All Forum Posts by: Mario Morales

@Alex Jacobson I have a coin operated machine in one of my buildings and in my other buildings I have in unit laundry. I make about $140 a month on the coin operated machine for my three unit building. I think if you put in machines in each unit you can get $100 more in rent per unit

Correct me if I am wrong, but 2-4 units as it may seem that prices are coming down, if they are occupied with their respective market rate rents, I don't see how a seller would bring the price down from last year if the rental income is solid? I don't see it. I would generically argue that my building is worth : 

VALUE = Gross Potential Income X GRM (just learned this, Real Estate by The Numbers, J Scott!)

Is this a fairly accurate way of looking at it? 

Thank you everyone, I am so grateful for everyone taking the time to share their experiences with me. 

I heard that glass block windows are against code in chicago for legal garden units? 

link is not working? Am I just to copy and paste

Here are some easy ones that really help. Set the tone from the beginning. 

1-It's not a hotel, you don't cater to all their needs and rants, only the reasonable ones. Say "No" or they'll think of you as a pushover. 

2-Not sure what your laws are, but make sure you charge a late fee and send the appropriate notices when rent is late, even if they call you, tell them there is a late fee but you appreciate the call

3- Definitely put money aside, they will break something. Before you call a service repair, go look at it yourself. 

Doesn't seem like its happening soon but is anyone thinking of getting ahead on this? If so, what are your plans, induction stoves?

HERE

I have a mix use property, 3 units. 2 residential and 1 office space. My broker tells me that I am paying more insurance because of the commercial unit, which is just a tax office closed from May-November. They pay rent all year but I am wondering how much more am I paying in premiums a year, 20-30 % ? I bought the building 2 years ago and I inherited the lease, have 2 more years. Since they are closed during a large part of the year should I get a discount? 

The average family will spend about $50 a month on a coin operated machines. You can install  machines in your units and get a $100 more a month in rent or so.