All Forum Posts by: Bradley A.

@Lucas Hammer

Our most recent tenant experienced a broken furnace, washing machine, and dishwasher in her first month of occupancy. We fixed the issues expediently, but knew the issues caused a lot of frustration.

Upon fixing the last of the three items we left a bottle of Prosecco and note thanking her for her patience.

She was very grateful and has been an excellent tenant since. The little things go a long ways.

@John Warren

We were pleasantly surprised by the tenants the property attracted. Gill and I will see you Tuesday.

@Chin Bhatt

Three unit owner in Forest Park. Absolutely love the area and the village office has been great to work with. We had some initial concerns with getting the rents we wanted - our units are at the top end of the market, but filling them at ~$2k/month was a breeze.

We’re hoping to refinance our FP and Avondale buildings this spring and begin the property search again. FP will for sure be at the top of our list.

@Victoria Coleman

Don’t let hard winters discourage you. Build snow removal, cold weather maintenance, and higher utility bills into your rents and all will be good.

I own a couple three unit properties in Chicago. Less snow than Erie, but temps can drop well below 0° for days or weeks at a time.

I find the single most important step to take during periods of subzero weather is daily, crystal clear communication with tenants. Reminders to bump the temps, open sink cabinet & bathroom doors (heat circulation to key areas), drip the faucets, etc. Let them know I’ll need immediate access to any space in their unit in the case of a burst pipe. Request updates on any abnormal sounds or issues with water pressure.

-30° days or blizzards can be stressful, but they pass.

Hey BP,

Upgrading smoke and CO detectors across two buildings, six units. In need of ~15 smoke detectors and nearly as many CO detectors to meet the village code. Unable to install hardwired so looking at 10 year battery models.

I’ve browsed Amazon and Home Depot and - while there are many options, the pricing is just mind boggling. Looking at upwards of a grand+ for these retail.

Any suggestions on where to purchase bulk detectors would be much appreciated. Hoping someone has the intel.

Thanks!

@Frank S.

Ignore him. Not once have I seen this user provide helpful, insightful answers. Seems he’s just here to put others down.

Hey BP,

Under contract on a property in Forest Park, the closing for which is contingent on a handful of repairs - some major, others pretty minor.

Having trouble sourcing a reliable painter and electrician who’d be willing to swing by for quotes. Paint will be a rather large project, electric TBD but will include a new service to handle common areas.

Can anyone recommend a trusted contractor for either paint or electric? If I missed a post in the search bar feel free to share the link.

Thanks!

@Justin Kurpius

What areas of Chicago are you investing in?

We’ve seen enormous appreciation in properties along the Milwaukee corridor - think downtown up to Hermosa. We estimate our three flat in Avondale has increased in value $100k+ since purchasing a little over a year ago. Taxes are on the rise in these areas, but so are rents.

Carpenter / RE investor here, chiming in with my own observations.

9-5 I work for a small contractor in the Chicago suburbs. Our website is functionally non-existent and - save for Facebook and Nextdoor.com, we have no other online presence. We’re booked well into next year.

1) Friendly networking on Facebook and honest replies to local homeowners on Nextdoor.com drums up a lot of business, but the majority of signed contracts are generated word-of-mouth. We do good work & clients happily share their experience with friends and family.

2) Referral sites like Angie’s List or Home Advisor are typically used by those who can’t build a local network and grow organically. Those contractors are paying for referrals because - in my experience, they aren’t professional or talented enough to experience word-of-mouth growth. You aren’t going to sign new clients if previous clients speak poorly of your work.

3) Quality projects take priority over cheap rehabs, and there’s no shortage of quality work in Chicago right now. In the words of my employer, “When the economy forces us into fix n’ flips for investors, I’ll shut the business down.” Profits are low and there’s nothing to be proud of. Not all, but many, investors could care less about quality craftsmanship.

@Ann Folan

Great info, thank you! I’ll reach out to Axis this afternoon.