All Forum Posts by: David Levin

@Robin Krieb I am still active. the ability to charge a higher late fee wouldn't detour me from investing there. There are still some nice value add deals on the south and west side of Chicago in good pockets. But when investing in Chicago you should understand it is a tenant friendly city. So, while there currently is no rent control, there was a recent vote that moved it closer to reality. But, whether or not it passes remains to be seen. Even squatters have rights in Chicago! The Covid effect has hurt. Everyone waiting for the moratorium to be lifted, month after month after month...But there is a program to help landlords get back rents which most have signed up for. Many buildings on the west and south side are occupied by tenants without leases. Be sure to get as much info as possible. A tenant without a lease has the same rights as a tenant with a lease. There are also limits the timeframe for rent increases. If a tenant has occupied the building for longer than 3 years you must give 120 days notice for a rent increase. That can make stabilizing a building to market rents a long process. 

I thought late fees were 5% every dollar over $500/mo rent plus $10.  

Hi all. I currently have multifamily property in Chicago. Any thoughts on the bill advancing in legislature ending the ban on rent control? Do you think Rent control is coming? If so, how are you preparing for this major change? Thanks!

@Jennie Berger @Crystal Smith @John Warren What are your thoughts on the bill advancing in legislature to allow rent control in Illinois? You think it will pass?

@Jennie Berger I am a cash flow investor so my areas of interest are on the West and South side of Chicago where cap rates are typically 9% and higher. Can be tricky though as the areas vary pocket to pocket. These buildings are in Grand Crossing and Park Manor. 

@Jaquetta T Ragland I don't think so in this area. But a great thought! 

@James Hamling I agree. The Chicago area especially the South and West sides are pocket to pocket. So, the building history would probably be a better indicator. I will dig deeper than I have.
Although some have done so, and it will work for some buildings, I don’t think combining two units is the way to go here. I appreciate the valuable feedback! 

@Theresa Harris Studios are ranging from $550-$625. I believe $650 is max. No turnover in last 17 months. 1/1 are ranging from $680 (One) to $800 (one) All others average $725. I believe max is $800. 3/1 are at $1200 and $1100. I believe $1250-$1300 is attainable. 2/1 is at $820. I believe $950 is attainable. 

@Corey Hawkinson Interesting! Is this in MN? 

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