Julie's Blog

Tony and I don’t get to go out alone very often.  Other than the occasional weddings over the last 2 1/2 years since our youngest son was born, I think we’ve been out without the kids only a handful of times.  Thanks to my in-laws, this past weekend was one of those rare occasions.

We were celebrating Tony’s birthday so I left all the choices up to him.  He had no problem picking the movie, but dinner was up for grabs…  and we both refused to spend a night without kids cooped up in a booth a Applebee’s. (Don’t get me wrong, I love any eating establishment in which I don’t have to cook

A while back a vendor for Passport Unlimited visited my real estate office and I bought a couple of these cards that offer a free entree with the purchase of another entree at participating restaurants.  Most of the restaurants are for fine dining so I figured that a night without kids certainly qualified.  We decided to give J.Todd’s Steakhouse in Plainfield a try.

On our way to the Kerasotes Showplace Theaters in Naperville I remembered passing J.Todd’s on Rt. 30.  I must have passed that place at least 200 times since they opened and didn’t realize that is where it was!

I was really impressed with the atmosphere at J.Todd’s and I have to admit it wasn’t at all what I expected from the exterior.  J.Todd’s Steakhouse holds the anchor unit at a large strip mall just south of 135th and Rt. 30, but that didn’t for one second hinder the dining experience on the inside.

Dinner was absolutely delicious… and we even splurged on dessert.  Of course I swore off eating ever again after consuming so much food, but it was worth every calorie.

I think we are just going to have to find more frequent occasions to sneak off to dinner at J.Todd’s without our kids!  They also have an elegant bar area… and even a karaoke night.

You’ll love J.Todd’s and the atmosphere, but don’t just take my word for it.  See for yourself! If you want to get your Passport Unlimited card for your complimentary entree from J.Todd’s you’ll  just have to buy, sell, or rent a house from me this year

Julie Ferenzi | Realtor®
Plainfield Real Estate
630-673-6233

Let’s face it, good credit is hard to come by these days, and most real estate investors know this.  Even if you have bad credit, chances are there is an investor/owner out there that will be willing to rent you their property, but not without conditions.

If you have a bankruptcy, low credit scores, or a foreclosure on your credit report, it will require more on your part to successfully negotiate a lease agreement.  If you aren’t sure what your credit score is, you need to run a credit report and compare that number with the FICO, Fair Isaac Scoring system.

Just as with financial lending, a credit score indicates the risk level involved in extending credit.  As a general rule… past behavior predicts future behavior.  As a means to protect their investments, investors will ask for more in security as collateral in exchange for the accepting the risk involved in approving someone who has a history of  late or non-payment.

If you have poor credit and were to apply for any kind of loan, it’s a known fact that you will pay more in interest than someone who has good or excellent credit.  Credit cost money and so does assigning that risk to another party through a lease agreement.

It is not uncommon for a Lessor to require a 2 months security deposit, in addition to the first month’s rent with credit scores below 550 or apply additional requirements, for example; interest or penalties on late payments.  Many landlords will also ask to see pay-stubs to verify employment and request references from previous landlords.  Providing a hardship letter in addition to your application will provide greater insight as to why your credit scores are low, whether it was from a temporary set back, loss of income, or health related issue.  Since applications are considered on an individual basis, hardship letters can help sway a Lessor’s decision either way.

While it’s not impossible to find a landlord willing to rent to tenants that have less than perfect credit, it may take some time.  Not all landlords are willing to take on the risk of a renter with bad credit, so even though you may have found the house of your dreams, you may need to keep looking.  The final call is made by the owner of the property after their review of the application and credit report to determine acceptance of your application.

Julie Ferenzi | Realtor®
Plainfield Real Estate
630-673-6233

Forget buyers...  These days I feel more like a leasing agent,  but I’m certainly not complaining. Right now the Plainfield rental market is hot, Hot, HOT!

The amount of investors in the market that are helping to clean up the foreclosure mess have created a great inventory of homes that renters have to chose from.  Most of my weekly phone calls are from families recovering from low credit scores and looking to get into a single family home that they will have an opportunity to purchase later through a lease option, or through the right of first refusal.

Investors that have purchased in this market with the intent to buy and hold their real estate investments have a steady supply of consumers that are in demand of their product, but it is not without risk.  Due to the recent events in the economy, many of these consumers do have credit challenges that make the chances of finding a renter with good credit more and more unlikely.

Is there is a silver lining?  Of course.

Many of these renters will do anything to get back into a new home, and that means a new-found responsibility to their finances and debt obligations.  Homeowners who are climbing back up the ladder after filing for bankruptcy, suffering a job loss, or losing a home to foreclosure still need a place to live.  Given the high amount of foreclosures and bank owned properties in Plainfield right now, there are a lot of families looking to fill these vacant rental properties.

Julie Ferenzi | Realtor®
Plainfield Real Estate
630-673-6233