All Forum Posts by: Henry T.

Ive always avoided apts because I always felt the tenants are more transient. Whats a better market demand in your area apts or houses? Could you buy two SFR's with 300k and make the same cash flow? Less turnover, less tenants, possible better appreciation in the right area. I dont know where you are.

Definite no go.  Speaking for myself, half of the "no reviews" that I've allowed were less than thrilling. I now have a firm policy of no reviews, no approval.

If you wanna do long term, make sure you have a proper long term lease with all the bullet proof clauses. Airbnb won't protect you.  Since you often do month long rentals you probably already have this in place. 

Appeal the valuation with comps that prove you are overvalued. Or, consider leaving Cook county.

Don't call their landlord.  Move on. Establish better future procedures and enforceable protective language in your lease.

I would avoid.  If things go bad and they end up owing you money, are you able collect if you have a judgement? 

Will you be doing regular quarterly home inspections with your ESA rottweiler? I sense there could be a problem. He'll have to have his cat locked up on those days.

Find a drafter that's familiar with construction and codes. You don't have to have an Architect.  Talk to some small contractors and ask them  if they know anyone that can do plans.

I agree with the others. If you want to get into the rental biz, sell and buy a couple other places, maybe three. No tax!  Or, expect your present house to take a beating. As for the electrical.....Mini splits use very little current. For the space you'll be conditioning, a mini split will probably use about 1/3 the power of whatever space heater you have been using. Therefore you should not need to change service panels, since since mini's are such low current devices(comparatively). Like Kevin mentioned, you can buy a double breaker that fits in the space of one. Then you'll be code compliant on a dedicated circuit.  There's probably a million youtube videos that can illustrate.  This video is informative, but I wish the narrator more emphasized the lethal voltages within one inch of his finger. LOL

www.youtube.com/watch?v=K6JP5E0hPZA

Inflation? Are we going to limit property tax increases to 5 percent? Of course not. How about making rentals property tax exempt? Of course not. This will be hugely popular and it will pass if he gets the chance. Then the Supreme court will undo it. Or, once all rentals are completely corporate, congress will be lobbied to undo it, like Airline deregulation.  The popularity of rent control is already proven on the west coast. You can't find a rental anywhere, but renters still love the idea.  I knew it was coming. Don't know if it will make it, but its a certain lure for vote bait.

 Is the breakage because of low quality, or is the tenant overly rough? You have to ultimately decide. Hopefully you know what is and what isnt well made, and decide from there. Some HD vinyl windows really are pure junk. Glue residue can really be a pita, but a judge probably doesn't think so, but will usually respect hired out repairs. Hire a cleaner. Don't take it in the shorts. Be matter of fact without nit picking. Show receipts, with pics, and list the damages. Provide(or dont provide) future items with a strategy that all tenants are knuckleheads.