All Forum Posts by: Lee Stephens

@Julie Hartman Thank you, Julie. Receiving copies of their utility bills is a great idea

@Taylor L. This is helpful. Thank you!

Hey BP, 

In 2 weeks I will be closing on my first property that will have two vacancies, which led me to a couple questions regarding utilities and new tenants. 

1). If a prospective tenant was to ask what a general utility bill costs at this property, how can I give them a good answer considering that I just acquired the property? Am I thinking too deeply?

2). After the vacancy is filled and the utilities are transferred to the tenants name, what happens with that next bill since there will be a % of days that the LL and TT is responsible for? Is this just pro rated? 

*Also, if there is anything else that's notable that I should be prepared to answer, please add. Thanks!*

@Michael J Scanlon Appreciate the reference. I'll shoot @Jonathan Klemm a DM.

Hey BP, 

I'm closing on a property in Elgin in about a month. The property doesn't require any major work, but I am hoping to get a good list of quality contractors for when I do need services. If anyone has a good recommendation for a handyman, electrician, plumber and roofer in the West Suburbs, please shoot their contact information my way. 

Thank you!

@Jim Brozny Thanks a ton, Jim. I’ll send you a message

@Travis Gulley thank you Travis!

@Jonathan Klemm thanks Jonathan! My realtor has been telling me pretty much what everyone on this thread has said which I expected; I figured it couldn’t hurt to discuss the deal and get a few additional opinions

@Brian Detlefsen Thanks Brian! I hear they are pretty hard to come by and it seems it will only get harder as they become more rare

@Matt M. Thanks Matt. As others stated, all of these issues seem to be very manageable. The rents should be around $1,100. The units are a good size and they’re in good shape with the addition of a parking garage, laundry and storage, so I don’t see an issue getting at least market rent with a possibility to either get above market or additional income with the stated amenities