All Forum Posts by: Jason Donajkowski

Hi Ian, we have 15 units medium term in our management portfolio listed in FF and Airbnb and accept 1 month stays, but I do think that 3 months minimum with 45 days notice is a good base lease term setting to reduce the frequency of occupancy changes. We might be shifting to that soon and listing on Zillow.  For prospects seeking to rent many months in advance we are typically declining those and seeking to lease up as close as possible to the next available date so as to prevent potential gap periods that will be harder to lease.  We are recently seeing about raising prices for openings far in future to make it worth considering even if it creates a gap. If the potential gap will be a nice even 1-3 month time frame we might go for it.  Then we see if the current tenant later decides to extend or we list the limited open period, often at a slightly discounted rate.  We are using Guesty software to set our pricing adjustments for seasonal and far future vs near term, but maybe its a little overkill for MTR. 

Hi Patrick I am running 10 MTR units in Chicago using Guesty software. Our Guesty is synched with Airbnb account and the Furnished Finder account has the availability date synched with Airbnb calendar. FF does not have capability to integrate beyond the availability date, so all messaging with leads we do on the FF platform. Once a lead is ready to book we use Guesty to send them a booking invitation and continue to use Guesty platform to message with guest after they have booked. FF is just a very basic platform and does not offer much integration with any PMS. But FF is where 80% of our MTR bookings originate from so we are dealing with it. Guesty is pretty good but expensive. I had used Lodgify and AirGMS previously when I only had three units. I switched to Guesty as I was expanding and wanted to get set up on what I thought was best in class for STR PMS.

Hi Sean, I have ten MTRs in Chicago and certainly find controlling the gap days a challenge since I switched over from STR a couple years ago due to city restrictions. The one month bookings out in the future always end up being a hindrance for more recent bookings. I try to keep booked 3-6 months in advance and fill as we go. Using FF as the main lead source for multi month stays but Airbnb works well fill one two month periods. If there will be a gap more than two weeks before accepting I might advise them I have to bump the price up to help defray 50% of the gap time cost and if it still a good fit for them they will book it. If they are a longer stay like over three months I might not charge them more. I also will inquire with the other guest (before or after the gap) to see if they want to extend any of those days at a 50% discount. This has worked about half of the time. If its a longer gap like 3.5 weeks we will just list the availability on FF and clarify clearly in the first line of the description what the actual availability days are, and list it at a 25% discount from normal. It might work for a guest on FF if they are okay moving to another place after. We have filled multiple gaps by moving the same guest from one place to another, maybe they have to mix in a hotel stay here and there if needed. Takes a lot of responding to inquiries though to explain.

@Katy S. I am an agent, property manager, and investor based in Chicago. So if you are interested in doing something locally in Chicago I am happy to be a resource.

@Timothy Taylor if you dont find what you are looking for, I also manage in Chicago south side including in the Pullman / Roseland area where your properties are located.

Patrick, I run a property management company focused on Chicago south side.  We have been managing here for over ten years. You can check out our website for more info.  http://www.paragonpm.net/

Ian, your numbers look reasonable to me for a traditional Chicago south side rental currently.  I think investors a few years ago were achieving higher cash flow numbers by buying a house for all cash at auction at very low prices such as $50K, fixing for $25K and perhaps re-financing partially.   So you had to get a good deal at auction, hope the rehab could be light, and use minimal financing in order to end up with the high cash flows.  But as many have stated here, such good deals are basically gone.  I do rehabs on all my rental purchases but I find that the 100 year old houses in Chicago really need $75K+ in gut rehab to fix them properly.  

Daniel, this property is still available.  I dont have any other multi-units to offer.  Let me know if you are interested in this one.  If you are ready to close quick, I can give you a break on price.

Single family home in Englewood. Currently rented for $1,000 per month. Make repairs and keep current tenant or increase rent up to $1,500 Median rent $1,250. Estimated after repair value $100,000. Taxes $1,332 per year

ARV $100K. Comparables - frame houses in last 12 months within 1 mile:

5743 S Damen Ave Chicago IL 60636 $134,900 listed 4BR/1Ba 979 sq ft
6009 S Honore St Chicago IL 60636 $115,000 sold 4/7/17 4BR/2Ba 882 sq ft
909 W 50th St Chicago IL 60609 $103,000 sold 9/1/16 2BR/1.5Ba 961 sq ft
5123 S Justine St Chicago IL 60609 $84,900 sold 8/3/17 4BR/2Ba 1209 sq ft

- We have equitable interest in the property and we are selling our contract.
- Cash or private/ hard money only.
- Buyer pays ALL closing costs which include Transfer taxes, title insurance, and title company fees.
- Buyer will receive taxes prorated to 100 percent and free and clear title
- Please do all your inspections and due diligence up front before contracting.
- Proof of funds required for viewing

To be first to know about future deals sign up at www.ParagonWholesaleDeals.com

2-units plus full attic and basement

Average rents in area $1,100 so your gross rent can be $2,200 or more. Make repairs and collect rent. 
Currently vacant, come see the potential. Duplex down to basement or up to attic for additional rent potential.

Just 3 blocks from Kennedy King College and the new Whole Foods. This area is being redeveloped and appreciating.

Taxes $3,114.51 per year

ARV $150K. Comparables - frame 2-flats within 1 mile:

5948 S Peoria St Chicago IL 60621 $156,000 sold 8/1/16
7006 S Normal Ave , Chicago, Illinois 60621 $149,350 active
5921 S Sangamon St , Chicago, Illinois 60621 $139,000 active

- We have equitable interest in the property and we are selling our contract.
- Cash or private/ hard money only.
- Buyer pays ALL closing costs which include Transfer taxes, title insurance, and title company fees.
- Buyer will receive taxes prorated to 100 percent and free and clear title
- Please do all your inspections and due diligence up front before contracting.
- Proof of funds required for viewing