All Forum Posts by: Byron W.

@Byron W. I almost always give a deposit on a sizable job, but it also depends on how well you know your contractor. I would think 25-30% would up front would be enough in some cases with 50% being the maximum I would do. I am preparing to do a flat roof replacement on one of my properties in Berwyn, and I ended up getting the best pricing through the GC I have been using to do most of the unit turns.

Take your time on the flat roof research. There are multiple opinions on best materials to use (modified bitumen versus TPO) and how you should handle tuck pointing, copings, etc. Make sure your roofer has been around for a while and that your roofer offers a long warranty. It is not uncommon to get 10 years on a flat roof.

Thanks John! Mind sending me a roofer you'd recommend?

0 Votes

Chicago, Illinois

About to get a flat roof replacement done and I'm wondering, should I pay a deposit? I've been stiffed multiple times in the past with other contractors on projects, so I've since, refused to pay anything up front outside of material costs. What has been everyone's strategy on this?

Also, if you have any roofer recommendations, please send them my way. Thanks!

0 Votes

Chicago, Illinois

Last year I purchased my first 3 unit property using the FHA loan. Now, I'm looking towards next year and saving up for my next property. Is my only option using a 20% downpayment for a conventional loan? Or are there other options that I would potentially qualify for? I wouldn't be opposed to having to move into the place again if it means I can get a lower downpayment. Any help is appreciated, thanks!

0 Votes

@Nathan Gesnerthank you! I'll use that site to reach out to some others.

0 Votes

Originally posted by @Frank Procopio:

Maintenance should be reporting back condition when they are in the apartment for a work order. Simple way to kill two birds with one stone. If there is no work order for sometime and then scheduling a walk through would be fine, or even telling them you are coming in to change smoke batteries. As a manager and property owner I find tenants really do not like being disturbed but understand why you would want that.

Yeah, the property manager stated that their maintenance people would let them know about conditions and whatnot. But should you really trust the maintenance person to report back if someone is living filthy? Or smoking in your unit? Open to hearing other peoples thoughts and experiences with this.

0 Votes

I'm considering hiring a property manager. And so far, everything the company I'm considering going with sounds good, except they don't do any walkthroughs of the property annually or anytime for that matter. Which is concerning to me. The property is a 3 unit. I'm considering just conducting the annual walkthroughs myself. But what the heck am I paying my property manager 8% for if I'm doing that work?!

Is doing walkthroughs something I should expect of a property manager? I feel like it is, but I'm not sure as I have never dealt with one before. I've owned the property for a year now and I'd like to manage it myself but I simply don't have the time.Any advice is appreciated.

0 Votes

I purchased my first 3 unit last year. When I bought it, the 2017 taxes were at $3600 for the year. The 2018 taxes are at $5700. Is there anything I can do to combat this?

1 Vote

I inherited a section 8 tenant. And they're interested in renting a parking spot in my garage. What's the best way to charge them? Should I just have them pay me in cash? Or should I amend the lease to add the additional charge? ...If I amend the lease to increase the rent, I know I would first need to have that approved by the Chicago Housing Authority. Any advice is appreciated. Thx!

0 Votes

Originally posted by @John Warren:

@Byron W. what do you need the plumber for? Remodeling job? Normal service calls? If you are doing service calls you probably want to find a handyman to clear drains and unclog toilets. The handyman I use in the western suburbs is $45 to show up versus $150 for a plumber. 95% of clogs do not require a plumber as they are the same repetitive issues (hair in the drain, old P traps, etc).

Good point. I'm actually looking for someone to fix a leak that's coming down from my 2nd unit to my 1st at the moment. But the idea is to also have someone for the small jobs in the future.

0 Votes

Chicago, Illinois

All Forum Posts by: Byron W.

Byron W. has started 43 posts and replied 76 times.

Post: Southside Area Property Mnager

Post: Should I pay a deposit for a roof replacement?

Post: Should I pay a deposit for a roof replacement?

Post: What are my loan options after using the FHA loan?

Post: Does your property manager do quarterly or annual inspections?

Post: Does your property manager do quarterly or annual inspections?

Post: Does your property manager do quarterly or annual inspections?

Post: Property taxes went up $2k in the 1 year I've owned this property

Post: How can I charge Section 8 tenant for parking?

Post: Looking for a dedicated plumber who services Bronzeville