All Forum Posts by: Jordan Laney

Quote from @Chris Seveney:

Quote from @Jordan Laney:

Hello, Happy New Year 

Who do you think is at fault? 

Story time. So we had a non-paying tenant whose lease wasn't renewed and refused to leave. We started the eviction process. The PM change the electric utility to the PM's name. Of course the tenant eviction process took awhile and out of spite the tenant intentionally left the lights on. So we were charged about $250 more than usual. Ultimately, I know we have to pay. The PM told us that they would bill back the tenant. We all know they won't ever pay. They owe over $6,000. Do you think that is fair - to be forced to pay for your manager's mistake? Would you work with a PM who did this?

 What type of lights do you have that are $250 more than usual (was this over the course of a month)... 

 Chris, 

I suspect it was over the course of time it took to evict them. I only have a report stating the for November our electric was $295. They may have just paid the entire balance that accrued at one time. The PM has been unresponsive.

Quote from @Theresa Harris:

I find it hard to believe that leaving the lights on would amount to $250.  What's more, the PM should have gone over when the unit was vacant to make sure it was secure (and lights and taps were turned off).  For it to be $250 MORE than usual, suggests something else is up.  My regular monthly electric bill doesn't come close to $250.

When did the PM change over the utilities relative to when the tenants left?  They should have been turned over around the time the tenants left.  I'd also ask for a copy of the bill. 

 Theresa, 

Our monthly electric bill for the building is about $45. I haven't received the copy of the bill yet because they haven't sent the statement for December yet. I only learned to the cost via weekly cash flow reports they send. The PM changed the utility before the tenant vacated because the tenant chose not to leave after the lease expired. I learned from other tenants that the tenant stated that they were going to intentionally leave the all the lights on in spite.  

Quote from @Charles Carillo:

@Jordan Laney

Would I change PMs over a mistake of $250? It would depend on my entire experience with them. If this is a rare mistake or if this type of mistake regularly occurs. The PM should really cover the $250 mistake, but I would base my decision on my entire experience with them. I have kept managers after mistakes, but they were solid managers who rarely made them. 

 I agree. One mistake is a huge deal to me. This was on top of multiple blunders over the course of 18 months, so I was already untrusting.

Quote from @Bruce Woodruff:

Are you only talking about $250 more? I wouldn't bother with it. PMs have to keep the utilities working for various reasons (uninhabitable living conditions, pipes freezing, etc) and you can't count on a tenant like this to do that. So they really had no choice IMHO....Welcome to the landlord world I guess.....makes ya wonder why we do this sometimes, huh?

Bruce, It was about $295 total. Usual bill was about $45 for the building (6 units). We knew the tenant was habitually delinquent and only chose to evict after they were unresponsive after the notice to not renew, and they refused to move out. 

I suspect it was a part of their process to change the electric utility as close to the projected move out date, but the tenant never moved out. There was never confirmation that the tenant was going to leave or has left. A misstep IMO. 

Hello, Happy New Year 

Who do you think is at fault? 

Story time. So we had a non-paying tenant whose lease wasn't renewed and refused to leave. We started the eviction process. The PM change the electric utility to the PM's name. Of course the tenant eviction process took awhile and out of spite the tenant intentionally left the lights on. So we were charged about $250 more than usual. Ultimately, I know we have to pay. The PM told us that they would bill back the tenant. We all know they won't ever pay. They owe over $6,000. Do you think that is fair - to be forced to pay for your manager's mistake? Would you work with a PM who did this?

Hey All, 

I am just stopping by to re-iterate the fact that you can find deals in any market. With the news headlines and rates skyrocketing, it might discourage someone from getting into real estate. However, you can't be deterred because you can always find a solution if you are willing. Back in May, I was able to secure commercial funding for the purchase of 12 units at 5.72%. Now, most lenders I went to wanted high 6's and low 7's, which would not work for me. I asked around and kept searching before I found a local back, FNBC, who made the terms work. "Whether you think you can or you can't, you're right." -Henry Ford. 

@DawannaParks Unfortunately, you live and you learn. I hope you didn't pay for any of the extra BS like I am/did. They still send text notifications to my phone to this day! 

@Chris Seveney This was early on in my journey before I knew about resources like Propstream, but even those have their faults but at least it's being managed. It is likely Dealvault pulls their info from sites like this but doesn't manage the data the best. But to your point, they sell FOMO, I mean their tagline is "0 to 30 deals in two years or less." Now I know, it's never that easy. 

UPDATE  

I just learned that not only am I forced to use their service for another year, they've also LOCKED ME OUT OF MY OWN ACCOUNT!

These people are really pleasant. 

@Jonathan Klemm I am looking in the west and southwest suburbs. 

@Michael K. They have the MLS, public records, as well as "vetted" contacts for buyers lists and contractors. It was sold as a one-stop-shop for everything a new investor would be looking for to find leads (off-market and on-market) and contacts for what to do after. They sell public information and their tag line is " 0 to 30 Real Estate Deals in 12 Months or Less". Which really translates to "We can help you get rich, fast!" Haha, the red flags were there.

Hello, 

My wife and I are new in our real estate journey. We only have two rentals but have closed 3 deals now. A year ago, I posted in the forums asking about a subscription service called Chicago Deal Vault. Someone responded basically validating the legitimacy of the company, so I went on to try them for 30 days (30-day trial) and attend the online seminars. Boy was I wrong. Then again, you live and you learn. I am solely writing this to prevent another investor from making the same mistake. This company is only after the money of its customers! They are the exact "Gurus" that BiggerPockets constantly warn you about. They sell you public information that is inaccurate and the "best" part of the service is hidden behind an upgraded $1440 yearly subscription. IF I KNEW THEN WHAT I KNOW NOW... It is not at all worth it. To top it all off, they will continue to try and sell you on additions and siphon MORE money away from you. In order to keep this brief, I won't go into all the details but if you want to know about my experience with them, please respond or PM me. I drank the kool-aid, please do not fall for their business plan.

They are skilled in manipulation, deception, and TAKING YOUR MONEY! As long as you fall in line, there won't be an issue. But I finally woke up from the trance and tried to cancel the service and that is where their true colors showed. I'll likely have to eat the cost for another year (they wouldn't let me cancel and give me my money back, long story), and that's not what bothers me because I won't miss the money. What bothers me the most is NOT EVERYONE CAN SAY THE SAME! In all honesty, I believed in them but when my knowledge and experience grew, I saw them for what they were. The red flags were there. I guess you can say I am a bit broken-hearted. On the bright side, I can say they won't be the last people to try and separate us from our hard-earned money.