All Forum Posts by: Jonathan Pliszka

@Patrick Howe I don't have the figures in front of me, but I was pretty surprised at how much I saved once I had the meter installed. If I remember correctly, I believe they market the meters with some sort of guarantee that your bill will be lower for a certain time frame. Just make sure you don't have any leaky faucets or running toilets as if your meter is continually running for two payment cycles, you lose the guarantee.   

Welcome to BiggerPockets, @Daniel Ruby. Currently in Chicago, but was born in raised in Enfield. I own a duplex in Thompsonville. Best of luck! 

@John Casmon The Tribune updated the above link that @Sid Franklin posted. ~$500/year increase for every $250,000 of value. 

@Joel C. Count me in for another inquiry on "Why Chicago?" From everything I read about Texas (economy, job growth, landlord friendliness) it seems like an ideal place to be. As a side note, our mayor just announced that we'll be undergoing our largest property tax increase in history. 

Welcome to BiggerPockets @Ray Shum. Where in Chicago are you condos? Cheers!

@Michelle Puklin Hi Michelle. Welcome to BiggerPockets. I would imagine you're going to be getting a ton of solicitations in the mail and/or phone calls in the next few weeks. Additionally, you could respond to some postings on Craigslist, etc. That's how I found my managing broker. Cheers!

"If the numbers don't work as a 3 unit I would walk away or renegotiate. You can always bring in an experienced contractor and find out what would it take to make it a legal unit."

This is incorrect. The legality is based on zoning. The process to make something "legal" is quite a bear. For example, you'll need all neighbors within 200 feet of the property to sign off on this. There's really no benefit for them to do so. The process is quite pricey just to establish an application, which will likely be denied anyways.

With that being said, there are thousands of illegal basements/attics in Chicago. I believe it would be rare for you to be called out on this, but to be safe, I'd make the numbers work with just two units. Feel free to PM if you'd like, I have some experience here. Cheers!

Congrats, @Triston Murray 

What's the legality of the basement unit? What neighborhood is it located in? Cheers!

Welcome, @Dan Wood ! I just shot you an e-mail. Feel free to reach out. Cheers!

Thanks for posting, @Dan Gheesling 

 I've spent some time in the Detroit area for work and I must say, Detroit has some beautiful suburbs. The piedmontese beef burger at Red Coat Tavern in Royal Oak remains one of my favorite burgers of all time. Aside from the obvious, my biggest concern about Detroit is that anyone with money will be on their way out. I believe that as baby boomers retire, they'll migrate South in masses. Their kids, who all went to Ann Arbor and East Lansing for school, have already moved to Chicago, New York, etc for their employment opportunities. Between the brutal winters, aging population and existing migration, I just see the entire metro area dealing with a huge oversupply. Cheers!