All Forum Posts by: Michael L.

@Michael F. damn....sorry to hear about your negative experience thus far.  Please keep us posted!

@Sarah Lam I've been very fortunate to not had any turnover or vacancies since my purchases, which has probably been my biggest benefit.  My experience seems to mirror that of other BP and even non-BP folks that have purchased with Elite.  It'd be good to get greater stats on experiences, which was one of hopes for starting this thread.  There's also the turnkey-reviews.com site with more datapoints as well folks should check out.

 Great questions.

1) Would I buy from them again?  Absolutely, but not in So Chicago.  I already have 4 doors there and would like to diversify geographically if I were to invest in more properties.  I've heard they are expanding to some niche areas in So California.

2) Elite's PM and Alex especially have been terrific.  I'd say they've always been great, but they have done a few things along the way that have surprised me, such as appealing my property taxes without a word from me.  They've also done things like scheduling the meter installation by the water utility, handle this recent abatement issue quickly, etc.

 Larry's correct, the mortgage payment acounts for property taxand insurance.   I do have to pay IL state income tax soon :P

 Does not include principle.  There are other benefits like depreciation and other deductions, but I wanted to keep it pretty simple.  Principle pay down for the year was around $3500 me thinks.

One of my fully subsidized tenants went from 100% subsidized by CHA, to roughly 50%, back to 100% in the course of 1 month!  -- Fully Paid/No Balance

A unit in my 1st duplex went into ABATEMENT on 12/1!  Luckily all those repair costs bought the unit up to par and the unit passed inspection 12/20.  Waiting on CHA to make the back/current payments. -- ~$2500 due

Tenant with 60% subsidy decided to stay put I assume.  They are still behind, but seems to always come through eventually. -- $450 due

Last tenant is 100% subsidized...no issues.  -- No Balance

I had quite a scare coming back from the holidays with the word abatement in the Tenant Notes, but super glad Elite handled it.  I did not hear a peep from them, which could be good or bad depending on how you look at it.

Happy New Year everyone!  So, I haven't checked my properties in a while and there is a lot to go over.  On the bright side the PM (Elite) appears to be on top of it.

As promised earlier, I broke down all the numbers for 2016 (my first full year with 2 duplexes).

Of course I still had to pay the mortgages :)...roughly $21,000.

Numbers above were rounded a tad for convenience.

So about 17K for 4 doors, which comes in slightly better than Elite's projections.  I was surprised by this since the latter part of the year saw a significant rise in maintenance costs.  Will follow-up momentarily with details on the 'happenings'.

Quick update:  one of my fully subsidized tenants had their subsidy reduced from 100% to about 50%...that's pretty cold-blooded of CHA to do this right before the holidays :( . I'm hoping the tenant is doing much better financially to be able to comfortably pay the additional amount and to improve the quality of their life. 

Overview: 2 tenants paying roughly 50% of the rent (CHA covering the other 50%), 1 tenant 100% subsidized, and 1 tenant paying 25% with CHA covering the rest.

 Thanks for the tip.  I'll check in with the PM on the specifics of the work items.  This year seems more than the previous year, but the previous year they did refer to it as normal wear and tear.

 Hi Zeke, great suggestion.  I'll total everything from this year and compare it 2016 once January is here, so everyone can see the summary of the numbers.

 4 units...for now :)