All Forum Posts by: Michael Mayer

I would work with a personal friend who is a GC that would sign off.

Hello

I am looking at a large basement remodel, which is down to the studs and is a blank canvas. I have drawings from an architect as well as a permit. I have a few GC quotes, but I wanted to reach out to contractors of individual trades quotes.

I'd need the following

- Carpenters for walls, doorways, millwork, and stairwell being built

- Electrical for full wiring, panel, etc

- Plumbing that including runs in the concrete, etc

- Drywall

- Flooring

- HVAC

- full kitchen and bathroom

If anyone has people they have enjoyed working with, let me know.

Thanks!

I wasn't aware of the CAR lease when I first got my property. I ended up purchasing the bigger pockets documents. I looked through both and very similar content. The only downside is it doesn't have all the supporting information.

I think I'll just eat the cost and use the CAR lease. I am an owner occupant so technically I don't have to "follow it" but I still do out of practice. 

I'll echo the earlier point. Doing a move in fee was the best advice I ever got. My friends who live in luxury apartments have commented they all have move in fees as well. You won't be "weird" for a fee at all. Just make sure your move in fee is not half the first month rent. That way it can't be viewed as bypassing the security deposit language. 

Hey Eric

I think @Brie Schmidt and her team can help you in those areas. I believe one of the brokers has a meet up as well. You might want to check it out if that could work for you:

https://www.biggerpockets.com/forums/521/topics/55...

Their brokerage is at http://www.secondcity-re.com/

@Matthew Olszak Has some experience in those areas. I believe he's mentioned to me that Brighton Park has a similar tenant base to Little Village. I believe that LV has more potential upside for appreciation and future growth. That's pure speculation on my part but you can look at Little Village + Gentrification. This would be the 606 trail, new coffee shop, etc.

Unfortunately, I am not using this strategy. But! I am a big believer in this. As rents increase and millennials shift from needing the "white picket fence" to experiences in the ity, I think this trend will continue. I personally would do a co-living apartment but maybe I am not the norm. 

I think because you're selling a hybrid of a community/hotel/apartment, you have to have a plan that's a little more than just "sign lease, pay rent, call if there's a problem." A lot of the services that offer these seem to have cleaning, events, etc. You're acting almost like a luxury service. You'd need figure out what would make someone see a little more than "rent savings." You're potentially bidding for someone who is on the fence of having a roommate, but needs a little more.

Hey everyone

I do not know if anyone has discussed the coliving trend that some companies are betting on. I believe it has taken off in the commercial space (companies like WeWork https://www.wired.com/story/this-is-why-wework-thi...). Companies can rent space and do work together. I am not familiar with it personally, but I know Chicago, San Fran, NYC, etc have these types of spaces.

WeWork is also betting on this concept for residential living. Many young people are choosing to rent and do not mind the concept of roommates. I am 28 years old and have no problems with roommates. I, like many melinnials, value experiences and coliving can be part of that. I am sure concepts like AirBNB seemed crazy at first but now people are really starting to embrace it. 

Co-living article

https://www.forbes.com/hsbcpersonaleconomy/shared-...

I think this could work in expensive cities with young professionals. The value compared to a traditional set of apartments or condos is the experience and potential for genuine interaction. It is very similar to college campuses with dorms. People who are new in a city, like myself, would benefit from these experiences. No different than being a freshman coming to college.

I am a new investor, but I could see this trend happening more and more. Has anyone experimented with this or seen how it works? Has anyone lived in one?

Thanks all 

Hello my name is Michael and I am looking into real estate as a means of growing my wealth. I have absolutely no experience in real estate and I've maybe hammered 4 nails in my entire life. I don't want to let that discourage me!

I currently work a full time job as an engineer in the oil and gas industry. I contribute a lot to my 401k and HSA, but I still have some money saved in excess. Because of this, I want to pursue a new opportunity to amass wealth and passive income rather than wasting it. My future self will hopefully thank me.

My short term goals are to house hack and/or BRRR my first multifamily rental. I am most interested in buy and holds for multifamily in the Chicago area. I hope to find solid cash on cash returns. While I have strong savings, I don't want to plop everything on my first deal. I originally thought "there are no deals in Chicago!" but after reading more and listening to more podcasts I just need to hustle and hunt. I hope to network with more people in the Chicago area that can help me understand the areas. I am unfortunately not from here so it's a little tough for me to understand what is "up and coming" versus "don't go here at night."

Look forward to networking with the community and learning as much as I can.

Thanks!