All Forum Posts by: Christopher Malone

@Jonny Morris Where I am not yet a pro, I am currently using my HELOC to purchase properties. The first property I purchased I used 25K from my HELOC to purchase the property and received a Hard Money loan to cover the rehab. I knew going into the deal that on month 6 I would be cashing out, so I factored all of my carrying expenses into the deal. I was all into the deal for about 60K and refinanced obtaining a 75K loan at 100K ARV. I then paid off my HELOC and still pocketed about 10K from the deal in addition to the $300 after all expenses (Mortgage, Taxes, Insurance, Reserves, etc.) that the property cash flows. My HELOC is 5% fixed with a 10 year draw period and a 20 year payoff term. Nothing fancy, but it was enough to get me started, which at the time was all I cared about.

Good Luck!

Daniel F. Bronzeville area would be Douglas (8035).

@Mark Ainley  @Brie Schmidt

I did the meter test by shutting off the water in the property and watching the meter. The dial didn't move... I had a conversation with the tenants, and of course they denied any abuse. But like Mark said, i pretty sure they were doing laundry for the entire block. The mistake on my part is that I did not outline any of this in my lease or cover water use versus abuse in their orientation...

@Brie Schmidt @Mark Ainley @Theodore Jackson

Just curious if any of you have water meters on your properties, and if so, what is the amount you are paying every 2 months?

Keyword: Chicago, South Side

Luke Shaw I also obtained my license through the Chicago Real Estate School and I highly recommend them as I also worked a full time job while obtaining my license. They are very flexible.

@Lumi Ispas Can you send me a copy as well? Thank you!

I guess what I trying to ask is if anyone else in the Chicago market has setup the water bill to go to the tenant for their SFR rental. There are no leaks seeing as all the plumbing is centralized in the laundry room. I supplied a washer and dryer hook up, and there is no way to determine if the tenant may be doing laundry everyday or taking 3hr long showers with no concern for the water consumption. Seeing as I typically see rentals on the market with water included, I would like to know if anyone here on BP has left their tenant responsible for their own water, and if so, how do you go about setting it up. Pass it to them, or set it up so it is mailed to the tenant.

Hello everyone,

I own a SFR on the South Side of Chicago that is currently occupied to a Section 8 tenant. I am in the process of closing on my next SFR rental and while looking back at the performance of my previous rental, I noticed that I am taking a bit of a hair cut when it comes to the water bill. Long story short, I receive $1175 for the home, $45 of that is for the water bill. I have a smart meter on the property so every 2 months I receive a bill of about $200. So every 2 months, I receive about $90 for Section 8 for the water bill, but I still take a $110 loss give or take. I originally chopped this up as the cost of doing business in Chicago since the risk of a tenant not paying the water bill could result in a lien being placed on the property, but I started doing research. I found on the city's website that the water bill can be made to the attention of the tenant, but still be monitored by the owner. Has anyone placed the water bill responsibility on the tenant in Chicago by having the City send them the bill? If so, how did it, or is it working out?

Things to note:

• Outdoor Water Handle is removed
• There is active laundry hook ups 
• Water control items that were sent with the smart water meter are all installed 

@Mark Ainley I sent you a message with the contact information of the landscaping/snow removal company I am using. Fair prices and does great work. 

Robert Leach may be able to assist.