All Forum Posts by: JD Martin

 Exactly. You shouldn't be sending a handyman to a unit to tighten one loose outlet. He/she should be going there to tighten the outlet, perform all monthly/semi-annual/annual maintenance, repair anything else that needed doing. Or going over yourself next time you are in the neighborhood. 

You should have some basic understanding in your lease as to what constitutes a normal maintenance request (like a loose outlet, unless it's sparking out of the wall) and what constitutes an emergency, and addressing it accordingly. I don't jump out of my recliner for every tenant request, but I either go myself or send someone for emergencies right away. Train the tenant to expect strong action on emergencies, and reasonable action on other items rather than instant response - otherwise, you will run yourself ragged or broke. Think about your own home - if you really thought about it, you could come up with half a dozen fixes that need doing. You probably defer most of them, like tightening up a loose outlet, rather than taking the day off of work, and do it on the weekend. 

What rationale would you have for terminating the tenant's lease? I believe Chicago has some pretty strong tenant rights, so I would tread carefully and maybe consult with a real estate attorney first. I can understand a buyer wanting an empty property - I would want it that way - but you have to have some legal right to end the lease; the whole point of a lease is to protect the tenant *and* landlord. 

I would call owing $20k on a truck a major debt, especially since you could almost own a property where you are for that $20k. So unless you are financed at < 1%, I would say go forth and pay that thing off first, since the payment is almost certainly what a mortgage would be on an investment property, if not more. Or you could sell the truck, get a beater, and apply the money you were paying on the truck on an investment property. 

First rule of being an investor: spend as little money as possible on depreciating items. Having a nice truck is nice, but not as nice as a rent payment every month! 

Within reason, I would take care of the problem. Mice cannot be a problem if they can't get in, and unless the tenants are leaving something open to invite them in, there is/must be some entry point in your house - and once mice identify an entry point, it is open season until you seal that point. 

So my leases state that pest control is the tenant's responsibility, but if/when a tenant calls me about a problem/potential problem that really isn't their fault, I just go ahead and call the exterminator, as it's a small cost that keeps people happy. 

Everyone here has a pet unicorn! 

To be serious, I like the fact that there are a lot of people here smarter and more experienced than I am when it comes to real estate. I am bankrolling all of this information into my mental vault. I also enjoy the fact that I can occasionally toss some info out that might be helpful to someone else, as you can really lose your *** in this field if you're reckless or foolhardy. 

There has to be some legitimate reason for rejecting the plans, and some remedy for the situation - otherwise you are being denied due process. I think your attorney is right regarding the strength of your case, but keep in mind the County has a lot more money than you, and attorneys on staff. Before I went that route, I would bring one of the certified septic contractors with me and meet with staff to determine what the reason for rejection is, what scenarios the county will approve, and what you need to do to make it happen. Even if you win a lawsuit you are unlikely to win legal fees unless it can be demonstrated there was some specific nefarious intentions against you. Honey, not vinegar. 

 Wow, man that makes me feel old - "When I was 7-10 years old, I bought 2 machines off of Ebay". At that age for me we were still using rotary phones, there were a handful of over the air channels, no video game consoles, and certainly no internet! Now I'm competing for real estate with guys who made their first deals as kids on ebay! Crikee!

I wouldn't do it, regardless of legality, unless I had some specific device that metered and accounted for the actual usage of the tenant. To do anything else seems unfair at best and illegal at worst. I suppose the argument can be made that if you are upfront with the cost before the tenant moves in, it is at least transparent, but unless your utilities are billed at a flat rate from the provider it seems patently unfair to charge a single individual the same amount of money as a family. 

The best thing to do is simply provide submetering to each unit. Many landlords don't/won't do this because they don't want to spend money on the retrofit, but turn it around - what if the utility company decided they weren't going to meter individually any more, but just divide up their total cost amongst all customers and charge each one accordingly? People with 10 person families might love it, but single and retired individuals would be getting screwed. 

How often does something major happen? Depends on the house, tenants, acts of God. Generally speaking, the newer the house, the cheaper the capital expenditures. Tenants can cause some expensive major damage (heating/ac systems, for example) but most capex will be either due to maintenance that was deferred/ignored or normal wear and tear. Hot water heaters will always die at some point. Asphalt shingle roofs will curl, tabs will break. Or major water damage can be caused by clogged gutters . 

How to split profits depends on your investor. He with the cash usually makes the rules. 50/50 splits are fairly common. 

You can't go wrong down there. It's the first civilization a lot of half-backs hit coming up from Florida, and for those that don't need the instant access to AVL shopping, it is a nicely priced alternative.