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All Forum Posts by: James Feiden

James Feiden has started 5 posts and replied 10 times.

Post: Property Maintenance/Work Order Online Software

James FeidenPosted
  • Investor
  • Davis Junction, IL
  • Posts 10
  • Votes 0

Hi Ian, 

Did you ever find a work-order software for maintenance request? I need exactly what you are looking for. 

Thanks, 

James 

Post: First Deal - 98 Unit Apartment Deal

James FeidenPosted
  • Investor
  • Davis Junction, IL
  • Posts 10
  • Votes 0

@Wendell De Guzman On a deal this size request three years tax returns and signed YTD actuals. Also, I recommend going through the balance sheet to understand what was capex vs. expense.

Impressive deal. Good luck!

Feel free to call if you would like to discuss. I am working a similar deal myself in Illinois.

Post: Worker's Comp. "if any policy"

James FeidenPosted
  • Investor
  • Davis Junction, IL
  • Posts 10
  • Votes 0
Thanks Derek. I was not aware of the workers comp waiver for Illinois. I found that one contractor I hired gave me a certificate of insurance that had lapsed. I just want to make sure I don't get sued and lose everything.

Post: Worker's Comp. "if any policy"

James FeidenPosted
  • Investor
  • Davis Junction, IL
  • Posts 10
  • Votes 0
Hello Everybody, I would like to get some feedback from other landlords and how they handle Worker's Comp. with subs to mitigate risk. Let me explain my situation. I sub-out all contractor related work, lawn care, painting, roofing etc - I have zero employees. All subcontractors provide me with a certificate of liability. Because most are owner operated they only have general liability coverage. Not workers comp. Because they don't have Worker's Comp. my "if any" policy covers them. After a recent audit I learned I am responsible to pay for their workers comp. What is the likelihood of getting sued and the subcontractor winning without workers comp? If I have an agreement with the subcontractor clearly defining their responsibility to cover Worker's Comp. will that take me off the hook? Am I getting too carried away with insurance? If I lost in a lawsuit could they get your personal items or just what's in the LLC? Of course the insurance guys are going to advise this extra coverage. But I really don't think a lot of landlords have this because 8 out of 10 subcontractors I work with don't have Worker's Comp. Does anyone else have the same concerns that I do? Thank you for your response!

Post: Large Distressed Multifamily

James FeidenPosted
  • Investor
  • Davis Junction, IL
  • Posts 10
  • Votes 0

Hi Mark,

Did you have any luck finding a 50-100 unit deal? If so what did you find to be the most effective method? I have tried sending letters, cold calling, craigslist you name it. No luck so far. Brokers send me overpriced properties that have been sitting for months.

I can find small multifamilies fairly easy. When I look for 50 in one location, they are not selling.

Thanks,

James

Post: Looking for a multifamily complex, 50-75 units in Rockford, IL

James FeidenPosted
  • Investor
  • Davis Junction, IL
  • Posts 10
  • Votes 0

Hi Craig - Yes please refer a commercial broker in the Rockford area. Also, lets meet up and discuss real estate.

I've been sending letters and making phone calls directly to owners with no success yet. This method worked on the smaller multifamily deals.

Post: Looking for a multifamily complex, 50-75 units in Rockford, IL

James FeidenPosted
  • Investor
  • Davis Junction, IL
  • Posts 10
  • Votes 0

Ready to close! Financing in place.

Looking forwarding to hearing from you! 

James Feiden 

Post: Compensating on-site property manager's

James FeidenPosted
  • Investor
  • Davis Junction, IL
  • Posts 10
  • Votes 0

Hello everybody,

I'm looking for a tiered compensation structure, based on my properties overall performance for an on-site manager.

Could someone please share how they compensate on-site property managers?

How do you incentivize a manager to carefully select qualified tenants, that stay long? At the same time, possess a sense of urgency to fill vacancies quickly. Basically treat it like their own business.

Thanks,

James Feiden

Post: Workers Comp question

James FeidenPosted
  • Investor
  • Davis Junction, IL
  • Posts 10
  • Votes 0
Hello, I currently own 36 rental homes. To add an extra hedge of protection and picked up Worker's Comp. Couple questions: If you have a sub do any work should you make sure they show a workers comp insurance plan? Should you 1099 everyone? My insurance company is treating all companies who I did not 1099 and cannot produce a certificate of liability as an employee. Basically I've got to pay a percentage into the workers comp plan for their services. The certificate of liability needs to be the workers comp coverage. A recent audit indicates I'll have to pay workers comp for about $40,000 in wages as I cannot produce Certs and 1099s. Anyone dealing with some similar situation? Thanks greatly appreciated!

Post: How to handle noise complaints in apartment buildings?

James FeidenPosted
  • Investor
  • Davis Junction, IL
  • Posts 10
  • Votes 0

Hello all,

I made a mistake and rented to a mother and two kids that are literally off the charts with their noise levels.  

Everyone in the building has complained about their noise. Two great tenants moved out costing me thousands of dollars, due to the noise.

What's the best way to get rid of them? There's still six months left on the lease.

Can I serve them a notice and state noise complaints as the reason?

Thanks appreciate your help!

James