All Forum Posts by: Amy Pearson

I agree with the central A/C, it is a nice to have when looking at multi-units in Chicago. Parking spots or garage with building is also a plus.

I mostly work with buyer investors on multi-units in Chicago. I totally agree on the ADU or if the building is permitted for 4 units when it is only a 3 unit building. I am starting to wonder if long term tenants are a negative because in Chicago there is a new rental regulation that you have to give 120 day notice before lease expires to increase the rent if the tenant has been there over 3 years.

Some of my clients prefer brick buildings because it can be less maintenance if the building has been properly tuck pointed over the years compared to buildings that needs to be painted every few years.

What is everyones must haves that they look for when looking at multi-unit properties? I look for brick buildings, with a basement, have current tenants in place and parking spaces before I consider viewing it in person. 

Have you thought about association management or HOA management position? Basically the person that works for a management company that helps run the condo or community HOA. Or another idea look at real estate companies and see if they have a transaction coordinator position or any in-house jobs that could be done remotely.

Chicago is a great place for multi-unit properties. I have worked with investors in Chicago but, I have noticed after the sale is closed the Cook County property taxes have gone up a ton which affects the numbers that were crunched for cash flow of the investment property. Also, there a new rental rules for renewals on leases in Chicago if the tenants have lived there for over 3 years that you need to be aware of. Also, look for areas that renters want to live, like places that are located near transportation.