All Forum Posts by: Wanda Austin-Wingood

The posting was confirmation that owner occupied buildings with 6 or fewer units are exempt from the new notification ordinance.  

Thanks for the info. I found the ordinance and the exception is in the first paragraph. 

I knew Chicago was a tenant-friendly city when I decided to invest here.  After all, I live here.  I must admit that the new ordinance doesn't sit well with me.  I am a micro investor who is sympathetic to the plight of families who are renting during the COVID-19 era. However, I can't afford to subsidize them if they decide to withhold rent during that four-month period.  Or what recourse do I have if they damage my property during that period?

I'd really appreciate your perspective, especially investors in Chicago.

BTW, any suggestions where I could look for buy & hold multis (3+ units)?

https://blockclubchicago.org/2...

OPTION A:

LIST PRICE:  $580,000

6 Flat, 16 beds, 12 baths

@Kris L. You are right. All POC are not poor and all poor people are not POC.

The issue isn’t about “poor,” the issue is systemic. Many POC pursued the American Dream with a vengeance. They worked hard, saved money for the down payment, bought a home in the neighborhood where they were comfortable and accepted.

They were expecting to build generational wealth. Unfortunately the value of their property did not kept pace with the value increase in white neighborhoods.

They haven’t built equity despite paying off a 30 year mortgage. In effect, they are upside down in their investment.

Their mortgage wasn’t wealth building. It was wealth depleting. The banks benefited and the communities received tax revenue.

These are generalities. The root cause tends to be unfair laws and practices that knowingly or unknowingly limited their ability to buy property and generate wealth. (I won’t event mention the fair wage gap as a contributor.)

The American Dream exists, just not for all Americans.

For those who are willing to take meaningful action to reverse this, be empathetic as you sell or rent to POC. Point them to organizations that will prepare them for home ownership; prepare them to be responsible renters.

Coach them. They may have had anyone help them understand the rules of the road and expectations. And most of all, be kind.

Imagine eating at Wendy’s all of your life. You are invited to be a guest at a Michelin three start restaurant. How would you feel as you walk though the doors and was shown to your table. A waiter hands you and menu. I can only imagine the knot in your stomach as you try to for in without the tools or experience to fit in.

It’s going to take more than one generation to undo what has been done by many generations. Can we start now?

What will YOU do differently?

Got it!  Very helpful. Thanks much!

@Tim Herman, will you walk me through how you got from a 5% vacancy to tenant staying 20 months?

@Tim 

@Tim Herman good questions.  Appreciate the feedback.  I'll revisit my assumptions and see where I land.

@Carl Millsap, thanks for the feedback. Agree that triple bidding out will be important.  Doesn't the GC project manage the rehab?

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