All Forum Posts by: Joey Nakayama

Welcome @Luis Dedios and congrats on taking the plunge!

Are utilities separated so that tenants pay for their own heat? Will you manage it yourself? If yes to both, then the only minor expense missing aside from water (as @Crystal Smith noted) might be common electric.

Taxes look very high relative to property value, but I know that's just how it is in some of the burbs.

Insurance might be a little low, unless you already have a quote that reflects $50/mo.

@Gabi Hanta here's the info from the most recent one:

NOTE: There will be pitching of products, services or properties at this event!
Time of Event: 03/17/2015 at 06:30PM
Location: Dino's Pizza in Norwood Park
Fee to Attend: Free

The Meetup for Chicago Investors on the 3rd Tuesday at Dino's Pizza located at 7004 West Higgins Avenue from 6:30 pm - 9:30 pm.

Like always, these events are not sponsored by any person or company so the events are 100% networking. We do a "Shark Tank" style event in the beginning of the meetups. So if you have a deal you need a partner on, present it to the group. We have created a one sheet template for pitching deals to streamline the presentations, so please email me at [email protected] to get a copy. This is not a format for selling deals, it is only for people looking for partners

6:30 - 7:00 - Networking
7:00 - 7:30 - "Shark Tank" Presentations
7:30 - 8:00 - Group Introductions
8:00 - ??? - Networking
Day after Event - I email out all the Shark Tank deals that were presented.

The day of the event I always email out a list of attendees, so make sure to email me by Monday at 8 pm with a short description of yourself to be included on these emails. I will also be including a list of people presenting and after the event I will email out all the deals that have been presented.

Any questions, please let me know! Email Brie and George at [email protected]

Welcome to BP @Gabi Hanta! There's a great Chicago meetup the 3rd Tuesday of every month run by @Brie Schmidt. Investors from all experience levels and walks of life attend.

@Theresa Nardello welcome to BP. I'm a Chicago native and have been searching for my second MFH deal in the city for several months now. I would echo the warnings of others on this thread: that deal sounds WAY too good to be true. 

Please don't get swept up by the promise of the numbers and skip due diligence — not just for the property itself, but also on the neighborhood and rental market in that neighborhood. There are many areas of Chicago that even the most experienced investors won't touch, regardless of how fantastic the numbers look. 

From everything I've heard, success in the high cash flow / high risk areas of Chicago comes down to knowing the micro markets (and airtight property management). There are "good blocks" and "bad blocks", and they might be literally across the street from one another. If you're willing to post the address –or even just cross streets, if that's more comfortable for you– I'm sure other Chicago BPers will weigh in. 

The last time I listed a 3/1 unit I have in Chicago, multiple sets of student roommates came to see it — and it's not even that close to their campuses. If your place is in good shape and the rent is a good deal compared to other housing options, I'm sure you'll be able to find student tenants. 

Economy is king for most college students...If anyone had wanted to kill me while I was in college, all they would've had to do was poison free food ;-)

I'll second @Marcia Maynard on added value / random acts of generosity. Since tenants only interact with the average landlord when something goes wrong, I've found that being proactive and demonstrating that you value their business goes a long way. 

I check in with my tenants once in awhile to ask if they've noticed anything in need of repair. 

I give an occasional gift (once a year or so) to show appreciation. On the 12/30 I gave each of them a bottle of champagne with a thank you / happy new year note. 

I find that these gestures are reciprocated. My tenants take great care of their units, offer to help with issues that pop up, and have even given me gifts in return. 

Congrats @Sam C.  nice work and best of luck with the rehab!

Looking forward to it Brie! 

@Steve Nomura I hope you can make it — it's an excellent event.

I own a 3 unit frame building on the north side. Brick may be more desirable to own in Chicago, but I find that tenants care far more about the quality and amenities of the apartments themselves than the exterior of building they're in. I've never had trouble renting my units to great tenants. As for eventually selling the building, there will always be a market for buildings with numbers that work, whether it's brick or frame.