All Forum Posts by: Alla Furman

I just purchased my first property on in Roseland, and am a bit tentative to manage it myself. Could I please get a recommendation for a property manager. Also, what are some of the questions other then the obvious once like services offered, experiance, fees, lenth of vacancies, cancellation terms, screening criateria used,  and if there is a maintanance and repair markup..

I'm not experienced but border usually means rodents, so be prepared for electrical issues as well. Mice chew on wires. Not to mention roaches and complaints from tenants. I'm assuming that is! 

@Susan Smith  I am in Illinois, which is a Judicial State. 

Is asking them to do a loan modification much too late? The 15 day before auction window within which the big banks must review the package and can stop the foreclosure, if approved, has already passed. The 37 day before foreclosure sale date to submit a loss mitigation application is long gone as well. It makes me wonder if they have already tried and have been informed that they are not eligible, or rejected mitigation offers or didn't comply with the terms.

What else can I do? How does it work in real life?

I just found the contact information of a property that I am interested in. The financing for it, or at least as everything that I was able to find on it, I have in place in cash if it goes to auction. I was hoping to catch it before it does as a subject to. Will I have enough time? Is that a good idea or should I just wait? (PS I have never done one, so I'm going to have to depend on my attorney. He is good, but I'm totally new to the creative side)

@Kathleen Rothenberg Unfortunately your statement is too broad to respond to. It would all depend on the location, type of market, type of building and your hold strategy. I can only say if in your market you can attract a better type of tenant with a fixed property then with an "as is" one, it might be worth your sanity to do it. One nasty eviction and your numbers are not going to look as pretty. (Depending on location here in Chicago it's up to 4 months) 

On the other hand, if your tenants are going to destroy anything nice you put into the place, stick to "as is". I have heard horror stories from the South Side where tenants walked out with kitchens and toilets.

If you have multis are they selling fixed? How long does it take for them to sell? What are your market trends? I would check Marcus & Millichap for real estate outlook. I stumbled onto them by accident and thought they were good.

Single families are easier but no one has a crystal ball. I'm fairly new at this by the way, but thought I'd give my 2 cents. 

Owner. Everything is public record if you take the time to look, you can find anything. If you lie, and they find out, you damage a relationship. My word is my bond. Always!

@Bradley Calvin There are a many markets within Chicago that might or might not be effected by the weather. I can rent out my unit in rain or snow to the first person that comes through the door. This tenant will stay for 2 years, pay on time and I will not hear from them once about a problem.

On the other hand, a great unit located within a desirable community in the suburbs, going for market rents in the winter, will sit on a market for an extra month, because parents do not want to switch schools during the Holidays.

Just remember, you are buying this property as an investment for the long term. If you can get a great deal in the winter because the seller is that much more motivated to sell, losing a month worth of rent might be worth it.

In the city of Chicago to rent out try Domu although right now they are updating their site. CL is always free.

I would look into vletter.com they look to have special characters and varying movement to their letters. It will cost to buy the font, but it looks better then the free alternatives that I have researched. I have not tried them, so if you do, let me know.