All Forum Posts by: Yulia J.

@Susan 

@Susan M. , @Kelly N. , @Ralph R. , @Thomas S.  - thank you very much for your input! It's always good to see different opinions to shape your own strategy and tactics. My update: we decided to go as planned - $110 increase - still below market,  wrote letters to tenants - about 60 days notice, and I managed to talk to one of them a couple times. He said he understands, and it's fair, and he would still be getting a good deal, so he is working on making sure he can do it. I could not get hold of the 2nd tenant to chat in person, but I will do the same - I will talk to him to make sure we have understanding. We will do 7 and 9-months leases till the spring if they stay. Then we will do the next round of updates and improvements and increase the rent again. Next time the renters will have more time to prepare and decide, and it should work out great for everybody. In the meantime, we are replacing water heaters and electrical panels and installing coin-operated laundry. A lot of work ahead.

We've just got a triplex. My family and I are living in 1 unit, and we inherited month-to-month tenants in the other 2 units. They've been renting here for 7 years or so, no trouble. Their rent is very low  - they are paying $760 and $780 while market rents for units like those are at $1,000 in their current condition, and they go for $1,200 if updated. We want to keep the renters as they are already here and paying, we would just offer a 9-12 month lease.  I am thinking to meet in the middle for now -  that would be a $110 instant increase -  and tell them that there will be another increase in 9-12 months. 

How would you go about it?

Thank you for your input!

My husband and I are closing on our first 3-flat soon - it's in IL, Cook County (a suburb, not Chicago). We will be living in 1 of the units and renting out the other 2. The 2 units have month-to-month tenants who have been there for years, and they might decide to stay or not. We plan to ask them to sign 9-12 months lease agreements. I am trying to read up and get prepared before the closing date and before we meet them in person. What is the best source to study federal, state and county laws describing landlord/tenant rights and responsibilities? And what is the best source to get lease agreement forms and other necessary forms compliant with state/county laws and regulations? 

I will appreciate any links or references!

Thank you!

I am wondering if the 30+ landlord forms offered as part of books bundles are applicable in all states (I am in IL), and whether I can purchase them separately. 

Here is the picture: a 100 y.o. duplex plus a basement unit. Great desirable location. The basement unit could be rented out but it would be illegal, so we consider this property just a duplex with a basement as a bonus. We were told that the duplex was moved from a different location about 30-40 years ago. Some issues have been addressed recently - roof, windows, etc. With increased rents, it would cash flow.  Bedrooms in 1 of the units are small, and the layout is awkward. But the main concern is a foundation issue. The owner said they have recently put 80K into fixing the foundation. The property was contingent 3 times in the last 6 months, and all the deals fell through. Last time it was on the market for 7 days, we offered on it and lost to the other offer. 2 weeks later, the deal is dead, and the seller's agent is contacting us. The fact that the last 3 deals fell through and the fact that there has been something wrong with the foundation makes me feel suspicious. You could probably read between the lines that I don't have much experience yet. What would you do? 

@Tim Sutton

Same here. We've been hunting in the Western suburbs for the last month, and I see the same picture you describe. Whatever is listed doesn't make much sense from the investor's point of view. When it does make sense, there is a bidding war. The last offer we made was competing with 5 other offers, and obviously ours was not the highest as we got rejected right away. 

Thank you! Listening, reading, analyzing, making offers!

Hi Mara, I am in the Western suburbs as well. Where is your rental? We had an investment property in FL, moved to IL 1.5 years ago and now looking in the Western suburbs.