All Forum Posts by: Alex Manwell

Generally speaking, if SFH, the tenant is responsible. For 2+ units I'd expect the landlord to be responsible.

Keep an eye out within neighborhood for landscaping trucks and notice if they do a good job! I've been able to negotiate rates with landscapers by hiring a company already doing regular business in the neighborhood. Economies of scale! 

Some very good points brought up above, especially @James Wise. Piggybacking on what he suggested, I think you should focus on investing in a solid B-class neighborhood in whichever city you choose. Your first deal should be as headache-free as possible. 

There are lots of variables here, but assuming you find a deal in either city that cash-flows ( [total revenue] - [total expenses, including mortgage] > $0/month), and assuming you're planning to hold onto said property for at least 3-5 years, I suspect you'll make more off appreciation in the Chicago market. I can see Cleveland being attractive for better cash-flow and lower barrier of entry, however. 

The key is to make sure you find a deal that cash-flows in a stable (ideally, improving) neighborhood. 

Flader Plumbing & Heating (located in Evanston) did some emergency plumbing work on my 3-flat last summer and I was happy with them. Note, they did not work on my HVAC, but after fixing the plumbing issue the technician looked over my boilers and explained what maintenance items I should be aware of. The boilers are 50 years old, and I knew zilch about maintaining them, so I appreciated this. 

It was a Sunday/holiday so they charged a premium, but they were the only company to answer my frantic phone call and promptly fixed my issue, so I was happy. 

@Nick Rutkowski while claiming the recession is here seems a bit Chicken Little-esq, having capital on hand is always a good idea :P 

Here in Chicago I'm noticing that single-family home prices on a city-wide average have corrected (aka fallen) slightly in 2019 (about 1%) from their recent peak in late 2018. As someone who watches the value of his properties like a hawk, I'm hardly excited about this. However there are two market indicators I follow that help me sleep better at night: Market Time and Inventory. 

Market Time remains at a 10-year low - Average SFH market time is currently 77 days in Chicago. Immediately following the recession market time reached ~160 days. 

Inventory remains at a 10-year low - In Chicago there are currently ~9,000 SFHs on the market, today. There were roughly 25,000 for sale during 2008. 

What does this mean? Transactions are happening, and demand remains high... for now! 

Hi All - 

New to BP and will eventually have a bunch of questions about buying a 2-3 unit rehab building in Chicago, but in the meantime.... I thought I'd share this little tidbit for anyone in the Chicago/Illinois markets interested in getting their broker's license:

There is currently a Groupon deal for the 90 hour IL Broker Pre-License Course for only $350 (they're usually $600+). Instruction company is Inland Real Estate School w/ locations are in Oak Brook and Chicago. Fine print says it's not valid for online courses, which bummed me out, but it's still a good deal for anyone looking for a cheap way to take this course. 

Not sure if the link above will work, but if not just google "Groupon Chicago Pre-License" and it should pop-up. 

Best!

Alex