All Forum Posts by: Sarah Hadassah Negrón

@Nicholas L. This makes a lot of sense!!  

Hey all,

I am in the early stages of preparing an out of state property for sale, and I am curious about which real estate markets have the best ROI/CAP rates etc. I live in the Bay Area and a few years back, I inherited a condo unit in Chicago with an existing tenant that did not cash flow. I'm just coming up for air after a brutal ~8 month long eviction process (nonpayment of rent), and I am realizing the numbers don't make sense to rent again given market rates in the area are lower than costs to keep the place up (mortgage + monthly assessment + repairs + insurance). Also HOA is quite restrictive, so there's little potential to be creative with my rental strategy with a short- or mid-term rental. There is equity in the property and the realtor estimates my net at close would be ~$75K. Thoughts on which markets to look next? I don't want to invest in a condo again - open to single-family standalone homes, multi-family, short- and mid-term rentals. Also very open to rent to Section 8 tenants.

Thanks all for your thoughts. It is very helpful insight!! Is it even worth sending the debt to a collections agency so that it's listed on the individual's credit report? Someone recommended HF Holdings Inc to me, but I've never worked with them before. 

@John Warren thank you for this info! I have an available and reliable contact in Chicago, but am concerned about that time window. I'd also received similar info to be early from my building manager. Why is it that folks become virtually uncollectable after a certain point? 

@Eudith Vacio thank you - this is beyond helpful information! I've just joined the group 🎉 

Hey all! Super new to BiggerPockets, and the forums came highly recommended for my situation! I'm an out of town landlord for a condo unit in Chicago, and I am nearing the end of a lengthy eviction process for tenant nonpayment of rent. I'm currently awaiting 24hr notice of sheriff eviction, and I got court approval to move forward with money judgement for past due rent collection. Any tips for how to even get started with collecting? Is this something that can be navigated solo, or would folks recommend I hire a lawyer to manage the process? Also any tips for dealing with sheriff arrival remotely? I have a local representative who can meet the sheriff, but I've heard the arrival window can be quite long and the sheriff won't stay there long. Any insights are most welcome!