All Forum Posts by: Joey Nakayama

I’ve owned a few small buildings for years now, and I still feel like I’m trying to put the “routine” in routine maintenance.

Half the battle is knowing what the routine tasks are for all the appliances, mechanicals and systems in a property. The other half is remembering to knock those tasks out before they cause an issue (usually an expensive one).

I’ve cobbled together my list from manuals, YouTube videos and contractors I’ve worked with. I find monthly tasks easier to keep up with than the less frequent ones. Sometimes I remember to put them on my Google calendar (and hope I don’t miss them when they pop up). It’s messy, and I’m sure I’m still missing stuff. Looking at you, dryer-vent cleaning...

So I’m curious. How do you figure out which recurring tasks belong on your list, and what’s your system for keeping up with them? Are you using any tools or apps that actually cover both the “what” and the “when”, or do you just hire pros to help?

Would love to hear about any systems or hacks you’ve found. Or just let me know if you struggle with this too so I know I’m in good company!

Joey

Thank you @Donnie N., @John Warren and @Mark Ainley!

Hey Chicago investors,

The tax appeal attorney I've worked with for the last several years retired recently. 

Any attorneys or services you'd recommend?

Would also greatly appreciate a dm with the 2023 lease. 

I miss the good ol' days when it was posted in FilePlace!

Assuming there's a kitchen with a stove in the garden unit, your lender may also require you to remove the stove (and cap the gas line if it's a gas stove). 

I know it's weird. I don't make the rules...

I'll second @John Warren's recommendation of Huntington. I've used them and had a good experience. First Midwest Bank is another option to look into.

I had a couple turnovers last year. For both, I asked the current tenant to tidy up their space and then recorded a video walkthrough that I sent prospective applicants when they responded to my ads. That seemed to answer 90% of the questions they had. 

One of my new tenants signed a lease without physically visiting the space (she was moving from out of state). The other wanted to see it in person before signing. I arranged for that with my current tenant, who just left the apartment for the few minutes we stopped by. 

I don't know if there's one "right way" to do this. Everyone is figuring it out based on their comfort level. 

@Brian Jacobson None of my buildings are in a pilot area, so I haven't had discussions with builders yet. Others here may have. Maybe @Brie Schmidt or @Samuel Pavlovcik? 

Adding a basement unit to a 2-flat will almost certainly be less costly than a new coach house. Many builders could estimate that for you now. 

The 33% cap only really seems to be relevant for properties with more than 4 units. If I'm interpreting the rules right, any eligible 1-4 unit property can add one unit.

Zillow Rental Manager has by far been the most productive platform for me for the last few years. I've had some success with Apartments.com and FB Marketplace, but less consistently. 

If a listing goes more than a couple days without a nibble, I know I've probably overpriced it. I've always found it helpful to go to the map view of listings in my area to see what potential tenants might be comparing my listing to. Hotpads (where Zillow Rental Manager automatically cross-posts) is especially good for this because you can see how many people viewed and contacted each listing. Look at the popular listings to see how they're priced, shot and described. You might get some ideas for how to refine yours. 

Renting in the middle of a Chicago winter is tough...I've been there. When you do find a tenant, see if they'll sign a lease that ends in the May-September range so you can get on a better leasing schedule. Best of luck!

@John Westbrook - Great questions. Chicago Cityscape posted a list of architects and builders who are "interested in designing and building ADUs in Chicago, and have relevant experience" (they moved the list since I linked to it earlier in the discussion).

You may need to sign in to see it, but that would be a good place to start.