All Forum Posts by: Michael Stole

Michael Stole has started 70 posts and replied 208 times.

Stephanie, are you talking about the baseboard, which only provides heat.

I think Samantha means the split units with a wall unit and an exterior condenser that provides both heat and cool.

Originally posted by Stephanie Dupuis:

What do you mean by window units? (We may call them electric wall heaters here - so I'm clarifying).

If they're the electric wall heaters (electric panels or similar installed on the wall - wall units) - keep them. Great for a rental unit. If one breaks, costs less to repair/replace. No need to for central heating.

The one drawback is that renters will often only heat one room with them. And will keep another room completely turned off - this can create low temps in one room and high temps in another, which creates mildew problems. So, monitor your rentals and educate the tenants.

There's also a fire hazard if furniture is placed up against them - they will heat up and catch a Christmas tree, couch, etc. on fire. Again, tenant education. Many newer units are built to not do this, but I'd still educate tenants.

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Thanks, Mike. That information is helpful.

Which area in Chicago is best for a mixed purpose of cash flow and appreciation in your opinion? Thanks.

Originally posted by Mike B.:

http://www.chicagomag.com/Chicago-Magazine/September-2012/Best-Public-Schools-in-Chicago-and-the-Suburbs/

I've only done flips in Loagan Square. Specifically turning 2 flats into SFH's. I'm sure people are doing buy and holds there, I'm just not one of them.

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Can anyone provide a list of the best school districts in Chicago area? I only heard about Oak Brook, but have no idea how high it is in the rank.

Another place I heard about it logan square. Is this an area for flip or for hold-and-rent?

Thanks.

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Great thanks to Darren and David!

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Thank, David, for your detailed information.

Is "10% of yearly rent" and "entire first month rent" an either-or?

What I heard from my friend is the first month rent for the management work that you listed in your post, and maintenance charges vary case-by-case.

Good to know the $35/hr fixed charge, that sounds fair to me. And that is the reason why I want someone with good connection with handymen. It is a tragedy to pay over $200 just to replace a leaking toilet.

Originally posted by David Beard:

Here's what mine does down below, from their web site. I pay 8% of collected rent, 1/2 of first month rent to place a tenant, 1/4 month rent for lease renewal, $35/hr for in-house maintenance people. In many areas, you will pay 10% of collected rent and the entire first month's rent as a tenant placement fee. With one house, you don't have much basis for negotiating a lower fee.

Tenant Screenings – includes complete criminal and credit
Evictions – official tenant notification, processing, legal, etc.
Tenant Prospecting – includes extensive and aggressive marketing campaign
Section 8 – we can handle all aspects from specialized tenant marketing and required Section 8 property inspection coordination
General Record Keeping – bill paying and monthly reporting
Ongoing Property Maintenance – handling of tenant maintenance requests
Monthly Rent Collection – direct deposit options available
Painting & Clean Up – as part of unit prep for tenant move out, move in
Landscaping – grass cutting, snow removal, etc.
Acquisition & Disposition Services
Construction Management
Facilities Management
Prospective Tenant Showings
Tenant Move In/Move Out – includes initial walk through at lease signing to include checklists and photos
Leases – signing, preparation, renewals, etc.
State/Federal -lead based paint, renters insurance notifications,etc.
Security Deposit – collection and/or management in trust account
Pricing Opinions – bid reviews and 3rd party opinions for construction or renovation projects

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In another post, I ask for reference of property management for managing a SFH that I intend to rent out. Though I am out of state, I don't want to sell given the rising market condition there.

Here I would like to know in great detail what property management can do for me and how much they charge. Thanks.

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I has a SFH in Greenwood Indiana that I want to rent it out. I will do some touch up in September, and hopefully to rent it out in October.

Any reference/recommendation of local property management who has good connection with handyman will be very appreciated.

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What is so special about logan square that even crime can not scare investors away?

Originally posted by Mike B.:

While that's true, places like the mag mile and Gold Coast haven't been affected in respect to property value. Consult somebody in Chicago or ask the question here before you buy. As an example, logan square has crime, but nobody is shying away from doing flips there.

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A plumber who previously worked for me ever told me that he could finish the rough plumbing in a 3000 sqft new construction in two days, just by himself. I was amazed by how fast the rough plumbing can be done by an experienced plumber.

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LMAO, I dont think this is what J Scott expected to here.

Originally posted by Dawn A.:

I am reading it and it makes me confident that I DON'T want to build a house!

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All Forum Posts by: Michael Stole

Michael Stole has started 70 posts and replied 208 times.

Post: Possible Rental House built in 1950's: Should I install central heat/air?

Post: The best school district in Chicago area

Post: The best school district in Chicago area

Post: Need a property management for my SFH in Greenwood Indiana

Post: How does property managements work and how much do they charge?

Post: How does property managements work and how much do they charge?

Post: Need a property management for my SFH in Greenwood Indiana

Post: Neighborhoods to Avoid in Chicago?

Post: Diary of a New Construction Project

Post: Diary of a New Construction Project