for me to propose he finds another tenant for a "lease takeover." That way I keep my same lease terms/date, I am the landlord for the new tenant, he does the legwork of bringing potential tenants. Am I obligated to do any work to find a tenant JUST because he wants to break the lease?

What do I do?

I had gutter guards installed throughout the property to hopefully avoid having to worry about cleaning the gutters but good point to those that mentioned gutters and making sure there are ice issues. I really wish there were companies that could help guide homeowners on maintenance issues and winter prep etc or at least offer these services. It's often the little things that could end up being costly. 

Dhru, I think especially in Chicago with our old housing stock and crazy temps, some kind of continuing education course would be great. Are you a part of any local Chicago REI groups?

 Sound advice! I'd like to travel this winter for about a month but the only thing holding me back is my fear of leaving the house in the winter in case something happens. Not that me physically being there will actually prevent anything but still. Will have to read more on how landlords do any traveling and if it's even possible! As a newbie, it's my current phobia.

 Aah to be in Hawaii and not have to worry about Chicago winters lol!

Hi guys,

Thanks to the wealth of knowledge I've found on BP, I've made it through my first (very educational) year as a landlord in my first house hack. I've learned to prep ahead. I'm in Chicago and as a landlord, winters are a threat. My plan is to get the house prepped and ready for the winter. It's currently occupied. Can any of you experienced landlords give me any tips on what to add to my winter prep list for a hopefully smooth winter? 

So far I have:

1. Get all furnaces cleaned, serviced'

2. Empty and shut off outdoor garden hose 

3. Make sure heat is turned on in all common areas (last winter I had a burst pipe, thank god it wasn't major but lesson learned!)

If you have time please pitch in or maybe direct me to any comprehensive list you've seen online or on BP. Thanks!

Hi Jessica,

Welcome to BP. I'm a newish member as well and it's great to ask for advice. I'm currently going back to school and starting nursing school. i hope to be an NP. I am going in the direction opposite of you where I hope my nursing career can pay for my rei goals. Have you just saved up from nursing and plan to use those funds to jump into rei or how are you safely making the move and losing the income? 

RR,

I did account for a percentage of the rent for repairs before the $500 but since I have had the house for only a year, I do not feel that my reserves are where I need them to be to ensure that I'm totally comfortable with any surprise repairs. I think that also has to do with new investor jitters. Hopefully I will be as confident with things as you all are :)

I got some great information & feedback and will def look at my situation and short term goals as Louise stated to see what's best. You guys have certainly opened my eyes with the HELOC option as well. Exaclty why I love BP! :)

Does anybody know if a HELOC can be given based on an an increased valuation since the purchase and not necessarily the paid down equity in the home.

RR awesome reply! So although I'd like to buy now but I am back in school and will not have the same income to qualify for a new loan if I wanted to buy now. Also, I don't want to spread myself too thin. My cash out is made possible because of appreciation. I am thinking about pulling the money out now in case I have any big repairs while I am in school and hopefully will be ready to buy when I am done. For some reason I worry that I will not have the opportunity to cash out later at a good rate or qualify for the same thing later if valuation changes. I will look into the HELOC though & reread your reply to learn!