All Forum Posts by: Adam Meredith

get familiar with Chicago’s tenant laws. You need to give the tenant proper notice. And get ready for the possibility of an eviction. - which can take 3-4 months. If you haven’t done this before, consult your real estate attorney. And have them help you serve notice. These things HAVE to be done the right way. And if you start out doing it wrong....and it goes to eviction.... you may have to start the process all over again. 

There are a lot of “professional tenants” in EGP. 

we are on our 3rd PM in 4 years. From what I have seen, there is no such thing as a good PM in EGP. 

We try to let our PMs run the show. But inevitably there are so many issues that require the owners direction, we are always managing the managers. 

The best PM firms won’t work here. 

@Derek Luttrell I have been buying in East Garfield Park for four years now. And exclusively rent to sec8. You can expect to turn over all of your tenants in the first 12 months. And spend at least $2000 per unit to pass sec8 inspections. 

You won’t get $1400-$1800 for the 4 bed. Assume $1250 from sec8. 

If a unit is empty. Assume that it is trashed. And will need $10-$15k spending on it. 

Do not believe ANY numbers that ANY agent in this neighborhood gives you. 

And assume that at LEAST one of your existing tenants will need evicting. So kiss goodbye to that rent check for 4 months. And say hello to a $10k rehab on that unit. Because they will trash it in their way out. 

Don’t get me wrong. I love east Garfield Park. But it is hard work.  It will be well worth it in 5-10 years.