All Forum Posts by: Ronan M.

""Ultimately I have no desire to be involved in anything but cutting checks and I'll happily give 6% of my Gross Revenue to a property manager ""

If you are only giving a PM 6% you will be doing a lot more than cutting checks.........better add...mowing lawns...painting fences...changing light bulbs...serving notices...and so on and so on.....

Renovo Financial (I think)

That's super high for a SFH in Chicago for summer. Unless your A/C was running a lot which the contractor says it was not.

Did the Comed bill say ACTUAL reading or ESTIMATED ?

Sometimes if they cannot read the meter they will give you an estimated bill which could be determined by the bill for same period last year.  and maybe the AC was running a lot last year.

Someone mentioned garbage disposal. As a matter of fact based on the recommendation of my plumber I REMOVE all garage disposal units from my rentals. He says they are noting but trouble and I believe him as its him that will lose out on the lack of nuisance service calls.

HVAC units can be a pain. Make sure they are working and the tenant knows how to work them. That includes the thermostat. Half of the tenants don't know how to use thermostats.

I forgo the fancy programmable ones as tenants can screw them up and then call you. I use the basic on/off variety with clocklike manual dial .  

@Stone Teran

Sam said in his second post

"Since I know nothing at all about construction I'm worried..."

Hence I don't think the DIY route and adding hurricane ties etc etc was an option for him.

Since he has admitted his short comings on construction I think only correct guidance from a local professional and his check book will be his level of involvement.

Sam

A lot of the replies on here suggest this structure needs work. Whether or not it is safe is one issue. The second issue is whatever the inspector says. Chicago is notoriously strict on decks and rear stairways and the city can cause you a whole heap of trouble in regards to this. You appear to have 2 opinions. Inspector says its not safe your handy man says its fine. Which of the 2 do you want happy ?

Even different city inspectors will give you different opinions on the same deck. I spend a few thousand to repair a deck on a 2 flat. First inspector told me upon re-inspection I was 90% to code and i just needed to finish XYZ. I spend more money per his instructions. Month later a different inspector for second re-inspection told me the whole thing had to come down and be rebuilt, submit plans etc etc. Nightmare. $5K spend and they wanted it all torn down.

Bottom line... while the city inspectors and their methodology are often all screwed up and while of course you are happier to hear the opinion of your handyman...he can not drag you to court and issue you fines and condemn your building and so on.

Don't do anything to your deck without clear instructions from the city as to what they want. and don't rely on an individual inspector. Call their supervisor who can be hard to get a hold of. But get him on your side. Once he sees you are being pro-active and want to have your deck to code and done correctly it will work out better in the long run.

Its a frustrating process and we all wish the handyman had the final say...but this is just one of the many challenges we Chicago owners face. Just better to try to work within the system for a better outcome long term.

Many thanks for the reply Samson.

Good thread and good info.

Best of luck with it. Sounds like its working out very well for you.

Samson

Have you factored in how your AirBnB income will be taxed ?

I ask because I have a condo in Lincoln Park I was considering using for same.

Also who is cleaning your apt after the guests move out ?  Typically how much does that cost ?

Do you have a minimum stay ? I would imagine it would be favorable to have a 2 or 3 night min stay to cut down on the cleaning services.

Thanks

My wife owned and operated a small retail business in Chicago for 8yrs. A mom and pop type business 2000sq ft with one location so nothing like a national chain. Her landlord who owned about half a dozen retail properties had her set up with a triple net lease. So it does  not appear to be exclusive to bigger national chains.

Hi Marci

In my situation it is possible the Judge may have let it slide as technically the generic is still a lease and signed by both parties. It was the opposing attorney who picked up on it and brought it to the attention of the judge with the argument that it was "half baked" "do it yourself" lease and it was clear I was a"seat of the pants' non conforming landlord etc etc etc...... 

Bottom line my lesson learnt was to do things properly, by the book and with proper paperwork so as to avoid getting picked apart by anybody if court action is required.

I had no assistance when I started being a landlord. I did it the best I could and learnt some hard lessons. I only post here my experiences so others can learn and not make the same mistakes.