All Forum Posts by: Tom Kaz

What’s your take on the new ordinance that just past for the entire county of cook in Illinois? This could really hurt us small time landlords! Once again Illinois gives MORE power to the tenant, any advice moving forward with such restrictions?

My guess is that screening will be even more important then ever when choosing a tenant that can ruin you if your due diligence isn’t done.

https://www.chicagotribune.com/politics/ct-cook-county-residential-tenant-landlord-ordinance-20210128-affshrzae5chpmwmpdrwqdm4aa-story.html

Thanks,

@Nathan G.

What will you be using instead?

@Ashley Budyak

Why are you limited to palatine? Also beware of the high taxes in these areas which kill cashflow.

What type of multi family are you looking to get Into? house hacking or conventional financing?

There are deals out there, the numbers just need to make sense.

@Bonnie Rhodes

28yrs old, just closed on our third 4-plex.

@Rodrigo Orellana I’m a LL in Illinois as well, giving the 30 day notice probably won’t work if they are tenants that will abuse the COVID-19 situation, be careful they don’t end up not paying in this tenant friendly state.

Best bet would be to swap them into another unit if your looking to rehab ASAP...

@Diego LLerena

LVP click and lock all the way! I usually hit up a overstock warehouse and purchase what I need. Just scored some 20mill wear layer for $1.73 a sq ft. That had the padding attached!

@Austin Culp +1 for stessa simple to use and no fees, tax time is next to nothing with the sheets it generates.

@Kathy Henley by the way what did the leaky window cause and cost you?

@Kathy Henley absolutely!

I have pest control company coming out Tuesday along with two contractors to quote the work on replacing rotted 2x4 spill along with the subfloor sections.

While they are down there I’m gonna have them both quote installing a sump pump and or encapsulation. If seller isn’t going to agree to the credit for the work and or fixing it before closing I will walk.

The amount of cashflow will be great, but I want the long term structure to hold up as it is my investment!

@Kathy Henley

Thanks for the input, I do have a pest control specialist coming out along with a general contractor to take a look and give me quotes on fixing the underlying issue in the crawl space. The water leaks were coming from bad solder jobs in the water piping which also would need to be corrected.

My main concern is if the termites are active and to WHAT extent did they cause damage. I’ve read that replacing a 2x4 sill on a foundation can run anywhere from 10-30k depending on the severity along with ripping up the floor where the rotted subfloors are. If the seller isn’t willing to fix the issues or issue a LARGE credit I may just walk and continue to look.

Could be a great deal, but I do not want my investment falling apart.

Anyone else have issues such as these, how did it pan out?