All Forum Posts by: Mike U.

@Mike U. Sorry to hear. I just settled a lawsuit with a company that provided "turnkey" properties and billed the client for extensive phantom repairs. Hopefully it's not the same person. My client ended up doing the same as you by selling the properties and starting over. 

Hey @Mike U. - That stinks and isn't an uncommon thing to hear.  I have a couple of questions....

What neighborhood of Chicago is your building in?

Do you have any boots on the ground beside your property manager?

Which property management company is it?

The first place I would be going to look is your property management agreement, to see what it states about repairs and invoicing.  Spending any money on an attorney may not be worth it....maybe @Bob Floss II can add some context.

We have worked with several out-of-state investors to understand what's really going on, on the ground here in Chicago.  Happy to help out any way we can.

@Mike U. sorry to hear you are having a tough time with this project. I can send you an attorney for sure. Maybe look to switch companies as well if you feel taken advantage off? One of the advantages of working in a primary market like Chicago is that you will have so many options for your PM. 

You're an investor (or you wouldn't be browsing BP forum posts).  You either understand or are working at growing your belief that long term investing is critical.  We put time, money, and energy in today, nurture it, and then wait for 2, 5 or 10 years for a really big pay off.  We accept this is the way it often is and we are patiently waiting.

So why is it that we don't value long term investing into ourselves?  We don't see the value in mentorship or coaching, when in fact a single shift in belief or perspective can unlock unlimited financial potential in our life!  

This discrepancy in the application of the long term investing principles may be holding you back.

Right now Midwest markets are some of the strongest. Wisconsin (Kenosha, Janesville), Indianapolis, Cleveland. I would steer clear of Illinois. (Briefly, companies and people are starting to leave Illinois. Second, the laws in the state are positioned definitely in favor of tenants.) Florida would be good I believe. Though possibly more expensive than the other markets it offers the added benefit of dabbling in STRs if you buy SFH. It also is a popular state for California and New York ex-patriots right now.

Good luck! I admire your steadfastness in being not only as OOS but a OOC (out of country) investor.

for me......Networking and providing value and solutions