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?

- Real Estate Investor
- Ottawa, Ontario
- Posts 217
- Votes 14
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:
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.
Post: The best school district in Chicago area

- Real Estate Investor
- Ottawa, Ontario
- Posts 217
- Votes 14
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.:
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.
Post: The best school district in Chicago area

- Real Estate Investor
- Ottawa, Ontario
- Posts 217
- Votes 14
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.
Post: Need a property management for my SFH in Greenwood Indiana

- Real Estate Investor
- Ottawa, Ontario
- Posts 217
- Votes 14
Great thanks to Darren and David!
Post: How does property managements work and how much do they charge?

- Real Estate Investor
- Ottawa, Ontario
- Posts 217
- Votes 14
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:
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
Post: How does property managements work and how much do they charge?

- Real Estate Investor
- Ottawa, Ontario
- Posts 217
- Votes 14
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.
Post: Need a property management for my SFH in Greenwood Indiana

- Real Estate Investor
- Ottawa, Ontario
- Posts 217
- Votes 14
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.
Post: Neighborhoods to Avoid in Chicago?

- Real Estate Investor
- Ottawa, Ontario
- Posts 217
- Votes 14
What is so special about logan square that even crime can not scare investors away?
Originally posted by Mike B.:
Post: Diary of a New Construction Project

- Real Estate Investor
- Ottawa, Ontario
- Posts 217
- Votes 14
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.
Post: Diary of a New Construction Project

- Real Estate Investor
- Ottawa, Ontario
- Posts 217
- Votes 14
LMAO, I dont think this is what J Scott expected to here.