All Forum Posts by: Jarrett Harris
Jarrett Harris has started 13 posts and replied 303 times.
Post: Newbie From Chicago NW Suburbs (Elgin)
- Calumet City, IL
- Posts 312
- Votes 49
Welcome to BP
Post: Tell me what you hate about land lording
- Calumet City, IL
- Posts 312
- Votes 49
Originally posted by @Chris Winterhalter:
Pest control...I hate paying the pest control man (although I need them). I can't blame the tenants even though a lot of pests can be caused by them. It's just a matter of terminating the leases on filthy messy tenants.
Long evictions....professional tenants that know the system...they can put a damper on cash flow.
Yep, going through the whole pest control thing now. Thought I had it taken care of back in December but no.
Post: Tell me what you hate about land lording
- Calumet City, IL
- Posts 312
- Votes 49
Yep, Eviction.
I just went through my first and hopefully last one ever. All the tenants had to do was JUST LEAVE. But nope. I guess when you have....
No job
No credit
no credibility
no money (you use it to drink and smoke)
I guess you really have no place to go.
Post: When you were new, what was your biggest lesson and most difficult skill to learn?
- Calumet City, IL
- Posts 312
- Votes 49
Originally posted by @Michael Noto:
Three biggest lessons I learned my 1st year (been doing this 10 years now)
1. There is no substitute for quality tenant screening. It is the lynchpin to any successful buy and hold portfolio.
2. The day after the rent is due, if you don't have it, and haven't gotten pro active communication from the tenant serve a notice to quit.
3. If you don't have adequate reserves you are dead in the water. (I did have adequate reserves and its the only thing that saved me when unexpected big $$ repairs came up)
Yes I will second your number 3
We should have definitely had more money in the bank. We had about 3 months worth of mortgage payments in the bank when the stuff hit the fan. It would have been nice to have double but even that would not have been enough for everything we went through in the first 6 months of ownership. But in the future I will definitely budget more reserve money.
Post: When you were new, what was your biggest lesson and most difficult skill to learn?
- Calumet City, IL
- Posts 312
- Votes 49
1. I should have gotten more information on inherited tenants.
2. Learning to deal with a worry wart tenant. (things are much better now)
3. I guess finding the property was hard because this is our first one. I Learned that even though I was preapproved, with the down payment money in hand, cash was still king.
Post: My unit is finally ready!!!!
- Calumet City, IL
- Posts 312
- Votes 49
Wow I guess my mother was right. She said the same thing as soon as she walked in. "This hood should match your appliances."
The cost is probably going to be just under $10K
However I took the time while my contractor was their to do some other things....
1. roof repair
2. New entrance on the front of the building (door ways widened and door swing direction changed)
3. Minor work done in adjacent apartment.
4. Molded drywall and light fixtures replaced in the basement.
Post: Got my unit back,without the sheriff!!!
- Calumet City, IL
- Posts 312
- Votes 49
Post: My unit is finally ready!!!!
- Calumet City, IL
- Posts 312
- Votes 49
Well for those that don't know you can take a look at what I had to deal with the past several months.
http://beta.biggerpockets.com/forums/52/topics/117232-start-eviction-porcess-or-take-tenants-word
http://beta.biggerpockets.com/forums/432/topics/129594-got-my-unit-back-without-the-sheriff
Now my contractor is done and we are putting the last finishing touches on the unit.
The newspaper and CL ads start running tomorrow. Planning to do an open house in about a week.
Post: Bank will not waive escrow
- Calumet City, IL
- Posts 312
- Votes 49
I was told the same thing as @Jon Holdman
When I bought my 4-plex The bank said if we were to forego the escrow they would raise the loan rate by a 1/2% or something like that.