All Forum Posts by: David Stefanovic

Looking to invest in turnkey multi family rentals. Which states/cities offer the greatest ROI and that are landlord friendly?

Welcome Melissa and best of luck in your RE endeavors!

My insurance was going to expire and not be renewed until I got the roof replaced or fixed on my house. Got a new roof just this past weekend and waiting for the insurance company's inspector to come out and approve. Will now get an annual $96 reduction in my insurance premium because of the new roof. At least in my case, a new roof was needed.

If you like your tenants to stay, I would raise their rent by $25 or no more than $50 a month and explain to them that expenses have gone up, thus why you need to raise their rent. 9 out of 10 times, your tenants should be ok with the slight increase in rent. At least through my experience.

2 bedroom / 2 bath condo with balcony on the 2nd floor in Mount Prospect (Northwest Suburb). Includes 2 parking spaces. Monthly assessment $224.00 (includes water, building insurance, exterior maintenance). Annual property tax $1,627.81 (2013).

Condo is updated and well maintained and has excellent long term tenants with month to month lease ($1000/month). Tenants were properly sreened. Never any issues with late or no payment of rent. Well run association with no special assessments. Condo is in prime location (Algonquin and Dempster) making it very easy to rent!

Asking $135,000

Please contact me for any additional information and details. Thanks!

I wouldn't be so concern about the competition. I would concentrate on the four-plex in hand and make sure the numbers make sense as well as the location. If it's in a good location where rental demand is solid, you should be fine and have no problem finding tenants, regardless of competition.

If anything, a brand new apartment building being built might be an indication for the demand in the area! It should also help increase the appreciation of the value of the properties in the surrounding area.

If possible, start now! Just make sure prospective tenants know when occupancy will be available prior to showing them your place. The sooner you start, the more time you have to choose the best qualified tenants.

Getting referrals from a trusted source is key! Ask to see a project that the contractor is currently working on too to see the quality of work they do.

Hi Rosa,

I currently have a 2 bedroom, 2 bath condo that is currently rented out for $1k/month to very good tenants in Mount Prospect. If interested, please contact me.

2 bedroom / 1 bath condo with balcony in Jefferson Park (Northwest Chicago). Includes 1 parking space. Rented for $1,250/month. Monthly assessment $245.23 (includes cooking gas, heat, water, building insurance, exterior maintenance). Annual property tax $1,927.22 (2013).

2 bedroom / 2 bath condo with balcony in Mount Prospect (Northwest Suburb). Includes 2 parking spaces. Rented for $1,000/month. Monthly assessment $224.00 (includes water, building insurance, exterior maintenance). Annual property tax $1,627.81 (2013).

Both condos are updated and well maintained and have excellent tenants with leases. Tenants were properly sreened. Never any issues with late or no payment of rent. Well run associations with no special assessments. Condos are in prime locations making it very easy to rent!

Asking $275,000 for both condos.

Please contact me for additional information and details. Thanks!