All Forum Posts by: David Stefanovic

Updated 2 bedroom / 2 bath condo with balcony on 2nd floor in Mount Prospect (Northwest Suburb). Includes 2 parking spaces. Monthly assessment $250 (includes water, building insurance, exterior maintenance). Annual property tax $1,684.08 (2014) paid last year.

Condo is updated and very well maintained and has excellent long term tenants with month to month lease ($1,100/month). Never any issues with late or no payment of rent. Well run association with no special assessments. Condo is located near Algonquin and Dempster, making it easy to rent!

Please contact me for any additional information and details. Thanks!

Congrats! Well done!

Sometimes you may be find a retailer that has an over supply of a specific granite (not as popular), that you can buy much cheaper at bulk price. It may then pay off for you as you should be able to command a higher rent. I would first look in your area and see what rents are going for that have upgrades such as granite.

I once bough quartz countertops for two of my units and got a deep discount on it as the retailer had an oversupply of it. It turned out great in the kitchens and has always been a big selling point to prospective tenants.

Congrats and to do it in your 20s is even more impressive! Live the dream!

I would do a pre-screening over the phone with questions first to make sure before you show the rental to them that they meet all of your main requirements. If they meet your requirements, then you can schedule a showing. Through my experience, if you don't pre-screen, you end up showing the rental to a number of people that do not fit your requirements. For example, if you don't allow pets in your rental, then you want to ask that question over the phone and not waste your time showing the rental to people who have pets.

Thanks Matthew for your input.

I owned a condo free and clear before I got married. My wife purchased an apartment building with financing before we got married as well. We are now married and I sold my condo recently and the plan is to use all the equity from it to eventually pay off the entire loan on her apartment building. The title on the apartment building is solely on my wife's name. With the apartment building being on my wife's name only, do I legally have any ownership rights to the apartment building?

Updated 2 bedroom / 2 bath condo with balcony on 2nd floor in Mount Prospect (Northwest Suburb). Includes 2 parking spaces. Monthly assessment $250 (includes water, building insurance, exterior maintenance). Annual property tax $1,684.08 (2014) paid last year.

Condo is updated and very well maintained and has excellent long term tenants with month to month lease ($1,100/month). Never any issues with late or no payment of rent. Well run association with no special assessments. Condo is located near Algonquin and Dempster, making it easy to rent!

Please contact me for any additional information and details. Thanks!

I would strongly suggest you hire an attorney that specializes in evictions, as I once learned the hard way. I tried to evict a tenant in Chicago on my own without any legal guidance and, of course, my notices were not up to legal requirements and the judge kept dismissing my case. I finally got an attorney and it was worth every penny and less headache on my part. They provide you the proper documentation and will guide you as to exactly what needs to be done along the entire process.

Personally, I prefer multi-family or single family homes over condos or townhomes. The reason being is HOAs. HOAs may place restrictions to you as an investor as well as increase monthly dues and place special assessments that are out of your control when it comes to costs/expenses. Where as with multi-family or single family homes, no need to answer to HOAs. With multi-family, you normally can get the best ROI.

Of course, that doesn't mean town homes or condos are bad investments. They can be solid investments too at the right price!