All Forum Posts by: Mike Nelson

@Jim Brozny I might give the ChicagoReader another try.  Before Craigslist, I spent several hundred dollars a year advertising with them, and the response was quite successful.  The number of advertisers is down substantially, and the paper is a lot skinnier than it used to be.

I have started to advertise my units in Ukrainian Village in Chicago which will be available March 1 or April 1.  I am advertising on Craigslist.  My response is maybe 10% of what it was in the summer.  I know the season is slow, but can this be expected?  Should I get a better response rate in a month or two?

Regarding trees, their dying does not necessarily mean it was his fault.  I had 3 trees die a few years ago which were  there when I bought the house 10 years ago.

Real long-term tenant, with no vacancies.  Not the worst tenant, but not the best.  I would have a conversation about the wear and tear, and additional occupants and raise the rent.

On a Saturday night In 1982 in an apartment I rented near Chicago's Wrigley field, I was up at 1:00 am reading the Sunday newspaper.   I lived on the first floor front of a  three-story 8 unit.  I heard a frantic tenant upstairs yell "fire".  I  got up, and we banged on all the doors so everyone was awake.  Most people were out of town.   Luckily, everyone got out safely.  Three of the apartments were gutted by fire, the others some minor damage.  I could hear my smoke detector as I stood across the street, reminding me of the importance of keeping batteries in the $10 detector.  The owner - a fire fighter had to struggle financially to get it rebuilt, but in the end, had brand new apartments and came out ahead.  The bottom line was nobody got hurt.

Good schools, downtown quite accessible. @Justin Pillion, I was not aware it is very investor-heavy.  I was curious of what types of investors are in Oak Park?

Sometimes it may be good to hear a negative take on real estate, especially if there is some sound reasoning behind it.  That said, I remember before I bought my first property in Wicker Park in Chicago someone much smarter than me showed me a spread sheet of why my investment would not make sense.  I gave his advice some thought, but acted on my gut instinct.  The investment ended up being quite successful.

Oak Park, a suburb just west of Chicago, has long been fairly nice and stable, not a change I would consider "gentrification".

Thanks for all the real good input.  I don't expect a higher rent, but it is part of the package to bring finishes and amenities up to a higher level.  I may get a better grade of tenant and a quicker renter.  There is plenty of demand here if there is reasonable quality.

@Frank R. Knight, thank you for the offer, but it is currently under construction.

I am removing an existing dilapidated enclosed rear porch and replacing it with a new three-story open wood porch. It is a typical rear porch, serving as a means of egress, and also has a small area for a table and a couple of chairs.  It is costing over $20,000.  This will be an improvement for the three adjoining 550 square foot 2 br unit in Wicker Park, Chicago.  The units are not rehabbed, but upgraded.  I am trying to get an idea of how much I can raise the rents when the current tenants move-out.