All Forum Posts by: Danny Polanski

All i will add is know your neighborhoods. 

Rogers park/etc is not a good hood, typically, but has been improving for decades now. 

If you are from Chicago then no problem you know the locations. Otherwise, one would need to be careful for target tenants. 

Supata- lets start with the basics. 

Go to apartments.com, zillow, redfin, hotpads, realtor, domu, craigslist, facebook marketplace, neighborhood paper and see what the comparable rents are in your exact area for your property. 

Once you decide if your property is inline with rents what else can you do to maximize cash flow?

can you rent out the garage seperately?

can you rent out the basement? A couple rooms?

What expenses have you incurred? Can you have a company inspect the major issues now to give you a free estimate for final repairs?

can you add a bedroom or fixup a room and raise the rent? How about a dishwasher? Or a/c unit?

Have you thought of section 8 with this property?

next lets lower expenses.

Shop around for management now. Shop around for contractor/handyman on your own now. How about cheaper insurance? How about getting an attorney to lower property taxes- now.

Go to airbnb and vrbo and see what listings are in your immediate area and see if that is an avenue. 

Check with other cpas for their fee. 

-good luck. Weve all been behind the 8 ball at some point but sometimes we all need to dig ourselves out. 

@Dawn Anastasi do you self manage or use a property management company?  

Id like to invest is an OOS buy and hold and have a PMC working with me. Prices in Chicago are steep and it is not landlord friendly. 

Is Milwaukee/Janesville/etc landlord friendly?

Hi Deisy. I am offering another males viewpoint, but when I started in this biz I was 25 years old.

I felt like there were plenty of contractors trying to take advantage of me because of my age.

One contractor screwed me over so bad that I actually reported them to the Illinois Attorney General. It is a pretty simple online process and completely free as well!

The owner of the company called me screaming mad and although I did not end up getting restitution, I slept very well knowing he’s been reported and on the Illinois AG’s radar. 

Regardless, I wish you well and keep on keeping on.

Once you let lease violations go without corrective action it is hard to enforce the lease, at least where I live. 

Unless I read that part wrong and the violations were corrected  

I would inspect the door, and the heating equipment to be sure both are in good shape and there are no gas leaks or dirty filters, or low water in the system, etc.

Once I verified everything is good working condition then I would suggest to the tenant they be put on a budget plan with the gas company and adjust the thermostat setpoint to save some money. 

They still make them to your width. 

You may be searching wrong terms? You want a ptac unit.

They sell them at HD and online. 

I give a box of good chocolates to my tenants each Christmas. 

If the drywall is painted i do not see how splashing water could get through the paint, the paper face of the drywall, and then into the gypsum itself and show that type of damage. (At least what my mind is picturing from your details).

Now, on the backside of drywall it is easier to have water wicking through because it is not sealed as well and will absorb water after awhile. 

This does not sound like a tenant issue to me and Ive had plenty of tenants splash things on the wall. Ive probably even splashed things on a wall myself at some point. 

Drywall repair is not very expensive ime. Check for mold, find the source of the leak and fix it (check on the outside of the wall exactly behind where the damage is or roof, upstairs, etc.), replace the damaged sheetrock and you’re good to go. 

Carmel,  I am so sorry you have to deal with this sh.. stuff. 

I would push you to reconsider if you are getting decent cash flow. The tenant screening process can be tweaked and we all learn from out mistakes. 

I have a list of mistakes Ive made and still make.

There is no perfect scenario, well when there is it will end. 

But, when we make a mistake we all learn from them and get better and better. 

I am a man and similar things have happened. My sister also is a landlord and has problems too!

 Just stick to the grind and it will get much better. I promise. And I too have thought about throwing in the towel on occasion. Probably a lot of landlords have at one point or another. But then you get a decent tenant and all is right with the world again. 

Do you have gutters? Downspouts?

Id start there. If you have those are they directing the large amount of roof water where you want that water to go?