All Forum Posts by: Yuuj V.

@Amanda Wallace I have a house through HU now.

It appears they are getting out of the Property Management game, and focusing on Portfolio Management. I'm not sure what that means, at least for us who have homes through them, I've already been asked to transition off HU to another PM under the guise of them proactively helping investors get better service for inquiries and better returns. (?) But they will still monitor the portfolio... ?

I expect to write up a review from start to finish (first contact with a solutions manager, to first collected rent.). I'll update once I actually get tenants and that first rent check.  

Has anyone else with HU been transitioned off HU as a PM to another PM they recommended?

Has anyone ever used Property Frameworks as a property manager?

Doing some google-in, and they are not exactly rated top notch. Actually, lots of owners and tenants have had bad reviews of them on BBB. 

Of course I'd still take that with a grain of salt. I'd like to see what others on BP, if any, experiences are using them as a PM for their properties. 

Thanks!

Ive been taking the PM's word for it. Its a reputable PM/Turnkey, members on this forum use them as well. Though I wont say who yet (Im waiting to write up a full review)

I have since asked for the actual inspection, waiting on the copy now. I asked them today, so I wont expect it until next week. 

Id assume this will be a write off, at the very least. Im still new to all this, so I dont know if other people have had similar experiences or am I just shell shocked from the initial experience. I know RE is a high stakes game, but sheesh... that $5K hurt like hell. 

@Christopher Malone Thanks for the info! I'm looking at the inspection booklet now. My PM is saying that in the past this was never a thing as far as certifications. It was usually just a bill for repairs to be made, which is understandable. However, they are saying it's now a thing in Cook County to have certs, and eventually it'll be adopted elsewhere.

At this point, I don't feel like I'm getting scammed, but I sorta do.

I really am trying to see if theres a light at the end of the tunnel I suppose. Write offs at least on taxes?

@Mike B. thank you for a reply.

I did get the home inspected, and they said all those items were fine. The only thing that needs to be updated is the 22Y/O HVAC system, which is still chugging along.

Thanks for the tip though, it'll be a stout reminder for next time.

I don't have pictures at the moment, but its 3 bedrooms, living room, hallway.

I'll make sure my property manager goes with the certifications before anything else.

Thanks for your quick response. I think my PM quoted $5800 just as a cushion, I'm sure it'll cost less. I'll follow up with them to be sure though.

Hello BP!

I have a rental in the Illinois area, and currently it's been on the market for about 90+ days.

Cost: $100,500
Down Payment: $25,000
Rehab: $~6000
Vacancy: $~2600
Rent: $1650
CF: $370 (When rented)

So, my question is: has this ever happened to you?

My house does have a incoming tenant, section 8, through the Chicago Housing Authority.

The PM I hired attended all the classes and met all the requirements.

The House underwent an inspection by someone from the CHA, and they shot back that the house needs:

Furnace certification
Roof certification
Water Heater certification
Brand new carpeting
Re-seal/coat driveway
Replace all carpet
Install extension pvc pipe for sump pump behind house
Total: $5800 (est)

I'm in the thinking that I'm either being jipped (not by the PM, but by CHA) or that I should ditch the section 8 tenant/CHA all together and find another tenant. Of course, in IL, the law is that I have to entertain the S8/CHA request, but I don't know if I have to actually go through with all these repairs/requirements? Has anyone ever gone through something like this? Is it worthwhile to go through with it and suck it up and just move on? This is my first rental, and so far the experience has been.... not what I was expecting. I'm an overseas/out of state investor, trying to make sure I don't have to come home to a job.

Any insight/help/opinions are appreciated.

Welcome !

I live in Brighton, not too far from you. I'm also in a similar spot, though I did close on a house out of state, but I am looking for something more grand, like an MFH/Apartment type building in MA. 

The forums have tons of archived information, lots of knowledge everywhere.

Best of luck!

I started a position with Fundrise to help with diversifying my REIT portfolio a bit. So far.. I've been pretty happy. The interface, the project updates, the platform itself, all pretty cool and I've enjoyed it. I'll most likely be increasing my position in Fundrise over my REIT stocks gradually, may even decrease my public REIT's as well and funnel it to Fundrise. Like most, I'm looking for passive income in a few years. (my goal is 5+ years, I should be at a healthy $120K+)

I also looked at RealtyMogul.com, but chose to go with Fundrise. I may opt to open a position in RM later down the line. RM is also a very good platform for non-accredited investors. 

Nothing wrong with multiple streams of income :P... Just make sure you do your own due diligence. 

I never knew about syndication ... until now. Lol. 

Do you have any tips/places to start? I went with REIT's cause my long term goal is passive income (big surprise) with minimal work (bigger surprise).

Hello BP!

I've spent that last two years preparing, saving, reading and educating myself through BP and several books for that one moment, that moment of pure ecstasy, the  moment I closed on a rental property. My first one! ... And it felt like any other day. (Still haven't written a post about it, will soon).

I guess the rush wasn't there. Didn't feel like I accomplished much. 

Spent the next few months deciding on a move and I came to the idea of REIT's for supplemental income. Did my research, found a few sources and built up a portfolio of publicly traded REIT's with a small modest size of around $20K (and growing of course) producing div's.

Still didn't really solve the equation of wealth building or my 'fix', My motto is "Rentals and REIT's". I even went with 2 private REIT's with small positions just for fun. (More on that in a years time).

Now I'm at the point where I've been reading about CRE (Commercial Real Estate). I'm an overseas investor, I work outside of the U.S. as an expat. I could keep buying houses for the next few years, with 20% DP's. But I want to build a bigger empire, as ambitious as that sounds, as I'm sure everyone here on BP does.

Some of my biggest questions to BP members who have Commercial RE:

How did you start out?

What books do you recommend?

Is Crowdsourcing CRE viable or a waste of time?

Has it been worth it? 

I'm still going to continue on my path of REIT's and Rentals (SFr/MFHr), but CRE investing seems like it has a much bigger bang.

Interested in everyones thoughts!