All Forum Posts by: Benjamin J Paoletti

Quote from @Mark Ainley:

@Benjamin J Paoletti you have great intentions and that is awesome but the reality of the program is it doesn't work like that.  The CHA list to join is long and there is a waiting period so (https://www.thecha.org/residen...) I would start by pointing them that way.  The next hurdle is if they get the voucher they have to move to a vacant unit that can be inspected.  

Next Step For You - Run some numbers....to keep these tenants at 10% under market until they die with small increases or different subsidies they can add on along the way vs turning over each unit every 34 months(Chicago average) and account for the risk of the unknowns, turnover costs, your time, commissions, etc..

Chicago Investors - If I am wrong and someone knows something new please correct me and advise but this is how it has been the last 19 years in the business.

@Jared Kott any insight?

Much appreciated Mark. I figured it was not that simple and the process would be extremely lengthy. Sounds like I might raise the rent in small increments to get to market value. They want to stick around for awhile so I figure the lower rent is worth the less time spent on finding new tenants, vacancy, etc. Thank you very much!

Hi All,

What have other landlord's experience been like applying for and working with the HCV program? Pros and Cons? How long does it take to register your multi-family home as an owner?

I have two tenants in two of my units that are over 65, receive little social security and pay below market rent. I would like to keep them, but the previous landlord never raised rent the rent. 

They are paying about 15%-20% below market value, I would like to get the rent to market value or at least 10%-5% below market value because they are very good tenants.  

Instead of raising rent and scaring them away (their leases are both month to month right now) I was hoping to work with CHA to get them qualified for the voucher program but I need to register my property first.

I believe I also need to register as a vendor with the City of Chicago first and I am curious if anyone has advice on that process or how long it takes as well. 

The tenants are really great tenants and want to stay at the property for a long time. I know how valuable good tenants are. Is the process to register for HCV, raise rent, and keep them worth it or should I just move on to new tenants?

Any advice would be much appreciated.

Thank you!

I am looking for a window/door contractor to do a decent sized project at my 3 flat in Irving Park.

Scope:

Remove 1 section of a 3 section window at the front of the property. 

Replace area next to window section with exterior door.

--

Property is frame construction with vinyl siding. 

I have most of the materials on site so work can start as soon as possible. 

I am flexible on scheduling. 

Any recommendations are much appreciated. Thank you!

Bigger Pockets,

I am looking for a trusted electrician to do a decent amount of electrical work on my 3 flat.

Including:

Running new conduit through a newly built wall, running conduit through existing walls, moving fixtures, and adding fixtures.

This is for one of my units, and I expect to be updating electrical throughout the building going forward so someone that is looking for some consistent work over the next couple months.

Any recommendations are appreciated.

Thank you very much!

Quote from @Jonathan Klemm:

Hey @Benjamin J Paoletti - I've got a Chicago plumber that might be able to help, but I would recommend making a post on some of the Chicago contractor facebook groups.  Also if you make it out to some local meetups ask those investors who they use.

I'll check out the Facebook groups. Do you recommend any in specific and can you PM me the plumber's contact? It would be great if they could make it out ASAP... I have an old pipe connecting to the water heater that needs to be changed and it is affecting my tenant's hot water. Should be a simple fix. 

I have been meaning to make it out to some local meet ups. I have been checking the forums! I saw a couple I wasn't available for. 

Posting this for anyone else following this thread... called 3-1-1... got directed to my streets and sanitation officer, requested bulky item pick up service, was told to leave the couch next to the garbage and they will take care of it free of charge on my garbage pick up day. Pretty convenient

Quote from @James Hamling:

@Benjamin J Paoletti some years back I had so many issues with tenant "junk", it got so out of hand that I had so much dumpster service for such I had the dumpster companies calling me fighting to gain the account, a sign things were going very not good.     Then I discovered the bliss of Auction House's!    

It took a few hours of research and calling but I landed on 3 whoa re happy to come out on-call, they do 100% of the labor to remove everything, and I do mean EVERYTHING. They do everything with it, and send me a check for 50% of proceeds, as a general rule.    I have saved so much $ just on the convenience factor of never having to touch tenant items ever again, no dumpsters, nothing, I LOVE it and been doing it steady for years now.  

This sounds extremely ideal since some of the items still have some value. I will look into this and let you know if I find anything in the Chicago area!

To make some small repairs and assist with any emergency services for 3 flat in Irving Park. Thank you

Quote from @Jonathan Klemm:

Hey @Benjamin J Paoletti - We have several smaller subs that might be able to help if you have a clear scope.  We work all over Chicago.  Feel free to connect and well see how we can help.

Thanks Jonathan! Just messaged you. 

Quote from @Alec Reinke:

Hey Benjamin,

I have a recommendation!

Jack Lech at Event Flooring did a great job refinishing our hardwoods and was inexpensive. He also installed some hardwood floors in a families house and was great.

Heres his number 1 773 280 0226.

Thank you Alex! I will reach out to him.