Hello everyone, and welcome back to another episode of The Landlording Show. This is the show where we go over how to run your investment properties and make them as stress-free as possible, as profitable as possible, and ensure your investments don't turn into nightmares. I'm your host, Tim Harstead, and we manage just about 300 units on the South Side of Chicago. Our daily experiences give us a wealth of knowledge in dealing with all things a landlord might face, especially in C and D class areas. This podcast is your go-to resource for better managing your investment properties.
Today’s Episode: Live Q&A Session
Today, we’re going to do something a bit different. We've gathered some intriguing questions from various Facebook groups for a Q&A session. As always, remember to consult with your attorney before making any decisions as every city, village, and situation might require a specific approach. This is crucial as you want to make sure you are fully compliant with local laws and regulations.
Q&A Highlights
Heating Issues in Older Buildings A typical question we get involves how to handle heating complaints, especially in older buildings with boiler systems. For example, a tenant complains the apartment is colder than it should be. In Chicago, the law requires a minimum of 68 degrees during the day and 70 at night. If a tenant’s apartment isn’t reaching these temperatures, it’s crucial to verify the actual temperature and inspect the heating system to ensure it's operating properly.
Dealing with Non-Compliant Tenants Dealing with a tenant who breaks their lease early and leaves the unit in poor condition can be frustrating. It highlights the necessity of having a detailed lease agreement that outlines expectations for property condition upon move-out and specific penalties for early termination. This way, you are better prepared to handle any issues that arise when a tenant decides to leave unexpectedly.
PMI Removal as a Cost-Saving Strategy On the financial side, removing Private Mortgage Insurance (PMI) can lead to significant monthly savings. This is usually possible once you have paid down at least 25% of your property's mortgage. Monitoring your mortgage balance and property value can help you reach this threshold sooner, enabling you to request PMI removal and reduce your mortgage costs.
Advice for Refinancing Interest rates have been a hot topic recently, and refinancing can be a great way to reduce your mortgage payments. This is particularly valuable when combined with PMI removal, as both strategies can significantly enhance your property’s cash flow.
Ensuring Regular Programming
After a brief hiatus—thankfully, not due to COVID but a rough bout of illness—I'm back and committed to bringing you regular episodes. Your patience and continued listenership during my recovery are greatly appreciated.
Closing Thoughts
Whether you're tackling heating issues, navigating tenant relationships, or managing financial decisions, understanding the nuances of property management is key to success. Every property you own operates as a business, and treating it as such will yield substantial benefits.
Thank you for joining today’s Q&A session! Please subscribe on Spotify, YouTube, or wherever you listen to podcasts, to ensure you don't miss out on any future episodes. If you have any questions or topics you'd like us to cover, don't hesitate to reach out. We're here to support you in your real estate management journey.
