All Forum Posts by: Alex Ferraro

@Kelsey P. are the questions about number of vehicles and having the funds available not commonly allowed in most states? I have those on my application (I'm in Chicago) and am now curious as to what else I may be missing.

@Cliff H. - Would you consider a Google Folder with a password to be secure enough for the purposes of which you're talking about? I'm also interested in using Cozy or something similar, but I would love to avoid having to use a fax machine. The barrier to entry for some tenants without a convenient printer or fax machine would be a barrier enough to make some of them avoid the whole process from the start. I probably fall into the bucket of millennials who hates anything that has to do with printers and fax machines.

@Jake Marotta - Glad you're reaching out! I would recommend to keep doing what you're doing and talk to others in the area.

It might help to listen to The Straight up Chicago Investor podcast to get an idea of the different areas and what they're known for. Chicago is a huge place, and you'll get a different experience in every neighborhood.

@Daniel Winsauer

@Peyton Griffin

Welcome! I'm in the NW side of Chicago. I'm not too much older at 25. I'm happy to chat about my experience so far or just connect for future reference.

@Zak Marinko Here are some you might find useful that I've been to or heard about:

Chicago Multifamily Club Meetup

Chicago West Suburban Real Estate Investors Meetup

Chicago Real Estate Investors Meetup

I would recommend looking around on the Meetup app as well as having key words for meetups in the area on BP. Hope this helps!

@Linda Tsacalides - Can I ask which places the listing is posted? I'll be going through the same process starting in a couple weeks. From what I've seen, you can market it through Zillow, Cozi, Apartments.com, Craigslist, Facebook Marketplace, the MLS, etc. It seems like the more eyes you get on it, the better.

@Matt Byrne - Glad to hear you're looking in the area. I would agree with everything mentioned above. I think it's useful to think about which things you are willing to sacrifice and which are non-negotiable. In the NW side of the city, you'll ideally cashflow when you move out, but while you're living in it you're not likely to cashflow unless you're open to renting out room-by-room, you're adding value through some kind of rehab/construction, or you happen to find a fantastic deal. In short, I'd really think about whether you're willing work hard for off-market deals, manage some kind of rehab, or get creative with renting. If not, and you're more interested in cashflow vs appreciation, I'd say the other sub-markets mentioned would probably be better for your goal assuming you're comfortable living there and working with the tenant pool.

@Elise Hazzard - Very good points. And I was definitely considering the BP Pro option to just get their forms. If you see a rent-by-the-room one, please let me know. I'm using the Chicago Association of Realtor's lease with separate rules and regulations based off of Brandon Turner's in The Book on Renal Property Investing - I then had them reviewed by a local attorney.

As for the room limit - I'll be renting out one unit of the duplex as its own unit, and then living in the other unit. I figure since I have two rooms in my unit, I might as well rent out the other room. So I don't think I'll run into any occupancy issues with that.

@Crystal Smith thanks! That is super helpful.

@Account Closed Thanks! Just did that.

For anyone who has rented a property by the room as opposed to an entire unit or house, or has rented out one room to roommate via a rent-by-the-room house hack, are there any special considerations for doing so in Chicago? What additional items should you include in the lease? If you have an example lease you could share, that would also be much appreciated. Thanks!