All Forum Posts by: Polina Goncharova

@Nick Cuttonaro - Wow that is a very kind gesture, thank you for that suggestion! I like that because it would make them feel like I'm giving something rather than asking for more money and additional repairs. Quite honestly my biggest fear was that they would be upset and retaliate (causing more damage) and I think this gift could be that cushion against that. Thanks! 

@Michele Fischer Thank you for your feedback, it is very helpful. 

Hello BP!

I own a 3 Flat property on Chicago's Near West Side and I am planning on increasing rent in the following manner:

(Rent increase is due to market rents and a hike in property tax)

3bd/2ba, 1,150 sq ft Apartment

Current $1,150

Market $1,500+

Renewal $1,350

I am being gentle as I prefer to receive $1,500 but flipping the unit could cost more due cleaning and repaint costs (20+ft ceiling). But would like to ask if it is within reason to make maintenance requests with this renewal. The tenant has caused some damage to walls and I would request they either put a deposit of $300 or fix the damage on their own. Is that reasonable to request although I was not the original landlord that rented the unit to him? I don't have documentation on who caused the damage and there is no deposit. 

Do you have suggestions on ways that I could protect the integrity of the property while being reasonable and firm with a $200 rent increase?

Thank you all so much,

Polina

Fantastic Job! Well done.

HI Nadeya - you're certainly on the right track with the right mindset! Keep listening to the podcast and join the Chicago meet up that happens monthly. 

I'm a full time Finance Manager and wanted to self manage, I also travel a lot so having property that I don't have to frequently visit was a must. I started on BP one year ago and just signed on my first property this week (3 flat in Pilsen). I found it helpful to find an agent that is knowledgeable in the area that I wanted to invest. He or she can guide you on potential rents and home values. Also helps if the agent has experience in REI.

@Elizabeth Colegrove  has a fantastic podcast on managing from a distance!

The key is to create your investment criteria and get out there and search!

Best of luck

@Crystal Smith 

Those are all such important points! Once the tenants turn over I will need to be more cautious on giving out my information. It all just happened so fast I hadn't prepared myself as a business. 

@Marcia Maynard 

I like that you mention "areas designated for individual tenant use are the responsibility of the tenant". I can certainly communicate that as one of my rules if the parking spots are assigned. 

It's a Tri-Plex, 2 identical units expire in June/July and the third is a larger town home mo/mo. I would move in to one of the identical units while letting the mo/mo go on a 6 month lease as per their request. I didn't want to move into the town home as the rent potential is a lot higher. 

You also make a good point about them being my neighbors, certainly something to consider. 

Fantastic feedback - thank you so much!

@Elizabeth Colegrove 

 - I certainly need to work on my firmness and letting them know who's boss. 

@Azeez K. 

 - thank you for the detailed reply! I've already given out my cell # but it all happened so fast that I didn't have a chance to create a defensive route to getting calls. Will note for the future. 

I plan on creating a separate email that I can use when i'm out of town (which happens a lot) that way I can forward to a friend to take care of any needs. 

@Elizabeth Colegrove , from what I understand the back lot acts as a free parking lot. As far as assignment, nothing is stated in the lease regarding parking. I have to discuss with the tenants as far as what was the precedent. I will let them continue parking until the new leases are due to be signed. 

Hi BP Folks,

One year since I started on BP, I've finally purchased my first Buy and Hold in Chicago Pilsen area. It's a 3 flat and is fully rented, due to my FHA loan guidelines, I will be moving in once one of the leases is up. I have already communicated this with the tenants and they are understanding that they cannot renew their lease.

I am meeting one on one with the tenants this weekend and I want to ensure I communicate the appropriate rules and guidelines. 

There are parking spots that the tenants use, free of charge, one of the tenants seems to think that I am responsible to clean the snow from this parking space. Am I correct to assume that I am not at all responsible for this? 

Do I need to have them re-sign any leases? Or do I automatically assume the current leases. 

Anything else I need to communicate other than where to reach me?

Big thanks to you all.

Polina