All Forum Posts by: Larry Smet

Welcome @Josh Sexton

Don't forget to listen to all the biggerpockets podcasts - they're great. A good way is on your commute or during a workout, etc.. That'll expose you to the different ways of REI and you'll likely gravitate towards one.

Keep us posted on how you do and don't forget to ask questions!

Larry

Welcome @Sheilah O'Shea

Are you looking to start flipping like Dad or are you thinking more of the buy and hold route?

I've been flipping, primarily in Logan Square and will continue to do that, but I'm also starting to look at rentals - like you said it's nice to have passive income!

Take care

Larry

Thanks everyone ( @Brie Schmidt @Joey Nakayama , @Mark Ainley , @Jonathan Pliszka and @John Hauser ) for weighing in - this was really helpful.

With the exception of @Jonathan Pliszka (Jonathon - did you offer a choice to your tenant?), it seems that the general rule is in North Chicago tenants prefer a security deposit and in South Chicago they prefer a move-in fee.

Kudos to @Brianna Schmidt for the link to the Chicago Association of Realtors unfurnished lease!

Cheers

Larry

Welcome @donald hruska (sorry - @ app doesn't work on my phone))

Are you planning on living in one unit and renting the other(s)? I think that's a great way to get started. What part of the city are you looking at?

You'll find a lot of great resources and contacts here on BP. Thanks for reaching out

Larry

Thanks @Chris Christianson

I agree - you get what you pay for! The prices from the website seem like retail to me though. As an investor we should be paying significantly less

My rehabs have ranged from $50k for a small almost-gut rehab in Northlake to $230k for a full-blown gut rehab single family conversion in Chicago (and everything in between). If you buy right you can still do ok

Hi @Mark Ainley and @Joey Nakayama

It's hardly statistically significant but it's starting to sound like a north / south Chicago difference - not too surprising. Mark, it was great to get your take on how it is on the south side. It'll be very interesting to see what Brianna's results are.

Much appreciated

Larry

Thanks @Brie Schmidt

What are the choices (meaning, the amounts) that you're giving your prospective tenants?

It'd be interesting if any landlords on the south side of Chicago can do the same experiment, since the type of tenant is going to be different... Do we have any takers?

In my case the sheriff contacted my attorney the day before and then my attorney contacted me. You have to have someone at the property that will approach the sheriff in their car or else they reportedly won't even get out. And if you miss them you'll have to reschedule.

Good luck

Yes, and I've heard the rules keep changing from time to time @John Hauser, so you almost have to a be a full time Property Manager to stay on top of the rules if you want to go the security deposit route... or you can get nailed on a technicality and owe 3x the deposit. Not sure who came up with these crazy Chicago rules...

Welcome @Mark Wieczorek

Sounds like a good partnership with your Dad. Keep us posted on how it goes

Larry