All Forum Posts by: Bilal Hussain

@Marcus Krahn

Hey! Would love to get connected as well. Thanks

@Nathan Gesner @David Avery

Thanks for you input guys!

I was planning on putting both Unit 1 & 2 accounts on my name and I make the payments so tenants wont have to deal with each other and raise issues regarding whos using more. 

Base rents will be increased 15-25% to cover for utilities and I love the idea for a cap. However the issue arises if and when it DOES go over, how will I determine who's using more? Would it be smarter to split the overage costs between the tenants? 

I would obviously notify all my tenants of this arrangement and be transparent with them all the way as the language will be included in the contract. My tenant screening will come into play here and I would need to get the right tenants in who are willing work with me on this.  

Also, how can i determine the average costs of utilities in my area? Do I call the utility companies and ask them for averages? Can I call a Project Management company for these details as well? 

Thanks again!

A building has 2 main units with their own meters for utilities. However, there are also 2 non-conforming spaces.

One liveable attic space with its own furnace but all of its utilities are connected with unit 2. The same issue with the basement unit, its utilities are connected with unit 1.

PS - non-conforming spaces have their own entrances front and back.

When it comes to renting out all units, how would you structure the costs of utilities into rent? Would it be possible to add $200-250 to the base rent for each unit to cover the bills?

Do you think something like this is manageable? A main concern is the tenants will take advantage of this and get careless with the utilities as they are not paying for them.

Thanks for your sharing your thoughts!

@Alex Novakovsky Sure, send me a PM!

I also strongly recommend doing a house hack and getting some cashflow while living for free. It will give you great exposure to all parts of your real estate journey. If you want to jump in all the way as well, you can do a FHA 203k renovation loan in which you will get contractor experience, a good understanding of materials and labor costs, creating a scope of work, getting bids, and design experience.

This is how I jumped in with my first multi-unit property in Chicago and I may not be a pro, but Im much more experienced than simply reading and learning about it. I’m already looking to do my next one.

Message me if you do go this route and I can tell you about my deal and experience.

@Dan Miklosz 

Congrats on the first purchase, I just closed on my first multi-unit property in Chicago last week! I'd love to be a part of this thread as well to see some of the tips mentioned. 

@Kirbi Campbell

House hack my second property by end of 2021 close on a few deals a a broker 😃

Hi everyone, Happy Thanksgiving!

Im currently in the process of closing my first multi-unit deal in Chicago and could use some insights on getting a home insurance quote. 

This is a FHA 203K project and I'll be renovating the building for the first 2-3 months before renting it out. The rehab includes; interior and exterior painting, trim work, full kitchen, full bathroom, replacing flooring, recessed lighting and adding AC/condenser.

No major structural repairs, roof or furnace. 

Im looking to get a quote on insurance and I've researched that I should consider getting a renovation/builders risk policy. 

What are some key things I should consider and pay attention to when it comes to picking out a policy?

I got a quote from an agent; Home insurance policy is $1900/year which is reasonable but I was told by the agent that i should also consider a builders risk policy for the months its being renovated and then switch over to the regular policy. The policy is coming out to $6000/year which is $500/month for 2-3 months of renovation work. 

I appreciate the help and have a great weekend! 

@Steve Morris I'll keep that in mind thanks. Although I'm not opposed to training provided and working for a while before I can do it myself. It all depends on what I learn during the interviews.

@Charlie Cameron Yes I agree, your situation is very similar to mine. I'll definitely look into eXp realty because I like the fact that the first 3 personal transactions are at 100% commission and its also investor friendly. Thanks for sharing your experience. 

@Jonathan Greene Yes that's the advice I've been getting from other agents and investors. At this time, I'm also looking for that freedom as an investor agent while also keeping most of my commissions. 

@Jonathan Klemm

Thanks for the insight. Im going to give a few of them a call today and see what options are available.