All Forum Posts by: Joey Nakayama

@Danny Duran To answer your questions: 

As @John Weidner mentioned, the N/NW side has appreciated significantly in the last couple years. It's possible to get well over 1% in Chicago, but you'll need to expand your search to meet your goals. Farther North and NW of Avondale/Irving Park 1% might still be possible. South and West sides definitely, though it may be tougher in areas that pass the mini schnauzer test...

Speaking of your goals, if you're set on becoming cash flow positive in a building you're occupying with only 3.5% down, the 1% rule is likely too low to be useful. I'd suggest using a spreadsheet where you can plug in rent values of the two units you're not occupying, minus all of your expense estimates (mortgage, PMI, taxes, maintenance, etc.) There are tools like that floating around BP…I think @Wendell De Guzman just posted one recently in the forum.

Ed,

Welcome to BP and congrats on getting started so early! In addition to the suggestions above, you might also consider finding ways to work directly with more seasoned investors to gain experience first-hand. It seems like there are a lot of folks here doing just that.

Also, there are resources on BP for estimating the expenses associated with different types of investments. You mentioned mortgage and taxes in your last post, but there are many other costs (insurance, repairs, vacancies, etc.) that you should factor in as well.

Good luck!

Welcome Toshia! Always nice to see another Chicagoan join. There's a great BP community here.

Way to go, Ana! And thanks for sharing your reflections on your first deal.

Here's to many more!

Welcome @Matt Galas - hope to see you at the meet up.

Welcome to BP @Chenise Offord !

@Adam McCurdy There's been a lot of spirited debate on BP about the 2% Rule — just search for it in the forum.

In some places, 2% is achievable and realistic. In others, it's almost (if not completely) impossible. Geography and risk associated with neighborhood/tenant quality are a couple of the major factors in this (higher risk should equal higher reward). It's hard to know whether something is truly a deal you can't pass up until you've done your research in the area.

Have you connected with any BP members familiar with the area you're considering?

Thanks @John Weidner and @Chuck Holland

I'll ask for $100 - it's a single space, and street parking isn't terrible in my area.

My new tenant is interested in parking in the 2-car garage behind my property in the Irving Park neighborhood of Chicago.

For those of you who rent garage spaces (particularly those of you in Chicago), what do you charge and how did you decide on the price?