All Forum Posts by: Michael L.

 I have not had a move out yet.  That's not my youtube page, but would be interested in seeing what you're referring to.

I did have a CHA inspection (annual) that cost $200 per unit.  Ended up with a few hundred bucks in costs for minor repairs and painting.

 I don't count on appreciation at all, but if it happens, that'd be icing on the cake!  Lol, bean counters :).  Going directly to the maintenance mgr would save a couple of back and forths, but it hasn't been bad dealing with the Elite PM folks for me,

I visited several properties on my visit/tour.  I did not get to go inside the units I ended up going with, but the operations, quality, etc. seemed consistent throughout.  During my tour in 2014, Elite was still with PFR and the construction side was still being managed by the current PFR owner, Justin I believe.  I have no idea what Elite's construction folks are like these days.  Regarding the PFR crew, they seemed like the standard labors you'd see on any home remodel site.  There's limited crew managers, so it seemed like the folks working at each site weren't being supervised directly, so I did get a sense of some 'slacking'/slowness here and there.  I liked the system they had in place though...very organized with the punchlists, status on each address, etc.

I received a great question from @Steven Kleppin about property taxes and wanted to respond in my 'blog'/thread.

The question was regarding the inventory list: "There's a tax listed which matches generally with Redfin. However, the assessed value of the property at that time was about $20k... Did your taxes jump significantly when the value of the house was increased?"

The answer is nope.  The property tax assessment is a little more complicated in Cook County, but you can find some info here: http://www.illinois-attorney.com/news/how-real-pro...

 But essentially, my taxes did not go up at all so far.  You can find the most recent assessed value on the Cook County's Assessor's website by entering the property PIN or address.  I used the original assessment to calculate the amount to depreciate on my taxes.

Formula looks something like this:

(My Purchase Price) * (Assessed Additions Value/Total Assessed Value) => Because you can't depreciate the land

You should do your own due diligence with a tax pro, but that's how I've done it so far.

Great to hear from you again Momk!  Did you go with the triplex?  How was the inspection/initial process?  Would love to see the numbers on a triplex, since those are more 'rare' (esp. newer construction multis).

 Hi Souji,

I've only had one renewal come up on one of my duplexes.  The rate were not increased on one unit, while the other unit had a $19/mo increase.  The unit with the increase is 100% subsidized by CHA. Hope that helps.

 Thanks for the update Joe!  Glad to see that paid for that...now to make AppFolio more useful...

Your reply is on point!

With Elite in particular, I know they have many clients with many more properties than myself, but they've never made me feel like a 'small fish', which is pretty cool.  In the last year or so, I've seen a few articles on Alex raising tons of money for more Chicago projects.  You can find more info on Elite here: https://www.facebook.com/EliteInvestLLC/

It'll vary from property to property, but a 2-3 delay in closing seems typical.  In my inspections, there were a few items that needed fixing, so I had a re-inspection to verify.

I'll PM you with my recommended inspector.

As a newbie, I was full of nerves and worries...this is expected I presume.  Alex and his team have been really professional and despite some hiccups here and there, they'll always put in the effort and are genuinely good people.  

 Hi Souji,

The appraised value on both properties came it as the purchase price.  I think it was mentioned previously, but because all the comps in the area are other turnkeys sold by Elite/PFR, they essentially set the market.  The other sales in the area are not used in the comps because they are likely distressed sales.  Also, the appraisal factors in the expected rent as well.  

Hope this helps!

Hi JR, would you mind elaborating on your experience?  Elite is the only turnkey/PM that I've had first hand experience with.  Have you worked with others?  How does it compare?

Also, I don't consider it hijacking...the more input the better.