All Forum Posts by: Cody Gebhart

Illinois is enacting a statewide minimum wage of $15 per hour by 2025. Have any experienced landlords had this happen in their state or city and what have been the effect on rents? Drastic increases or gradual increases with normal inflation of 2% yearly?

Sounds alot like my 1st duplex. I was very excited to get started and there wasn't many on the market. Rents were 565. I paid 85,000. My other numbers (taxes, ins, etc) were in line with yours. I sold it 2 years later for 88,000 minus realtor fees.

While I don't regret buying this property because it got me started. I would not purchase this property again. It didn't really make any money after expenses. Not enough to be worth any trouble.

Good for you getting started. I would have not been confident to pull the trigger on my next purchase of a 6 plex without that duplex. So use this as a learning experience to manage tenants.

Also I would not raise the rent on the other tenant until you get the other unit filled.

@Steve Emling I just started using the payment system through Zillow. There is no fee for the tenants or landlord if they use bank draft. Only downside is that it takes about a week to post after it drafts the tenants account. My other tenants send checks to a P.O. Box.