All Forum Posts by: Conn G.

I huge fan of North Avondale homes. Huge homes and lots. Not a big fan of the crime. Maybe one day. . .

But East Walnut Hills/Evanston has seen some huge growth as well

I see a correction but not to that extent. There are a lot of home buyers that have locked in rates at 3%. Those people aren't willing to sell unless its involves death, divorce, or delinquency. Bill McBride's Calculated Risk has a great daily news letter about the various gears of the real estate market.

@Diana Costta

How is the PM marketing the rental. I like to syndicate to multiple websites including FB marketplace. FB gives me the most leads however it's the most time consuming

You're always going to get mixed opinions on this subject. The tenant can easily see that your personal name is on the tax records. Just be honest and upfront if they do ask. 

Never ever let the seller's do the repair work. They will find the cheapest way to do it (you'll probably do the same if you were in their shoes). I will always ask the sellers to write me a check in escrow for repairs needed, that way you don't have to front the costs to repair.

Great deal. Sounds like you 're crushing it

A rule of thumb is never have rents below market where the difference in loss to lease is more than your expected vacancy + turnover costs. Sure, getting market rents is great but what is the cost of renovation and vacancy?

Talk with the existing owner/ property manager. Have they had issues in the past? Although you shouldn't create bias based on the buying process, make sure you receive the rent roll, T12, and past tax returns on the property. This should be plenty of information if they pay rent late

In your PSA, ask for estoppels of existing lease agreement, bank statements of past 12 months of property, and tax returns for property of past 3 years. That should give you plenty of information of the property's health.

Have your PSA state the owner to provide estoppels for the existing tenants. You should then know if they are MtM or on a lease term. If they are MtM, you have to give them the proper state notice that you will not be renewing their current lease agreements.