All Forum Posts by: Arthur Banks

@Elizabeth Colegrove I agree it's about knowing my market. But part of the reason this site exists is to ask what success and failures others have had in different situations. This being my first property with a garage I would have to wait until my next REIA to ask local investors. But with the power of the internet I can ask everyone in cyberspace at once and get different ideas, weigh them and see how it applies to my market.

Oh, and I don't know anyone that would be ok with renting their garage if they were using it. Kinda makes it hard to rent it to someone else. Just sayin'. =)

Originally posted by @Dan C.:

Arthur I do not rent the garage spaces separately, but I definitely account for the value of the garage space in the rent I set for the apartments. So if I owned the place you are buying, I would make the rent $50 higher than if it did not have an indoor parking space included. If I ended up with a tenant who does not have a car, only then would I try to rent it to someone else.

Thanks all.

@Dan C. So if you're renting for $1150 and the tenant doesn't need it, you'd find someone to rent ON TOP of the $1150 you're already getting?

I'm working on closing a 2 unit. There is a full basement with storage for both units. There is also a 2 car garage that has been framed with a dividing wall needing only drywall to finish. The question is should I rent the garage spaces separately or include as part of renting? I know the answer will be determined by my area, but I'm curious what others have done/tried. I was thinking of renting for $50/mo. There is an apartment near by that charges $80/mo.

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Originally posted by @Dawn Anastasi:

Originally posted by @Arthur Banks:

@Nicole Pettis Just out of curiosity, where is this Real Estate Events forum you speak of?

You're posting in it.

I couldn't find the MAIN link in the above menu. I wanted to look for meetups near me. I didn't even think to trace back from this page. Kinda hard on a mobile device.

@Nicole Pettis Just out of curiosity, where is this Real Estate Events forum you speak of?

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Originally posted by @Tim Davids:

Originally posted by @Arthur Banks:

On second thought... there's this really fancy building here in Chicago that has the name TRUMP all over the place. I guess there is no hiding who the owner is. In fact the owner seems to WANT you to know who the owner is. If it works for him... :)

Your better . I've seen tons of building with "Bank" on the front :) I know it's Banks. ;)

Hahaha! Nice!

50%?! Wow, (calculating... 1100 +, carry the 1, subtract, then add... :) Must be nice. That would be $550 in my case. Yeah, no, won't be doing that.

I agree they will find a way to get what they want. Exactly as Bill said probably. The whole purpose of this post was because I am closing on a 2 flat that has had the copper stolen. So I thought to have to have the front and back spigot separated during the repair. I don't have a problem with car washing since the tenant pays the water. I wondered did others find issue with this. Then someone suggested eliminating the spigots, which made me wonder how then would the landscaping get water.