All Forum Posts by: Tony Freeman

That definitely helps! So with premium, are you kind of randomly funneled leads or is it where the more content you post, the more leads you get?

Hi Everyone!

I am newer to bigger pockets. However, really wanted to start expanding my outreach. Would love to hear some of your thoughts on how Bigger Pockets Premium has been for you!

This isn't meant to be a long post but I have a lot of first time investors and house hackers or just investors that are new to Chicago that ask about charging a security deposit and my answer to them is NEVER charge a security deposit. Chicago is a city that heavily favors the tenants rights over the owner. If you even so as forget to give the tenant $1 back from their security deposit, they legally can sue you for up to 4 times the amount of the initial security deposit. What you will see instead in Chicago and what I always recommend my client's do is charge a move in fee. Even with a move in fee, if a tenant damages something, you still have the right to take them court in which you will more than likely win and they still would have to pay you for those damages or risk having a negative mark on their credit which would make it extremely difficult to be able to rent on their own again until it falls off the report. Most people will figure out a way to pay for the damages rather than having that hanging over their heads for 7 years until it's fallen off their credit. So in short, I strongly do not encourage taking security deposits because of such the high risk to the owner/landlord and just try to look more into the landlord/tenant laws in Chicago. 

It's no secret that a lot of investors, in state, new to state, and out of state have been getting their hands on the investing pie of Chicago. However, Chicago being the big city that it is, there are tons of neighborhoods within the city that are all at different stages of development and appreciation. First time house hacker or experienced investor, you will appreciate knowing about these top picks. 

1. Avondale- Avondale is always one of the first neighborhoods I blurt out to my clients and probably will be for at least another year or two. Avondale is located in the Northwest side of Chicago, between Logan Square and Roscoe Village/West Lakeview. This area has skyrocketed in recent years and it hasn't shown any signs of slowing down. Avondale gives you the calmness of a family oriented neighborhood but still is close enough to all the night life in Logan Square and surrounding neighborhoods. There are multiple blue line train stops in Avondale which is a huge deal for investors considering that it can take business professionals downtown to the big name corporations or it can take you to O'hare Airport if you want to avoid the hectic traffic. There are still some reasonable deals in the Avondale but if you want to strike while the iron is hot, it's best to get in as soon as you can because it is investor central and prices have definitely risen in the area. 

2. Pilsen- Pilsen has been one of my top picks that I have been dying to get more investors into. Aside from all of the culture in Pilsen and it's closeness to downtown Chicago, Pilsen in the last few years was named in the top ten of one of the coolest neighborhoods to live in the world. Pilsen sits right along the Pink Line and if you can get your hands on a good deal anywhere in Pilsen, I say go for it but if you really wanted to maximize your return, I definitely think anything from 16th street to Cermak Rd would give you an amazing return. What makes Pilsen so attractive to renters is that it is so close to downtown without the downtown prices and a lot of medical students like to stay in the Pilsen area because of that reason. The thing with Pilsen is, the prices have definitely went up in recent years. So it isn't as easy to find the amazing deals like it is in an area like Avondale. However, if you have the budget as a first time investor or if you're a developer and looking to do some development projects, 100% recommend Pilsen. 

3. Irving Park/Albany Park/North Center- These two are also really great places to get your feet planted in although they are not at the level of appreciation like Avondale or Pilsen. To me that is a good thing because you can get in early when the deals are still hot and hold on to these and watch as your return increases over time. 

4. Bucktown- I know a lot of seasoned investors will raise their eyebrow with me mentioning Bucktown due to the fact that it is pretty much already booming and the prices are on the higher side, but I will say if you can find a good deal in Bucktown, please jump on it. Not only does Bucktown have so much going on with it, the Blue Line also runs through it, the 606 trail runs through it and a HUGE development that is going up along the 606 trail called the Lincoln Yards which I strongly believe is going to cause that area to boom even more when that is finished. 

Hello everyone! 

I am a real estate agent that currently has a a client looking into buying a Fraternity house as an investment and I wanted to know some of the important things one should consider before going that route. The biggest concern of course is the liability that’s attached with a Frat house. We all know that the connotation of a Frat house is things could potentially be broken and the crazy parties and such. So in what ways would the investor be able to protect himself from such liabilities? If things are damaged or destroyed, is it automatically on the owner financially or would they put something in the contract that if something is damaged or destroyed, it would be tacked on to the Frat houses dues(essentially the owner getting their money back for whatever damages he/she had to pay for)?