All Forum Posts by: Vishal P.

Thanks for your input!

 State says to return security deposit within 45 days with itemized deductions. My thought process is, if the tenant(s) are okay with option 1 and agree to provide text or sign a statement that says they are in agreement with deposit returned, I personally don't see any issues with option 1. Option 2 means write a letter, itemize, mail, etc. 

Thanks to all for your insight!

Hey guys, I'm fairly new to landlording and have had 1 real tenant move out. I usually provide 2 options to my tenant(s) on the day of final walk-thru to return their security deposit. 

1- Tenant(s) and I walk the apartment and agree on a deduction amount. I return the remaining balance to the tenant(s) on the spot. I request a text from the tenant(s) to the agreement of security deposit return amount before writing the check. This option saves me the paperwork, keeping receipts, etc. 

2- Do final walk thru with tenant(s) and record all damages via notes, photos, etc. I tell tenant(s) you will receive the remaining balance on deposit within 45 days with itemized deductions, leave your forwarding address. Tenant(s) typically don't like this option due to the delay in payment. 

What are your thoughts on my options I provide to tenant(s)? Any concerns you see with this?

P.S. - I understand you are not a lawyer. 

I have a unit that is getting empty end of this month. I have already listed the unit online and obviously everyone wants to see the unit. My question and dilemma is, should I not show the unit when it is filled (with current tenant's stuff and mess) or wait until all the paint/repairs are done for better first impression? What does your experience tell you? Sometimes showing a currently filled unit can backfire if the current tenant is messy and you lose a good perspective tenant. One thought was I take everyone's information and filter out the ones that don't meet my criteria and schedule a showing once repairs are completed with one's that do meet the criteria (given that perspective tenant is still on the market). Any thoughts?

Thanks again all. I appreciate your feedback. 

FYI - I do understand consulting a lawyer is best way to go but I don't need one at the moment. This is purely for collecting knowledge from fellow investors who knows the area. I would obviously engage a lawyer if and when it is warranted.

For investors with experience and knowledge for Illinois (specifically DuPage county) rules, I am looking for some insight on the below:

- Can security deposit be forfeited if lease is broken (either by not paying rent or any other infractions of lease contract)? Are security deposit rules regulated by state or are they lease/contract driven?

- Can you accept partial payment after serving 5 day notice? I have heard it's acceptable to take partial payment, you simply have to issue another 5 day notice with updated balance due.

- Is Landlord responsible for lost checks dropped into rent drop box within the building? We currently have rent drop boxes installed in our buildings and I am wondering if someone were to try to break them open and steal something, is the landlord responsible for any successful stolen money. Someone were to successfully cash a check somewhere, etc.

- Does anyone know any Illinois specific resources/websites for rules/laws for landlords that I can review?

Thanks in advance!

What kind of paint do you guys use to repaint a rental property/unit in between tenants? My handyman prefers to use Sherwin Williams and with 5 gals on walls and 5 gals on ceilings (recent job I gave him), the material cost adds up quick. He estimated about $450 in materials. I understand quantity is variable to the size of unit but any brands, hardware stores, etc do you guys recommend? I believe he also gets a special coating/glossing on it too so small smudges, drawings, etc can be wiped away.

@Matt Dyer PM me your contacts and I will touch base with you for next year service. I think it's best I finish off the season with my current vendor since it's only couple more months left. 

@Melissa Kirchhoff - Thanks for the feedback. My situation is a little different in that I have business partners and own the properties under a LLC. So, I would have to create a business savings account and find a option that provides high interest rate (1.2%). Know any place that offers that? My personal saving account is with Ally but I couldn't find a business savings account option with them.