All Forum Posts by: Vicky S.

Hi 

looking for a GC for a gut rehab project. 2 story/ 4 bd / 4ba SFR.

ANY RECOMMENDATIONS??

he said to wait it out until the deadline you have given him before reacting. the good is that Will county does allow eviction but may take ~2-3 months. 

Hi all,

just purchased a MFH unit in Joliet IL and have few bad apples that i need to manage effectively and efficiently. 

one is tenant, grandfathered in for 20+ yrs. believes he owns the property - almost has occupied the entire basement beyond his basement unit ( I fear my insurance may not pass my claim in future as he has created a hazardous environment). of course, pays under market rent and when i showed up with new lease terms/ agreement (i did intend to continue leveraging him in the same fashion as the previous landlord and kept the rent on the lower side of the market )  but still not a great fan. basically long story short, i need to get him out. 

Questions

* once i provide him with new lease terms (he has not signed nor verbally acknowledge that he will accept it) - can i rescind it? How much time do i need to give him to rescind this? 

* can i refuse to lease back to him even at market rents (i fear he is will be troublesome as i move fwd and want to prevent leasing to him) and ask him to vacate the property? what do i need to do? any sample materials/ docs that i can leverage to initiate the process to get him out before i need to go the legal route? 

* How long is the eviction process in Will county? any experienced landlords out there? any legal referrals? can i handle the eviction process myself? 

* what other tricks do i have before i go to legal route? 

I have another tenant - refusing to pay the increased rent (new rent kicks in only in Aug 2022) - using that lame excuse to not pay me the current rent (that's due for this month)  

Looking at this awesome group to guide me through this journey. 

PS: my first MFH purchase so learning the ropes/ tricks too. 

@Jeffrey Donis thank you. will work on that. 

Thanks @James Hamling. i hear you and agree with the idea of having the POF. and to @Rick Martinpoint (thank you for the details), i agree with gaining the valuable experience. but isn't this too skewed to experienced operators with little to no wiggle room for newcomers? and i am keen on doing all that you mentioned in your note but the challenge is with no POF, no details so no underwriting possible and since you are not established, no POF either. so its like the chicken or the egg - what comes first? 

Hello Mentors, 

Looking at my first syndication deal. have a Q for the seasoned professional who has done this many times. 

I have come across an off market deal in a growing market. I think this does warrant a more analysis. however the agent says that i have to show POF and sign an NDA to get more details. NDA is not the issue, POF is surely the concern. how does one really get around this reqm?

Also i know i will need JV / GP partnership on this one. so how does one protect himself ensuring that if I do share the details with a prospective JV/ GP partner, he will not bypass me and directly do the dealings with the agent and keep me outside?

these are just the series of first Q i would have, i know will have more and will come back to this group for help and support and confident that i shall get it as i have got it in the past too? 

i have a different but related Q.

once we locate the sponsors, how does one evaluate them? how do you confirm that the GP/sponsors have done it in the past, validate the results they claim to have provided to their investors in the past? have been struggling to get a clear / concise answer to this Q?

@Jose Soto i am in thesame boat, learning myself. 

along with the above references, would also recommend passivewealthstrategy podcast (especially if you are curr. W2 worker). they have good small titbits for busy working professionals.  found it to have some good useful info. 

pls add me too.

sounds interesting, let me know when is it happening.