All Forum Posts by: Carmichael Lewis

Thanks Sam, definitely agree. This is small suburb right outside the city where taxes are pretty high. 

Mark, this property will never reach 200k, I am certain. Maybe in 50 plus years. 

Thanks for the reply. My insurance went up as well. Thats correct $387 to $931. This area of Illinois is on the lower end. This property was last appraised for 52k.

BP, I just got wind my taxes has spiked. My mortgage jumped from $300 to $900. I had a shortage in escrow last year i had to pay 3k. The same shortage happened again this year. This is a dent on my return. Wondering if its worth keeping or selling property and move on. Btw I paid 35k for property its being rented for 1,300 a month. Would love to hear your thoughts. Thanks!

I agree with Mike B. It's in a desirable neighborhood, the property is very nice but the return is very low. 

@Steve I would reimburse them for the part only. I would also make sure it is done correctly. They should also provide a  receipt. I would also advise them that any work they do to the property without your permission they will not be compensated. Or else they would fix everything and have you to pay. I would stay away from the gift cards unless its around the holidays. I understand this is thoughtful, but you are rewarding your tenants for fixing things in your apartment. 

Also, stay away from taking a certain amount of the rent. They could tell you they fixed A,B,C and D then you would deduct that from your monthly rent now this eats into your cashflow. Not saying this is the case but many tenants are sneaky.

Best of luck!

@Fabian, Great job for having the mindset to want more and to put yourself in a position to receive help. If I were 19, I would Read as many books as i can, I would not go into consumer debt, I would help others reach their goals, save 70% of my net income, I would continue to live with my parents, work hard the next 10 years so I can retire at 30. If you make the right decisions now you can retire sooner. Consider reading:

"Rich dad poor dad "

"Your money or your life "

"The Ultimate Teenagers Guide to Success "

Each of these books will change the way you think about your future. 

Best of luck!

@Mike Paisley Congratulations on tackling your consumer debt. I agree with @Randy Bloch, I would also determine how much you spend a year so that you can know how much you would need in passive income to stay debt free. Track your spending for the next few years and see how much income you need per month. Once you determine how much you need, buy enough properties that will either match or supersede that amount. Best of luck!

@Ryan I agree with @michael King. These times are very unique. Tenants have to be understand. Adding an area rug wont do much either. Also having your tenant 2 and 4 year old keep quiet is a bit difficult. They are kids and they have a lot of energy. 

This may be a stretch but the tenant with kids and the complaining tenant could switch apartments. As long as the kids aren't running around 10am-6am, complaining tenant has to understand how difficult it is to have quiet 2 and 4 year old kids. Best of luck!

Welcome Tyler, the bathroom looks functional. In my opinion I would keep it the same. Be mindful, in your opinion it looks ugly, however your wont be living there. Dont spend too much time remodeling the place for your satisfaction. 

Also, look at other properties in your area. You might update bathroom but can only charge what your market will allow, you might get the same amount of rent as you would with an outdated bathroom. 

Best of luck!