All Forum Posts by: Keith Jablonowski

Lots of details missing, property class, location, etc.   Cash flow is low for 4 units IMO.  Try to shoot for $100/unit/month absolute minimum.   

 IL just made it illegal to disqualify a potential tentan based on if they are an illegal alien or not.   Not sure how you would properly screen then if they are here illegally though.   Another on the long reasons I live in IL and own rentals in another state. 

https://www.mystateline.com/news/local-news/illinois-law-requires-landlords-to-rent-or-sell-to-noncitizen-immigrants/#:~:text=Illinois%20law%20requires%20landlords%20to%20rent%20or%20sell%20to%20noncitizen%20immigrants,-by%3A%20John%20Clark&text=SPRINGFIELD%2C%20Ill.,the%20Illinois%20Human%20Rights%20Act.

When we started out investing we were both working full time plus (60+) hr a week jobs.   Our property manager basically handled everything.  We would only get a phone call, email or text if a surprise repair popped up over $300 or a turnaround was needed (they would consult on any potential upgrades during the turnaround).   They handle finding tenants, leases, collecting rent, repairs, evictions, code notices, rent increases, even submitting property tax assessemnt paperwork to the county.  They also help find new properties when we are looking to expand. 

Their rate is at the top end of what you typically see, but the freedom we have to continue to work full time bringing in new money to chase other investments with is well worth it.   

Just make sure your agreement spells out EVERYTHING that this particular management company will be responsible for.   Some charge a flat rate on collected rent.  Others you pay them maybe a little lower rate but they take the 1st month rent and/or deposit on every new tenant.   Depending on the average stay of tentants in the types of property you own one over the other may be better for you.  

My opinion is if you want to be an investor and not a landlord then a quality property manager is your most important asset.   Until one day you own enough properties to start your own property management company. 

It would be great to have a comprehensive list of those mentors that people here have had success with.   Seeing the differences between a mentor with thousands of students like Rod, Brad, Grant and more of a 1-1 mentorship would be interesting as well. 

Awesome, thanks for sharing!

That is $100-200/door profit per month, so a 10unit would bring $1000-2000 profit per month after all expenses, debt, etc.  This is just a guideline of course and much more goes into evaluating a property.  But if you can't make at least that per door with some quick calculations then usually time to just move on to evaluating the next property. 

I received 5 texts just today, obviously from some sort of automated system as the messages were identical but from different names/numbers.   As an owner I find it extremely annoying and would likely never entertain selling to someone through this type of marketing.  I am on no call lists yet still get these.  Not the opinion you were looking for, but might be good to get feedback from the people who would be receiving these messages as well.

Hello, looking to expand our portfolio into vacation rentals. All of my current investing has been full time rental SFH/Duplexes. Want to begin with 1 property that our family can use 4-6 times/year and list it the rest of the time. Ideal areas would be S WI, N IN, SW MI (withing 2.5 hrs of Chicago). Where can I find the best resources to research supply/demand on Vacation rentals specifically? Do VRBO/AirBnb offer research information to potential landlords? Looking for something with some year round demand though I realize there were be higher demand periods no doubt. Also prefer not to manage ourselves, so need to be able to research the availability of local management in any area.

Thanks in advance.

Keith

I am a little confused by your description.  1st sentence, owner is asking 4 million.  Last sentence, owner is asking 3.6 million.   In your calculation you state purchase price as 3 million.  Which is it?