All Forum Posts by: Andy Camarda

@Vraj Patel

This is my third building, the other two are in the area.  First building with AirBnB potential.  I will try to contact the other owners.  Thanks!

@Vraj Patel

Interesting,  I threw in a few different addresses in the area and got numbers all over the place, between $90 and $240 a night and between 50%-67% occupancy.  All within blocks of eachother.  Thanks for checking my work!

Hi all, I am closing on a 2 unit building next week. The first floor will be used as loft for my business. The second floor has an 1,800sqft 3 bed 2 bath unit. I am debating doing a standard rental (I think I can get over $1,500 for it) or doing an AirBnB. I know the laws are a pain in the city but part of it is to learn more about running STR's so I can buy them elsewhere.

Anyways, I looked up predictions on AirDNA and also what AirBnB suggests for a price and they recommend $90 a night with a 60% occupancy.  That seems low to me so I am hoping someone else might have had experience with it.

The building is West Ridge (Rogers Park Area)

I've heard it mentioned on the podcast a few times but has anyone had success with a business/life coach?

I currently own my own small business(not real estate related) and 5 rental doors. I am looking to expand but would love some help with planning and direction.

@Jun Wang

It's always when you least want it. I just rented out the unit I was living in, the next day the tenant below calls me that there is moisture in his ceiling above the bathroom. Ended up being an easy fix (toilet seal). But man it would have been a lot easier to coordinate a week or two earlier when I was still there.

@Shawn Jorgensen

Because I know the area. My first 2 flat was on the same street as my condo 5 blocks away so I knew exactly what I was getting into.

@Dave Spooner

I haven't used property managers but am curious about this list. Do most PMs offer their services a la carte? Meaning I could pay for 24/7 emergency services but place my own tenants and collect rent?

I'm part way through a rehab on a 2 flat that I am converting into a 3 flat. I ran into a lot more issues than expected and am going to be a bit short on cash to get this done. The plan was to do a simple BRRR, I'm using a combo of cash and a HELOC on another property to fund it. I need to find another $25k to get the property over the hump so I can rent and refinance.

Any suggestions?

Some things in the works:

Buying the appliances on a zero percent apr credit card

Financing from one of the contractors

Doing as much work as I can myself

Asking the bank for a higher HELOC

Finishing the 2 units and renting them out to finance the additional unit.

@Melanie Stephens

Purchasing a massive 115 year old brick building with poor maintenance and going over my budget by almost double.

Back story: I house hacked a 2 flat 4 years ago and it's cashflowing over $1500. I pulled savings and a HELOC out to buy a new building. We fell in love (first mistake) with a beautiful 2 flat with an unfinished basement on the Northside of Chicago. The numbers worked at a $70k budget. Most of the money was set aside for improvements including a new unit in the basement and new HVAC throughout. We knew we had some repairs to do but I only set aside 10-15% of the budget.

1 month in and I am already $40k over budget. The brick on the front of the house needed to be replaced and the plumbing was rotting apart.

To make matters worse I got over confident and rented out my current unit for the first of July. Just under 2 weeks left to get one unit inhabitable and we still have walls opened up, the HVAC half way done and the front of the house in pieces. I still believe we can get through it but we made a lot of mistakes on the way.

Biggest lessons learned:

Get the trades people out here to take a look and quote. The GC and inspector can identify issues but we're not accurate on their pricing.

When dealing with older buildings set aside more for major issues. On my last place we got really lucky and didn't hit anything. This time we were not.

Stick with it when things go south. Even with the added budget I still think I can get most of the money out in a brrrr and our ROI will be okay

@Shawn Jorgensen

Just bought my second house hack in the city (both on the Northside)