Financing in Chicago>Question Details

Lr, Real Estate Pro in Chicago, IL

starting budget

Asked by Lr, Chicago, IL Tue Oct 21, 2008

I have just completed a building with six condos. I have just sold the first one and not sure what to do as far as record keeping for expenses. For example, first unit has given us 3 months dues. I have the insurance on the building due this week with an annual premium of $2500. Shouldn't this first unit owner pay their share of the insurance? How do I track this? Do I just keep a record of how much of their future dues should go toward this particular expense (obviously I as the owner will have to put in the rest)? Does this make sense?

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Would you consider hiring a professional manager? This is only the first of MANY BIG questions to come - and if you guess the answers and their wrong, you could potentially lose far more than any fee a professional would charge you. If I can help you find a property management company in that area, please email me directly vchrisner@kw.com
0 votes Thank Flag Link Tue Oct 21, 2008
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