All Forum Posts by: Weston Harding

Don't miss out on the buying made simple seminar tomorrow night!!!

Come and hang out, have a drink and learn everything you need to know about purchasing when the time is right for you!!

Investing in multi-units is a great idea in my opinion! How much money you need to put down would be determined by the purchase price, so it is good to get familiar with the market you are looking within to understand when the price makes sense. Talk to @Michael Facchini with Fairway, he can help you figure out numbers if you are looking to use a loan. 

I started my portfolio with multi-units in Chicago. Are you looking to owner occupy the property? If so you can qualify for lower down payments and other incentives! :)

@Shannon Gauthier thanks for starting the thread! I think this is definitely an interesting topic for landlords right now. Especially those who typically would prefer no pets in the unit and/or building at all. 

With that being said there are rules you should follow and you can check online recourses, but in Chicago typically if a tenant renews there are no additional fees move in or pet. If the fee reoccurs it is typically in the forms of a small pet rent usually about 15-25$/month and I have seen this number begin to increase over the years. 

When it comes to a service or emotional support animals, there is no additional fees or deposits that are to be paid. A tenant with an emotional support animal also does not have to follow pets policies regarding if they permit them, size, breed etc. Please note there is also a difference between service animals and emotional support animals.

It is challenging though because you can not really inquire into the nature of why they have an emotional support animal what you need is reliable documentation from doctor, social worker psychologist etc. that determines have an assistance animal will alleviate one or more of the symptoms or effects. Should be an ESA letter you are looking for.

I would suggest consulting an attorney to make sure you are covering all your bases. Do you live in the building? What are the total units in the building?

Chicago is great for investing. We've worked with a lot of clients doing a 1031 exchange in Chicago. Really in Chicago it depends on the area. Chicago is a city of neighborhoods and each neighborhood has different ROI and values within the city.

Are you looking for muli units or single family homes? What are your goals?

Buying Made Simple with Sarita & Gloria: Everyone tells you to buy, but no one tells you how!

Have you ever considered buying a home and just don't know where to start?

Join Gloria Wiekert & Sarita Scherpereel from the X Plus Team at Bitter Pops in Lakeview to explore the process of buying a condo, home or investment property. Whether you are considering buying in two months or two years, Gloria and Sarita will help you feel confident about purchasing and make real estate a breeze!

The presentation begins at 7 pm, please join us beforehand for refreshments!

On the agenda:

• Deciding when the time is right
• “Real-time” situation of buying a home
• Choosing your team
• Open Q&A
• Plus more!

When: August 15th, 2018

Doors open: 6:30 PM

The presentation begins at 7 PM

followed by Q & A at 7:45 PM

Where: Bitter Pops

3445 N Lincoln Ave, Chicago IL 60657

RSVP with the link below!

https://www.eventbrite.com/e/buying-made-simple-wi...

The X Plus Real Estate Team, led by Weston Harding, has been ranked among the top 10% of all producing realtors in Chicago for the past 5 years. In 2016 we surpassed that honor, ranking among the top 1% by specializing in the investment, sale, and purchasing of 2-12 unit properties. With over 10 years experience of buying and selling multi-unit properties, Weston has facilitated the sale of over $100,000,000 in properties.

Meet our buyer's agents, Gloria and Sarita!

As our Lead Buying Agent for X Plus Real Estate, Gloria’s commitment to educating our clients and attention to detail helps to forge a smooth, successful path to the closing table. Prior to joining X Plus Real Estate, Gloria spent two years gaining valuable experience as a leasing agent with Coldwell Banker Residential Brokerage Rental Division, where she quickly rose to top agent status and mentored new agents. Her move to X Plus Real Estate has allowed Gloria to expand her knowledge of residential real estate to be able to best serve our clients while continuing to assist both landlords and tenants in navigating Chicago’s fast-paced rental market.

Before finding her passion for real estate and architecture in Chicago, Gloria had the honor of working in Washington, D.C. for the Majority Whip of the United State Senate after pursuing a bachelor’s degree in Political Science at Rock Valley College. In her free time, Gloria enjoys getting lost in a good novel, spending an afternoon at the Art Institute, and searching for the best nachos in the city. Gloria resides in Lakeview with her adopted Yorkie-mix, Shirley.

Sarita is an enthusiastic buyer broker with X Plus Real Estate. She shares the company's commitment to providing exemplary customer service with the highest level of integrity and honesty. Previously, Sarita was an associate broker with @properties specializing in residential, commercial and rental transactions.

Before Sarita received her real estate license, she transitioned from a career at the University of Chicago Booth School of Business where she collaborated with c-level executives to identify their educational needs and align these with the appropriate curriculum. During this time she honed her skills of negotiation and strategic marketing management by completing their Executive Education seminars. Drawing from these experiences she understands how to listen to clients and analyze their needs while providing market insights so that every individual feels confident in selecting a new home.

Over the years, she's lived in a number of Chicago's neighborhoods and has developed an in-depth knowledge of the different communities' local business, schools, and cultural amenities. Outside of real estate, Sarita serves on the professional board for a children's charity, she's a classically trained opera singer and has years of experience performing improv comedy in Chicago.

X Plus agents are here to help, from your first rental or home purchase, to new and veteran investing, we have a team to meet your needs!

www.XPlusRealEstate.com

Hello, 

Weston Harding here :)  I am currently doing my first project in St Louis. In Chicago, we typically go with a Chinese made and American assembled cabinet. I am having a hard time finding nicely made cabinets for good price. Where do the locals go?  :) 

Thanks, @William Salas for starting the discussion :)

First question, does your father live in the home? If your father lives in the SFH, he would not have to pay capital gains on the sale of the single family home. Other question would be if the parking lot is part of the single-family as a side lot, or not? It may be tax exempt as well if it was one purchase.

The other option is to rent out the parking lot, and auto shop to a bar owner and build something like park and field did. Disclaimer, make sure to speak with an accountant about the capital gains. It is hard to give a full answer without knowing more info, but hope this helps!

Hey @Quinton Childs thanks for starting the thread! I have not done a "total tear down" but I did take a property down to the studs and new foundation and rebuilt a 4 unit in Chicago, which I am now in the process of selling after a few years. 

Now this year, I closed on a vacant lot and will be building a new construction 4 unit on that property and I am not a huge corporation by the way. Teamed up with a buddy of mine, and I have the same contractor I used for the last property and hired an architect. The architect was mainly due to us having to appeal for a zoning change. 

It all depends on the numbers my friend! If the projected sales price or rental income makes sense for the cost to build, then yes. If you are overpaying for the land itself, it will not make sense. 

Hey, @Tim Coppola thanks for starting the thread! Obviously, they have been good tenants to you from what you mentioned, but like @Joe Villeneuve said, you gotta take emotions out of it. At the same time, maintaining a good relationship throughout the remainder of the lease term is important, as you are trying to show the unit to new prospective tenants. 

I would suggest to either renew for the entire year or find a new tenant. Now in regards to the sublet or re-let situation, I know you said you like to find your own tenants but this you can do as well. In the Chicago RTLO, it outlines that the owner has the right of refusal. 

In other words, your tenants would need to find a qualified tenant to replace them that passes the same application process as they did. If this person is not qualified then you do not have to allow this sublease or relet to happen. If they are unable to do that, then they are responsible for the remainder of the lease term. 

And you are correct in stating that winter months present more challenges to secure tenants, so I do not suggest putting yourself in a less than ideal market time. 

Best of luck!

@Alex Ferraro thanks for starting the thread!

I would say some good multi-family areas to look in for that price range maybe, Portage Park, Irving Park, Jefferson Park, Parts of Albany Park and Avondale, Belmont Craigan and Hermosa could work as well. 

Something to consider would be the cost per unit and what size building you are looking to purchase as well. 

Things I would say to look for are upgrades to public transit and infrastructure, a lot can change in 10 years for a neighborhood. Rental trends can also help you determine how neighborhoods are changing and increasing in value. 

Unfortunately, there is no crystal ball, but only patterns and trends that we as investors watch and predict :)