All Forum Posts by: Account Closed

My 24 year old low SER AC unit worked better than brand new AC, go figure. New Equipment more energy efficient, less durable, would not assume an old AC unit will break anytime soon all depends upon how well maintained, quality and so forth. 

TX, could be different, from my experience with rentals the more expensive each unit is on any type of property, the lower your ROI based on current market value. Lower value properties are typically more risky though. Don't like being on the high end of the rental spectrum in a market either.

Sounds like there are more reasons to sell than not to. 

I hate pools, even within condo associations, to much time and energy focused on those damm pools when associations have more serious problems.

Than again, another unit, SQ footage and other things come in to play. My property is structurally built like a ranch home, duplex only attaches 1 wall. So there are heating loads coming from 5 directions including roof and basement. Only mentioned because math changes. I also added significantly to insulation in the attic to offset tenant heat abuse. 

Mark, 31/2 years ago, purchased a modest rental foreclosure on MLS with cash, at 20% discount, rented it out on date of purchased, same tenant still there, ROI average about 12.5%,

n property has doubled in value. 

 Never close to matching that deal again, hope to close on another rental soon. Cash, 6-9%

ROI, 5% below market. It is in a much more upscale area so probably a safer long term investment. Digress, spent way too much time looking at property last year, made at least 1/2 dozen offers and this was the best I could come with on a more less turn key rental. In general where your greatest upside potential is, buying properties with problems too big to qualify for normal lending. Trouble is our market is flooded with cash investors on these, and the amount they pay to buy a piece of crap is often shocking.

Just received a Cook County IL Assessment  notice on a rental, it worth 155K on a good day. They are assessing property 222K for 2017. This type of crap makes investing somewhere else more appealing, even with management fees.

Jo, that is a  very good question. I originally advertised one of my rentals not including heat, several years ago a bit tougher market, an agent recommended I raise rent $100- per month and include heat water n trash removal. While her advice was very helpful for renting, my tenant abuses the free heat so they are able to heat up basement. $125-150 more might be a better plan. Hope that helps.

Own 1/2 a condo duplex, same type of situation, purchased bank foreclosure. We share 1 common wall in unit and garage. While I have copy of decs n bylaws, the condo corp did not keep up it's filings so it is defunct. We worked out a very informal arrangement for landscaping, and snow removal. Each unit is insured as if they are single family homes, God help us if we ever had a claim involving both units. Not sure if I would do this again but it worked out well for several years now. 

Every specific area within the Chicago area has its own set of market dynamics. Some areas people work more through brokers to find rentals, other areas using a broker is usually a rookie move. Would try to wrap your head around what is going to work better for a specific location. If your going to handle yourself, would use Zillow Rental Manager only, and a street sign if allowed. You could also post on realtor.com through Cozy. I prefer to start high with rent and test the waters, you can always drop rent for a tenant you like. 

Hmm, not sure that is the best way to market, an investor probably would place zero faith in your numbers. A homeowner purchasing as a 2unit is probably inclined to pay for is making more of an emotional decision. 

Joined a condo board and strongly encouraged the board to do a new reserve study because I suspected not enough money was being held. The board caved to my  tanacity,  and sure enough more reserves were needed. I negotiated a better deal on gas supply than the board was capable of without me. All these efforts will prevent special assessments, was it all worth my time? Hail No, not even close, but it has been very educational.