All Forum Posts by: Tiffany J.

Hello, I am interested in investing in the Orlando area. What are some good areas for maximum cash flow (buying and holding)? Perhaps Groveland, Apopka, or Winter Park? Would it be smarter to invest in townhomes or single-family at this time since people are still scared of getting sick?

I don't have a lot of free time, so I would want to hire a property manager.

Any thoughts?

4 Votes

Thanks, Mark!

Originally posted by @Mark Ainley:

@Tiffany J. yes and I would get the agreement in writing and be sure to get funds up front vs month by month.

0 Votes

Thanks, Russell. If you were in this situation, would you anticipate having issues finding another renter in Chicago? I don't think it would be difficult during this season. I know that it would depend on the building and the area, etc. Any thoughts?

Originally posted by @Russell W.:

I can tell you exactly what I would do because I'm going through this right now. Some background: one of my tenants is asking to break their lease early because they purchased a house; they still have 6 months remaining on the lease. They gave me about 6 weeks notice of when they think they'll be closing and when they'd like to move out. They've been great tenants some I'm happy to work with them to find a solution that works for both of us.

Obviously it's in both mine and the tenants' best interest to find a new renter to ensure there is no gap in occupancy. I immediately marketed the unit for rent and also told the tenant they have the right to find their own subletter, so long as the new tenant meets the standard requirements I set forth for all renters (credit, criminal, etc). Remember, the current tenant is still obligated to fulfill their duty to the lease they signed, so if neither of you are able to find someone, it is still the current tenant's responsibility to pay the rent. With that said, I wouldn't suggest a specific timeline like you mentioned because if you're unable to find a new tenant it'll be you that is left holding the bag.

0 Votes

Thanks, Mark. Let's say the tenant gives May, June, and July now. No refund given even if someone is found for June. Is that a fair deal?

Originally posted by @Mark Ainley:

@Tiffany J. I think anything this particular Landlord can get from this tenant they should get and walk away. If the tenant bought a house they should have better credit then average and/or care about there credit so there is leverage there to negotiate that exit plan for the Landlord. For us when it comes up, we want to get enough penalty to cover any vacancy period, turnover costs, lease up costs, and a little extra on top for the aggravation of having to do this all.

0 Votes

Hello! Here's a scenario for you. Tenant signed a 12-month lease in Chicago at end of March 2021.

Tenant needs to move out now on May 22nd because tenant bought a house out of state. The landlord requested that the tenant pay rent for May, June, and July right now and landlord will cancel the lease.

Is this the best course of action for the landlord? What would you do if you were the landlord? What would you do if you were the tenant?

2 Votes

@John Warren

Thank you!

0 Votes

@Jonathan Klemm

Investment property, not house hack. I have enough of a downpayment to do a conventional loan, I think. Thanks for the tips!

0 Votes

@Tony Angelos

Would it be at all possible to find something that would bring in $200 or more monthly cash flow? $500 would be ideal but I don't know if that is possible at all.

0 Votes

Hello! Anyone willing to provide tips on how to find a good real estate agent? Any good questions that I should be asking them?

0 Votes

@John Warren

I am just starting and have only looked in Skokie/Morton Grove area so far. I was originally looking at single-family only, but think that maybe small multi-family will provide more cash flow. I am looking for properties that need minimal to no work. I have very limited time. Therefore, the plan was to try to find some really good deals and hire a property manager to handle them. At this point in time, when buying real estate, cash flow is most important to me.

Thanks for the tips!

0 Votes

All Forum Posts by: Tiffany J.

Tiffany J. has started 7 posts and replied 32 times.

Post: Investing in Orlando/Central Florida

Post: Breaking a lease in Illinois

Post: Breaking a lease in Illinois

Post: Breaking a lease in Illinois

Post: Breaking a lease in Illinois

Post: Chicagoland and how to find a good tax advisor

Post: Chicagoland and how to find a good tax advisor

Post: Chicagoland and how to find a good tax advisor

Post: How to find a good Real Estate Agent

Post: Chicagoland and how to find a good tax advisor