All Forum Posts by: Joseph Konney

I agree to charge a premium for the month to month. Your ideal time to be renting out is sooner than later. You risk having less applicants later in the year and that means even less qualified ones to choose from. You might also extend the notice period to 60 days instead of only 30 days. The more time you have to fill the expected vacancy, the less likely you are to have actual vacancy. 

@Asif Karmally

Chicago is the 3rd largest MSA, national travel hub, less prone to natural disasters / risks, and is very moderately priced compared to larger MSA's like New York. What numbers are you trying to hit that you were not able to find in Chicago? Or are you shying away from Chicago for other reasons? 

Lending has radically changed over the last couple weeks. Before you spend too much time looking anywhere, I would touch base with some lenders to make sure you can obtain financing and use those financing terms to run your analysis. 

@Fabricio Kannenberg - Check out Forest Park (1-2 miles West of the Chicago city limit) which straddles the CTA Blue line (one of two lines that run 24-7) and connects to O'Hare as well. While traffic is light right now, Google says driving commutes are currently: 18 minutes to O'Hare, 27 minutes to Midway, 18 minutes to the loop. You also get easy west suburban access with 290/294. 

Prices and taxes are moderate compared to some of the far west suburbs. I rented here, moved to Chicago, and liked it enough to move back purchasing there. 

Nice work and very detailed photo documentation on you project, thanks for sharing! Also interested in your dig down contractor. 

Also, for free video tour hosting, upload to Google Drive and make a "public" link to the file or folder you would like to share. Text, email, or post the link. 

Specifically in Illinois, real estate services are "essential" and permitted. 

I don't see myself marketing property differently than before the epedemic. Don't underestimate communicating with neighbors, physical signs at the property, Craigslist (and other non-syndicated online marketplaces). You can also leave fliers in section 8 offices and gosection8.com. 

See also: 
https://www.nar.realtor/shelter-in-place-guidance-during-covid-19

In the short term, with the stimulus package having passed, the C areas with the low rents may do better than B areas with the rent given the direct distribution checks and bolstered unemployment checks. Those funds will many times meet or exceed their regular income. 

While I don't have data to support, I have a hunch there are a number of smaller landlords which incorporate and are a "corporation" for purposes of liability. So I feel those numbers may be skewed a bit. 

6-8 months if all paid out of cash on hand. More if you count IRA funds. Odds of no income across several properties is unlikely, so that money should last quite a bit longer.

Hi @Marcele Johnson - For Chicago property they use the housing choice voucher program. You can contact the Chicago Housing Authority for more information. They have free workshops that explain the program. They will do an assessment of comparable NON-SUBSIDIZED MARKET RATE rents in the area to determine your max rent amount.  

You can also check out www.gosection8.com and https://www.huduser.gov/portal/datasets/fmr.html

Also, it never hurts to add craigslist and Zillow to your comp list. 

@Riley Ricobene - I agree with @Kobe Xin, but additionally, you have a great networking opportunity and may learn some things from classmates that could be invaluable, yet, not in coursework.