All Forum Posts by: Mike Nelson

If a home was previusly owned and lived in by a famous person, does it add much value?  In suburban chicago, if you bought a home owned by a famous gangster, politician, or businessman, does it add much value?  In Oak Park, we have had people like Ray Kroc, Ernest Hemingway, Bob Newhart, Sam Gianncana, Betty White.  I am assuming short-term rentals would be legal in the municipality.

Congratulations on your initiative in taking on these projects.  The lessons learned should be very valuable to you moving forward.  The key is managing the tenants.  It is essential for managers to screen tenants, well, and enforce rent payments.  One of the big tasks is identifying and hiring a good manager, no easy task.  Find what works in Detroit and what does not.

 You probably already know this, but make sure that downspouts direct rain away from the house. In my home, I had water coming in through the basement wall and floors.  I extended the downspouts, and the prolem was solved.  

Be aware of potential liability issues with kids and pets getting access to poison, and obviously your ethical responsibilities for their safety.  Many years ago a tenant falsely accused of putting mouse poison within a child's reach, and said they got sick.  Fortunately, it was obviously a false statement, and issue was resolved.

I couldn not make the event, but the podcast was outstanding regarding both hot and overpriced Chiago neighborhoods.  Good topic and excellent speakers.  Straight Up Chicago Investor discusses some very pertinent topics, with informantion often not available elsewhere. It is Chicago area focused, but many of the concepts apply universally.

What are the risks there in regards to hurricanes vs. other areas near Ft. Myers?

One consideration is a DST (Delaware Statuary Trust) 1031 exchange. He would sell the property and invest the proceeds in a DST, thereby deferring taxes. There are people who facilitate this type of exchange, with a reputable syndication. Advantages are tax savings, and there is no management involved.

Any news on how things are going in Saint Paul?  My son's rent was increased by 2.8%.

In a 425 unit property managed by a professional property manager, what is the upper limit manager shoud be able to spend on making a repair without getting permission from owner?  Sometimes times is of essence in giving the contractor the go-ahead.  The Owner's time is valuable, and may be difficult to reach.  How would you determine this limit?

@Atul Mohlajee

I go along with not allowing the dog, although I can see the opposite argurment.  I stopped allowing dogs when a tenant's dog was making messes in the yard and claims it wasn't his dog.   I have aso been bitten by tenant's dogs.  It is not always a no, but I do not have the patience for this.