All Forum Posts by: Jaclyn McClellan

If the owner was the one calling the dog off I'm guessing maybe the tenant was bad to begin with. In Chicago a lot of people get pit bulls cause they think they can breed them for money (idiots). Just have to be careful with the tenant and like a lot of people have said - meet the dog yourself!

I might be able to help you with the property management. What are they doing wrong?

Also, in terms of agents I use @Dorothy Wulf - she's great.

Sometimes it can be difficult to do out of state from what I hear, but definitely not impossible. If you have a maintenance team in place it may be easier since you would know who to call, but you'd have to find people you trust. Also, maybe consider talking to another investor in the area and doing a partnership deal and they could be your "boots on the ground." Once you're more comfortable with the area then try it alone.

What's the name of the company you're talking about so myself and other investors can do their due diligence? 

I would contact @Account Closed for the Chicagoland market.

If he can't help you I'm sure he could point you to someone that could.

Hey David!

Congrats on the property. I would definitely say that MLS is acceptable for a buy and hold scenario. Also, some of the areas I would recommend are more north like Ravenswood or Lincoln Square (I live in Lincoln Square and it's really nice!)

In terms of additional funds, private lenders would work depending on your debt to income - there are requirements for loans. Also, if you do FHA the debt to income limit is higher so that might be a good idea.

Feel free to reach out if you have any questions.

My dog looks big and scary, but this is his day to day life... hanging on the couch watching TV... just saying.

Pitbulls have a bad rep. Ask to meet the dogs yourself! The breed is really not bad. I know it's a pain for insurance purposes but I'm sure if you try to explain that to the tenant you could probably get them to pay more when they renew. Also, since most places don't rent to people with pit bulls, you might actually have yourself some long term tenants. I will say, try to vet the people as much as possible - there are also owners that have pitbulls for "bad" reasons. Dogs are usually a reflection of their owners. 

It's not 100% what I want to do, but more or less a suggestion. I'm not 100% "financially able" to develop properties myself quite yet, but I'm from the Naperville area and drove past a huge lot in a great area and I guess just wanted to suggest that someone that works in the area consider purchasing! It is 30 acres, so definitely a bigger project. I haven't checked out the zoning yet, but wouldn't mind helping in anyway I could. It's going for $5 million. The description said, "Ideal location for mix-use development that could include retail, multi-family or senior living/memory care services." 

As I said, I would love to help! :) but just can't do the deal alone. If anyone is interested let me know.

I would say if you're having a hard time finding good deals for multifamily in your area that may be a sign that there aren't deals and not to push it. It could also mean that you may be running the numbers incorrectly. Where are you looking exactly?

I don't have experience in storage unit property, but I believe most investors recommend not to start there. It could be a good deal, but maybe try and work with someone that is familiar with that type of investing and that the market supports it.