All Forum Posts by: Michael L.

The rent continues to trickle in from both late tenants (one in each property).  Earlier in the month, I incurred a $500 maintenance and inspection fee.  That fee was for unit #2.  There was an additional $25 charge for labor on the same unit.  The inspection and maintenance items for unit #1 just came in today at a whopping $800 :(.  Based on the vague descriptions of the charges, a lot of painting was done and some problems with the rear enclosed porch.

What I was told previously, is that the CHA inspector folks are very thorough and nit-picky with Sec8 units, esp when young children are residing.  

This may end up being a cash-flow negative month for my Chicago units (all 4 combined).  #bummer #coalforchristmas

 Thanks for the positives Kenneth!  I avoided postings his contact directly in the forums for that reason.  Hopefully BP admins don't mind it.  I've PM several folks for the particular rec...it'll make my life a little easier :)

Appreciate all the positive feedback! @Ryan Fox @Doug Woodville

November's looking like a bad month so far.  A tenant in Property #1 has seen her subsidy drop significantly.  She is now responsible for $465 versus $160 previously.  She's always come through with payments eventually, but this will be a big test.

Prop #1 also saw a hug maintenance bill, $500, for the annual inspection items (lots of painting, fixing a window, closet door, etc.).

Was pleasantly surprised by this when logging into the Cook County's Assessor's site.  Looks like the folks at Elite hired someone to file the appeal on my behalf!  Not sure how the property taxes will look afterwards, but I'll keep everyone posted.

Hi Jennifer,

The original estimates on the Property Tax line from Elite (I believe) accounted for it.  I assume this because their estimates seemed much higher at the time of close.  For example, the tax estimates for my prop were in mid $2k range.  I never bothered asking about it considering it seemed like a bonus to me at the time...

It makes sense in hindsight, I just don't have enough experience in property tax laws/details.

If you refer back a few months ago (top of pg 7 of this thread), you'll see the discussion around Property Taxes increasing.  Most of the increase (from 2015 to 2016) was due to the expiration of the 'Homeowner Exemption'.  I wanted to update everyone on what the 'new' taxes look like, as it has a significant impact on the numbers.  My other duplex will see a similar hike next year.  The other factor in the equation is Chicago's general increases in Property Taxes due to their budget issues.

Duplex #1

2014 - (I bought the prop mid 2014) = $940

2015 - $1110 + $960 = $2070/yr

2016 - $1140 + $1600 = $2740/yr

Quick update to this particular unit.  The tenant made a payment of $550 last week, roughly half the balance owed.  Seems like they're still paying and haven't moved out.  There was some maintenance work at this unit as well : $60 in materials, and $175 in labor (2 trips - tub hardware issue, tub clog, and closet door).

It appears 1 of my tenants has either moved out or is moving out very soon.  They just got served a 5-day notice to pay their balance (~$1000) or their lease will be terminated.  I'll have to follow-up with management to see what the plan is to make the unit ready for a new tenant.  With the holidays and winter coming, I would like to avoid a lengthy vacancy :\.

Both my duplexes are metered and I an beginning to receive monthly/quarterly bills.  Looking at the bills, it includes water/sewer/garbage.  Average on one propery has been about $70/month and $87/month on the other.  Hopefully this will provide some perspective for other investors.  

When I was not metered, the bills averaged north of $120/month.