All Forum Posts by: Ravi P.

@Kyle Glasgow

If you are eager to sell, please keep in mind the day you accept an offer is not the day you close and get paid. It can take anywhere from 2-6 weeks to close, and sometimes longer.

The time on market and escrow are difficult to gauge in your estimation be ause you are at the mercy of the market and buyers terms.

If you have the luxury I would wait, the seasonal real estate market is just picking up.

@Krishna Raghavulu

Thanks for sharing your experience. I do not accept cc as a form of payment for my rentals, but I have managed business which accept cc.

First I would ask the management company for proof of the fraudulent transaction. Do not make it easy for them otherwise they have no reason to improve their practice of being diligent since they feel they would be indemnified by the owners. Once received verify that it is a legitimate issue. Not saying your management company has bad Intentions but there are a small few that exploit the situation.

Secondly, if it is valid you should she who would be liable according to your contract. It appears that your management company was negligent. Who is accountable in that case?

Contact your attorney and have the management company also file a report with the police dept if the tenant is still living in the unit. Don't let this blow over. You trusted them to do the right thing.

Good luck.

@Meg K.

First, there is a reason why you did not do it yourself. You value your time. Apparently, you don't value his.

$243 with material seems like a deal. Sounds like he picked up the material and fronted the money as well. He must trust you enough that you will pay him back. Patching drywall on the ceiling is a pita.

Going forward, you know how he prices his jobs, if your not happy with his work/value don't call him back. You got off cheap.

I cannot imagine how much you think he is overcharging you by.

@Mary Mitchell

Yes I have always rekeyedmy locks. I also have my locksmith set the locks up so you have 1 key for the front and back door locks. For my condos we only have the deadbolt lock. The actual handle does not have a separate lock. So I only have to rekey the deadbolt, between tenants or contractors. It is cheaper then swapping out the cylinder or lock.

I have 6 units. One thing I am considering is buying two deadbolt locks and swapping out the lock myself between tenants. Sort of like playing Three Card Monty but with locks. It's a one time cost and the only cost I may incur, are to cutting new keys.

@Laura Williams I should have elaborated on the nicor gas estimating your usage. They may have underestimated your usage in the previous month and then have to make up for the shortage in the next month resulting in a larger than anticipated bill.

@Laura Williams From my experience the price alone can be deceiving. You need to take into the price of gas and the usage. Your usage could have been the same but the price of the gas could have increased. Another thing to consider is how frequently the gas company comes and reads the meter. Around the chicagoland area we have Nicor Gas. Often times they come out every other month. The month they do not read the meter they estimate your usage and then reconcile the usage on their next visit. A final thought is if you have drafty windows you can either use the plastic sheeting or there is a company that I have not used called Indow Window. It is an insert that goes into the window sill. It helps seal the window and also helps with noise reduction. From what I can gather it is pretty pricey. It can cost as much as a cheap builder grade window. However no installation cost. And when you do need it you can just remove it.

@Dallas Kidd My biggest regrets over improving on buy and hold rentals and taking my sweet time getting g these rentals rent ready. My biggest mistake would be not buying more post 2008! Not using OPM. I was always reluctant to take anyone's money. So next time I wont think twice. You live and learn.

@Nadir M. Old Homes are fun, but if you.want a passive income property it can be a nightmare. As for electrical, you need to make sure it is not knob and tube wiring. Some older homes have 1 outlet per room. What is the service coming into the home/building. 100/200 amp service and what is the panel. Do you ha e room to add breakers. Does it have breakers or does it use fuses. Plumbing, cast iron pipes can rust from the inside out and the rust can cause clogs. Are water supply lines in galvanized piping or copper, which is curre fly used. Pex is the new trend. What is the water source, well or municipal. Hot water system. Low volatage, coax cable and phone lines Connections. Do you.need to haveadressable(hard wired) alarm system. Sprinkler systems. Lath and plaster is harder to work with than drywall. Windows aren't as energy efficient t and expensive to match. As well as matching the wood if repairs need t ok e made. These apply to both homes and buildings.

@Stone Teran call around, however, I recommend calling the big guys. I have had good luck with Waste Management and Also Groot., not sure if they are local. when calling ask to speak to the local Sales Rep. Yes, I said Sales Rep or Business Development Rep. The garbage industry does have Sales people. but be careful, there are so many feel that they can add on. so if you are not asking to the right questions you will get taken advantage of. If you are willing to sign a contract for 1,2 or 3 years they will be willing to give you a break. Some things to look out for are the fees. environmental fees, excessive weight fees, another trick of the industry is billing cycles. some will bill monthly so you are billed 12 times a year others may bill every 4 weeks so you get billed 13 times a year (52 weeks/4= 13 bill) based on my experience the big guys tend to play ball and kill on volume to shut out little guys. also these little guys rely on the big guys station to dump, so they charge a base fee and mark it up or put add on to make money.

@Val Jaz if you have to ask this, then you know it would be wise to get multiple bids and let the market determine the price.