All Forum Posts by: Dan Nelson

This pretty much matches my expectations. I assume everyone is going to bail.  I never ever meet someone at a property unless they tell me they are on their way before I leave my house.  I also let them know every single rule and if they hesitate in any way, I just say, thanks for calling this is probably not the right price for you.  If you can batch showings like JD Martin suggests that is ideal. It is not always possible because different tenants have different schedules. Sign in the yard beats every online platform in Chicago although I do put in on the MLS and Zillow as well.

As someone who loves owning rental properties, this would be hard to ever consider.  For me, the only times I want to sell rental properties are:

1) I found a better rental property that will cash flow more

2) That property has huge problems or it only attracts poor tenants

I never want to pay off my mortgage.  Even at current interest rates, I always want to borrow as much equity in my house as possible and invest in real estate, or the market that is going to earn me more than the 2.5-4% interest on my home.  I would keep looking at additional properties and use your experience from your current properties to find and manage the best ones possible.  Buy the right properties that cash flow your entire mortgage.  Then your property taxes. Then your electric and gas.  Until you realize you have no expenses and your tenants are paying down all your mortgages on properties that are going up in value.

Yes, I am still buying properties in Chicago and advising real estate clients to do the same.  The Chicago market is strong, but has not seen the multiple offers on every property that is common in Washington, much of California, Texas, Virginia, and other states.  That is changing now and Chicago's market is moving that way slowly.  You still need to know where to invest and which areas to avoid, but I am as positive as ever about Chicago.

They were referring to a change that you CANNOT run credit and criminal history at the same time.  You can run credit, but you have to do criminal history second and you cannot deny them because of criminal history until they have had a chance to respond to it.  Also check your tenant screening form. If your stock application form asks applicants to disclose their criminal histories, then you are in violation.  You also cannot advertise "no criminal history."  There are plenty of screening services that do this for you.

Here is a link:

https://www.illinoisrealtors.o...

Sorry to hear this!  Give us more details.  Was it a single family home being conveyed to a 2 Flat?

I love to buy houses in Chicago and rent them out.  It is true the short term cashflow is not great.  But if you know how to pick the right property that is undervalued in an area that is going up in value, you will spend every week wondering how much you are going to net when you eventually sell it in 10 years, 20 years, 30 years.  I have a client that thinks of one house I sold them as their retirement fund.

Sorry, that's terrible.  I don't have advice, but what is happening to water bills on these rental properties is a crime.

GREAT question Jay.  I would love to see if anyone has had any luck finding a solution.

Absolutely agree. It is so important that everyone respond to this so that local legislators know they will be voted out.  

Congratulations Brya, that’s exciting. Where is the property?