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All Forum Posts by: Dave Hagen

Dave Hagen has started 0 posts and replied 42 times.

Post: FTHB OOS REI Multifamily Advice

Dave HagenPosted
  • Chicago Area, IL
  • Posts 47
  • Votes 43

Brick is lower maintenance, but don't let it go 20 years without inspection. Tuckpointing will be required, as mortar can deteriorate due to vines growing into it, water getting into cracks and freezing, TV antenna masts mounted to Chimneys, or the side of the building and flexing in the wind, loosening the bricks it is attached to.

Wood needs to be painted to keep it from getting exposed to the weather. Like the roof, and anything else, ignoring maintenance will only increase expenses for later repairs.

Spring and fall are great times to inspect the house, and while batteries for smoke detectors can be left to the renter, replacing those, or water filters, etc, are great reasons to inspect the property. And while you are there, making sure the renter isn't destroying the property.

Post: Long time tenant but it's time for an increase

Dave HagenPosted
  • Chicago Area, IL
  • Posts 47
  • Votes 43

Even if you your loan payment hasn't increased, property taxes and insurance increase. Both are based on the current value of your home, which hopefully has gone up. Comparing your property taxes to others, and checking that the insurance covers the increased value, or replacement value, are just as important as keeping current with comparable rents.