New Landlord / Investor would like advice

[Bret Rankin]

So, I will be closing on my 1st property on 5/2. It will be an owner occupied building in East Garfield park.  3 unit building with 2 3bd 2ba, and one 6bd 4ba duplex down. The units are 1500 sqft. The building already has long term tenant and I will be going in making a profit.  The building is located on Warren blvd, just next to the park, from all account it seems to be a pretty quiet street.   As a new landlord, what tips would you provide to me to make sure I continue to be profitable and grow?   Also, can I ask what your average water bill is?  I saw that this building  had a 1000.00 water bill for a quarterly bill, that isn't good.  How do you control your water bills?  I feel that EGP is really going to take off with the growth that is coming in the West Loop.  What is your take?  

[Rachel H.]

@Bret Rankin Take your time when putting tenants in. Better an empty unit than a problem tenant. Keep updated with the market rents. If you can raise them, do some upgrades (if need be) to justify the cost. Good luck!