Managing First Mult-Family

[Noah Lomax]

Hi Folks,

I am about to close on my first multi-family in the Chicagoland area. I've managed a SFH for a while, but it's in San Diego where I'm more familiar with the laws. Because I need to invest in some cosmetic improvements, I want to avoid paying for management for the first year or two to offset the costs and keep my cashflow numbers solid. All four units are currently rented, with two leases ending a month after we close. I know at a minimum I'd like to raise the rents to fair market value (which for one is a significant jump from their current lease), and ideally both of them would move out so I can make improvements.

I know Chicago is much more tenant friendly, and has a lot of restrictions. Does anyone have any tips on how to get up to speed on the local laws or have any good resources they can share? I'd be very grateful! 

[Morgan Scott]

Hey Noah, I don't know Chicago but if you're going to try to go at it alone, I'd areas pay for a membership in a local property management association. They are full of resources! But depending on its cost, you may just want to hire a property manager. Good luck!