All Forum Posts by: John Warren

Thanks for the reply! I really don't know if they are great tenants yet. I have only gotten paid by one of them, and the other three aren't due to pay till next month. The thing that complicates it is that I have to do something about the plumbing ventilation for the village inspection. The inspection is really what is forcing my hand!

I think my post was confusing. The roof is already on, but I am trying to find what type of protective coating people have used successfully. I believe I have a "torch down" style roof currently. 

We do pay water, and building still cash flows either way. I guess one thing I am thinking is that it will be hard to pull the washers and then raise rents l am planning!

The appliances are all older, and I get the impression that several of them are end of life. In order to put the coin-op in I would install a floor over one of the crawl space access points (currently a closet) and put new plumbing in there. I probably should have mentioned that these are all one bedrooms and are currently rented to middle aged single tenants. I have a feeling that this convenience is one of the reasons they like the building, but my gut keeps telling me to take them out while I can use the village inspector as the "bad guy"

Hi all,

I have a fourplex with a six year old flat roof that is around 3600 square feet. There are a few spots where water is puddling, and it looks like it could use a protective coating rolled on. Does anyone have any advice on which coating to use? Home depot and Menards both carry multiple types of products, and since it is going to cost a good bit I want to make sure I get the right type!

Hello everyone!

When my wife and I closed on our new fourplex we knew there were several issues we had to take care of with the township. One of them is that the plumbing for the in unit washers may not be vented properly. I am getting this checked out by a plumber friend this week, but I still am debating pulling the washers out and replacing them with a coin-op to offset the water bill (paid by me). I also could just use this as an excuse and remove them altogether and not have laundry in the building. 

The building is located in a solid C+ working class area where many comparable units don't have laundry in unit. The rents are all extremely low, but I may be able to raise them to top of market if I do keep the laundry. Current rents range from 550-695, and the market appears to be between 750-800/ What do you all think?Should I keep them in unit, replace with one coin-op, or remove them completely?

Thanks everyone for all of the great advice, and sorry that I am just now responding! I received the rent on the 15th, and my tenant had mailed the envelope on the 14th. I greatly appreciate all the advice, and this incident prompted me to get my lease ready for when I have to renew leases in August! 

Hello everyone!

My wife and I closed our first deal on the 7th on our new four unit property which is fully occupied. One of the tenants is a co-worker, which was not something I was terribly excited about initially, but the deal was good so now he is my tenant. His rent was the first due, and it was supposed to be in yesterday (May 15th). I checked the p.o. box at midnight (I know, excited new investor right!) and there was no rent check. 

My questions is, what would you all do? Should I call him first thing this morning and just talk to him, or should I serve a five day notice right away? I was obviously hoping this wouldn't come up immediately! The building is located in cook county, Illinois by the way, so it is not a terribly land lord friendly area. 

I am closing my first deal on Thursday, and I am very interested in establishing a long term relationship with a real estate lawyer and CPA who specialize in working with investors. I will need help establishing an LLC and preparing for the new complexity that this will bring to my taxes! Would anyone be able to recommend anyone you have worked with before?

Thanks!

John

Are you looking to invest in the city? I know some people looking at Pilsen right now. That seems like an interesting neighborhood, although it is on the near south side.