All Forum Posts by: Chris T.

Thank you for sharing. 

I came across them via social media and decided to search on BP for feedback. 

@Paul Brown The price points for the Hammerschmidt school district are higher. I rented one (fixer upper) by the Madison Meadow Athletic center for $1700 about 3 years ago, but it needed a lot of work. 3 Bed, 1.5 bath.

$2600 seems in line with the market especially it's newly rehabbed. When will you be listing it?

My other properties are in Manor Hill and Park View Elementary district.

@Grant Griffiths

Prepare a nice presentation for your clients highlighting their strengths e.g income, jobs, letter of recommendations etc. while disclosing the reasons for their low scores. Personal letters may help. 

Higher deposits and prepaid rents could help sweeten the pot, but first impressions help. As a private landlord, I get bombarded with leads whenever I have vacancy. When someone contacts me with a lot of information, it makes my job easier and I am more open to having a conversation with them.

Drive around the neighborhood and look for signs for rent and for sale. These owners are more likely "old school" and don't have an online presence.

Another idea is to discuss with your client if they can pay you for your services vs charging the landlord commissions. Some private landlords don't want to deal with realtors as they have to pay. I am not an agent so I don't know if this is against any regulations. I always pay an agent his/her fees if they bring me more qualified renters than what I can find myself.  

Good luck! 

@Paul Brown welcome to BP!

We have a few SFH rentals in Lombard, and so far it has been great. Like downers grove, it's easily accessible by several highways, and it's not far from Chicago. More importantly, supply for single family rentals are very limited, creating a good demand from renters.

As far as I know, there is no rental license or inspections required yet.

Most of the housing stock are older, and some parts are in flood zones, so make sure you do your due diligence well. 

@Peter Halliday thanks for the tag

@Jerry N. happy to help out. We're local in lombard. If you search Pentwater Cabinetry, you will find us. I don't think BP will let me post my contact information here, so I will PM you as well. We work mostly with contractors, builders and investors, and we're direct from the factory. Not a dealer. 

@Jordan Wear Not yet, we are still waiting. 

Apologizes for the late reply, tomorrow's meetup is cancelled due to the restaurant shutdowns.

We will try again for April, and I will post an event here on BP once it's confirmed. 

Welcome to BP! @Robert Vanecek

Technically one cannot wholesale in IL anymore unless they have a license or work with someone with a license.

http://flosslaw.com/blog/wholesale

If you network around online and in REIA, you will still find them.

1. HOA

2. Special assessments

3. When there is a market correction, condos and townhouses typically lose their value faster than SFH. (but they could also appreciate faster!)

4. Did I mention HOA? Search on BP and you'll see both pros and cons. MF investors could say the same with SFH or condos as well. Every asset class has positives and challenges.

Bottom line is if the number works, and you've done your due diligence, then take action! 

If you have a solid buyer, who will enter into a contract with you to buy, without you paying realtor commissions, great! 

But if they're working with a realtor, you may have to pay their agent's fee. Same thing if an agent approach you with their client (assuming you are going the FSBO route)

Now, you still want to talk to several agents to list your house. If you realized that you do not know your market well enough or not experience enough, paying that listing agent's fee may make you more $$, than selling by FSBO. (with less work)