All Forum Posts by: Pat Cruz

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Jonathan Klemm I'm really not sure if my attorney is a good one (although my property manager insisted that he is). Would be great if you can help share some of your contacts. Thank you for your referral in advance! 

@John Warren and @Nathan G.  thank you, this is very helpful. Do you have any attorney that you can recommend ? 

Hello, 

My tenant has not paid rent since Apr'21. She has been unresponsive to all communication. We have property managers coming over. They are not responding/ opening their door to anyone. There was not much I can do until IL lifted eviction moratorium. I have been in process with an attorney since Aug'21. The process has been crazy long: with lots of formal letters, waiting periods, unable to serve documents, and etc. We are waiting for a court date at this point. However, with Winter & holidays in IL, I doubt if things will move fast/ or move along. Any recommendation from other landlords out there how I can move this process faster, or best way to handle with this. 

Pat 

@Ben Guttman thanks for the tips! 

My umbrella insurance just got canceled by Geico recently after I acquired my 7th property. They said that they have a max cap at 6 properties only. (My portfolio is in Chicago area). 

Is that what others experience as well? How do you usually go about it when you start building up your portfolio with > 5-6 properties? 

Or if you have any recommendation/ referral for insurance brokerage who will do this, pls let me know. 

thank you so much for all the tips & advice in advance!

I take over the lease from Loftium. It is a substantial loss as we are unable to fill the airbnb space and the subtenant lease is significantly below market rate. One silver lining is I don't have to deal with Loftium anymore (and I'd rather do that and eat in the loss) 

@Tony Ngo thanks for your input. I'm having a call with them tomorrow. I'll update if I find out something new too. 

Hello, 

Hope everyone stay safe & strong amidst Covid-19 and uncertainty ahead! 

Want to check if there is any investor/ landlord in the same boat as me. I have a rental contract with Loftium (https://loftium.com). They recently reached out and asked for a drastic rent cut (>50% cut) for the next 3-4 months, and no pay back. They said they were negatively impacted by Covid-19: no airbnb booking and some long term tenants are unable to pay. They heavily referenced CARES act that eviction is currently not allowed in many states. In addition, they will prioritize paying landlords who agree to this drastic rent cut first. Anyone faces similar situation with Loftium? How do you handle it? Feel free to DM me as well. 

Pat