All Forum Posts by: Jazmin Carranza

Real Estate Express 

@Brian M. If this is a professional mgmt company, they should have an after-hours emergency protocol, which is typically a separate number from the PM’s direct line. Maybe your tenants are not going through the proper protocol for emergencies? If something like that is not in place then the PM should definitely have a response time of 1-2 hours. The way these emergency calls where handled wouldn’t be acceptable. Even if they couldn’t send an HVAC tech until the following morning, there should be communication between the PM and resident.

Certified Windows!

Hey Maria. If you're going to have coin laundry, I'd strongly recommend investing in the kind that tenants can pay using a debit/credit card. It would be a huge convenience for the residents (especially now with coin shortages) plus I think coin laundry will be obsolete in the near future. 

Hey Benjamin, 

Prices are pretty low in Chicago right now so I wouldn't wait. It's a great time to invest, although there is less supply. Units have been sitting on the market for much longer which increases your chances to negotiate a lower price. 

 Also *fist bump* for saving that much in cash! 

If I were you, I would get a condo, sublease your apartment, and house hack a bedroom. I wouldn't house hack a 2 flat because by the time you close, you most likely won't be in prime renting season and with COVID, rental prices are dropping like crazy and there's so much inventory so you might have that unit sit vacant longer than you anticipated.

Good luck! 

@Soh Tanaka I agree, there are a ton of slumlords out there who could care less about providing quality housing and care more about their bottom line. My perspective is coming from the high volume many property managers are expected to have. Although they have great intentions and do genuinely care about your properties, property managers are human and when you have 300+ units to manage, mistakes are inevitably and/or they're just burnt out and are trying to be more efficient with their time to keep up with the workload (especially during the summer). For example, they might pick a more expensive contractor vs getting multiple bids to save on time, or they may never (or rarely) ever set foot in your property or drive-by. As an owner, I want to make sure I'm getting the best price and quality for my asset and I want to visit my properties at least twice a year. Most property managers are reactive vs proactive, but of course there are always exceptions! 

I love Cozy! 

I have my mortgage payments on auto-pay for the 7th of the month so it gives me a little bit of a buffer while I wait for funds to deposit to my account. 

I don't use any of the light reporting it offers since I do my own bookkeeping (good'ol spreadsheets). 

I do wish it had an app though. That'd be my biggest con. 

But for free 99, beggers can't be choosers! 

Hi Marvin. Technically the co-signer is just as responsible for the rent as the tenant. Start cc'ing the co-signer in all emails to the tenant pertaining to late rent and a balance and serve them a 5 day too if necessary. Don't worry too much about 'rattling the cage'. There are consequences when rent isn't paid. 

On a side note, even though this tenant historically pays his rent eventually, I wouldn't renew him. No one wants to chase people for money owed to them. If he's MTM, I'd even consider letting him out his lease sooner rather than later. I see red flags! 

100% for personal investments 

About 95% at the property management company I work for (~1,000 units). 

All in Chicago 

Hi Mark, 

Is the utility bill in their name? If so they would be responsible for the balance and that is taken care of between the utility company and the old tenants. The new tenants moving in would put the utilities in their name and have a zero balance.  

If the utilities was in the previous owners name you are now responsible for that bill. Pay it and add it to your due diligence checklist for next time. 

I wouldn't wait to figure it out with the former tenants before letting new tenants move-in. In their minds it's likely not their problem anymore since they're out already so don't be surprised if they ghost you. You may never get money from them so don't lose more money by having the unit vacant for any longer. Make sure you screen whoever moves in, don't just like anybody's third cousin twice removed from their mom's side move-in. Make sure they are qualified and if they are not use your discretion if you want to use a co-signer. And most importantly, make sure utilities are transferred to their name. Ask for account numbers prior to giving out keys. 

If they paid utilities directly to the owner, still try to recoup the money, but don't hold your breath. Let them know if they don't pay by x date, you'll send their account to collections. Send it to collections and move on.