All Forum Posts by: Ronan M.

Just yesterday I listed my first vacancy for over 3 years for a Chicago Northside building. I have been very lucky. My tenants tend to stay a long time and I have very low turnovers. But yesterday I was asking the same question as you are right now about where to advertise.

Since 2010 ish I have stayed away from Craigslist. Too many bad experiences. But maybe that's just me. So I listed again with Domu.  Last time I used them was 3 yrs ago...and for the young folks and Millennial's and in this fast paced high tech world 3 years is like 100yrs. What was hot and cool in 2012 may be dead now in 2016 and too be honest I have not see much activity from Domu the last few years.   But I could not find a better alternative as of yesterday so I went again with Domu.  Hopefully your post will generate some good input from Chicago folks who regularly advertise and who know the latest websites that get results.

Apartments.com might be a good one. But I have no personal experience with them.

connect with @Jerry Stanford. as well maybe.

@Joy Williams

Maybe connect with @Mark Ainley. While he might not be a realtor (not sure) he does work in the southside Chicago market you say you are targeting and also I believe the asset class you are targeting. In one of your other posts I see you also mention your are seeking properties with "minimal work". Again that appears to be his niche. He might be able to help you fast track to your goals.  

absolutely not your problem anymore. If they are living there now and have issues with their unit it's between them and the their landlord. Not you. 

If you buy a used Chevy from the Chevy dealer and it turns out to be a lemon ..can you go after the previous owner ??  Of course not. 

Don't lose a wink of sleep over this. 

Congrats on a successful few months.

Did you just acquire the Albany Park property on Jan 22nd or you flipped and sold it Jan 22nd ?

Did not know you could get mid $700's in Albany Park yet.  Keep us posted on that one if its an ongoing project.

To your continued success.................

Hi David

What part of the Southside specifically are your referring to ?  or what school is it so we could get a better grasp of the area you have concerns with ?

Thx

In the link you provided the property description says it is a "two unit in West Town".

Plus scroll down to Building Information. It says # of units 2

"Unit 1 & 2 are owned by same individual"

That's a red flag right there. If there is only 3 units total that individual holds 66% of the HOA votes. He is basically in control.

"Initially, I thought I would flip this property"

You might not be able to... due to the other guy owning the other 2 units. Buyers and lenders might be scared off because of that.

Might not be a total deal breaker but certainly something to consider. I would wonder why that other individual would not buy the last unit (and then deconvert the building)  Maybe he can't because of lack of funds...or like you he is hoping the price continues to decline. And time is actually on his side right now.  

@Nick Doria

5.) Things that you wish you would have known when first starting off as a landlord that would have saved you a lot of money and time?

Screen twice..Rent Once !

@Nick Doria

If your building is not approved for Section 8 you cannot accept Section 8.

So if you have S8 applicants that you would rather not have...don't decline them...simply advise them that your property is not S8 approved. That's not your fault, you are not discriminating, your simply aren't in the system to be able to accommodate them. Its therefore not you saying no but puts the responsibly back on a 3rd party (the folks at CHA)

I've had S8 people call for my vacancies. I don't tell them no...I just tell them the units are not S8 approved (the truth) and I generally never hear back from them. 

Now I am by no means an expert and hope I am not giving bad advice but this has just been my experience.

Best of luck.