All Forum Posts by: Dave Madoch

I plan on looking into property management in about 6 months. I just have never heard anyone say "My property manager is great". I just hear nightmare stories about property managers so I know that will be a long research project to find someone good. thanks

I just signed up for Buildium and I only have 6 units. I wanted to start my portfolio with as much automation as possible simply because I am very business with my day job. The buildium sales rep sold me on the platform by telling me they partnered with a company called EZ repair which handles all maintenance calls from tenants and handles the scheduling. It turns out the prices he quoted me for this service were based on a 120 unit minimum. It's salespeople like this that give salespeople a bad name. 

Anyway, are there any call center options out there that handle the maintenance calls and scheduling with reasonable pricing? I know Hemlane software has the call center option built-in but I went with buildium because their system was just more robust. 

Thank you 

Hello

I am having a new boiler installed in my 6 unit here in Chicago. All the units have the baseboard heating radiators.  My question is, would the hydronic outdoor reset operation control be worth it for an additional $3500 or not? The boiler vendor is claiming a ~25% annual savings in energy.  Any thoughts on if this is worth it or not?

thank you for any feedback

@Connie Chan just curious, are you using hemlane and if so do you like it?

I think I should have left out "passive income" from my post. In no way did I mean that I do not want to do any work to get the passive income. I was just using the term "Passive Income" to show that I am looking for rental income vs fix and flips. For my current job which I have been doing for 17 years, an 80-90 hour work week is not uncommon, so I am not afraid of hard work. I know there will be hard work in real estate investing.

For the 5 years of "easy management"  I was very lucky with great tenants that managed themselves. 

I will just continue to educate myself in the world of real estate investing in preparation to buy my new investment property this year. 

Thanks for the input

Agree, just not sure if that is smart on my first multi family. The current house we are selling in in south carolina and we had the same tenants for 5 years so management was easy and I self managed. 

@Alina Trigub   I should have been more specific. Once the property has been renovated and stabilized then yes I would like to have property management take over. The tough part is finding the right deal that we can cash flow with the additional expense of property management. Thanks for your input

Hello

My wife and I finally decided to sell our first and only rental property after 8 years(will put it on market in May). We will likely walk away with $160k-$170k and we want to use that to launch our real estate investing with passive income. For the past year I have been going to meetups, reading books, listening to podcasts, currently have the bigger pockets webinar on to figure out our next move and overall strategy. 

We live in Chicago and would like to buy a couple of properties while still living here. What I am thinking is we buy a 3 flat somewhere on the outskirts of Chicago and put the 25% down and we may have something left to do a FHA househack as well, but not sure of the chances of getting 2 mortgages in the short period of time that is required with the 1031 exchange.

After a recent meetup and listening to a speaker about commercial real estate now I am thinking we could possibly buy a 6 unit or more in a C class neighborhood possibly and I do like the sound of that. 

So I am putting this on the forums for advice or suggestions on what to do. Also after we use the profit on this property, what is next? I am currently reading the book on Raising private capital by Matt Faircloth and I find it very interesting, so I am thinking that would be the next step in our plan, to raise private capital for the 2nd or 3rd property. I would really love to find a mentor but I know that is not something that needs to be a bit more organic, but finding a mentor is one of my goals this year. 

Thank you for any input

@Michinori Kaneko   thank you for the help

@Michinori Kaneko    thank you for all the analysis. The property will sell for $415-425k. The realtor I am talking to wants to list at $415k to start a bidding war.  We owe $228 on the mortgage. Purchased 2010 for $265k, refinanced loan amount $250k 2014.  The is rather small, 2bedroom 1 bath so not sure if the value will increase at the same rate as it has.