All Forum Posts by: Michael L.

One of my tenants has officially moved out.   My first vacancy! :\

I pinged the PM about the expected turnaround, but haven't received a response.  I'll re-ping them later this week for an update.  The tenant that vacated also left with a decent balance left due, so I'm curious how that'll be collected if at all.

In other interesting news, October saw significant repair costs for Sec8 inspection (~$400) in one building and some winter/seasonal charges primarily around the furnace/boiler in both buildings (~$80/$280).

With these expenses plus the vacancy, cashflow took a hit.  Will keep everyone posted on this vacancy situation.

Quick Update:  for anyone planning on moving from your primary residence (which I am in the process of doing), the process for Chicago properties is to fill out this form online, get it notarized, and  mail it in the to the County Treasurer:

https://www.cookcountytreasurer.com/nameoraddressc...

You'll need your property PIN(s), which should be easy to find.  For the PM, I just sent them a quick email.  With utilities, they're billed to the PM, so there's nothing to worry about on that front.  Also, don't forget to let your insurer know of the address change as well.

Hope this helps!

Quick update:  I got quite a scare in the mail a couple of weeks back...it was a court summons from the City of Chicago.  Violation 7-26-720 Accumulation of Materials/Junk at one of my properties.  I reached out to Elite PM and they responded pretty quickly.  They told me someone has dumped trash in the rear of the property.

Luckily I don't have to fly out to Chicago and a rep from Elite went in my place with photos of the cleaned area.  PM did recommend putting up a fence in the rear to avoid future issues such as this...estimated cost of said fence with labor would be $1500.  I'll likely greenlight the fence.  Not sure what the $_damage will be from the PM action, but nothings showed up on the Management Portal thus far.

Anyone else have something similar happen?  

 Hi Warren, sorry I have not.  The attorney used by Elite is Mages & Price I believe, but I don't have any experience with them.  If I were to seek an attorney I'd likely go through whichever the PM recommends as you'd likely benefit from the scale the PM has.  GL!

 Hi Mark, thanks for chiming in, you have a ton of experience and all can learn from you.  Regarding turnover, we're getting close to a slow season in the rental market, but I'm hoping the vacancy is no more than 2-3 months.  During the initial purchasing process, Elite did claim to have a waiting list for Sec8 tenants wanting to move into their units specifically due to their rehabbed conditions.  

Thanks for the link on tracking inspections!

Quick Update:  it looks like one of my tenants is moving out soon.  I gathered this from the Notes posted in AppFolio (I did not get any other notification otherwise).  So, should be interesting to say the least as this will be my first turnover...

@Joe Chin ... apologies for the absence, but what happened with your abatement issue?

On my end, there seems to be a couple of CHA issues creeping up (voucher adjustments and a failed annual inspection), which I'm waiting to hear about.  I've noticed with the voucher adjustments at least, the tenants prefer to let the smoke clear before contributing their portion, so I have a couple of units with ~ $1000 due each :(.

Will keep everyone posted.

Quick update:

CHA was not paying their portion of the rent for one of my tenants for months (April/May).  I followed up with Elite and it appears CHA thought the tenant had vacated (not sure on the details on how this happened).  Luckily, the payments are back on track and I received the payments for both months today.

Quick update:  have not received my 1099-MISC form Elite yet, but already filed my taxes based on my numbers (I track everything pretty closely).  In previous years (2), they've sent them out rather timely.  Maybe mine just got lost in the mail?  Anyone receive theirs?

The 1099-MISC is just a grand total of what the PM paid to you (rent minus repairs, fees, util, etc.).  

Happy to report the Sec8 payments are back on track for this month and back payed from the short abatement period!  Another positive note, my tenants have been catching up on their portions as well.  Only 1 delinquency of 200-300 bucks, which ain't bad.

Additional note, I like to keep a small cash cushion for worst case scenarios of about $3k at all times.  Anyone else do something similar or know if there's a formula for this?  Thought about having more, but even in the worst months I haven't dipped...maybe the number of doors helps as well.