All Forum Posts by: Gary Guidi

@Melissa Gittens our tenants are using a big laundry mat across the street and a block over. But we feel like we can add 3 or 4 washers/dryers into one of the basements just as an amenity. The apartments will be more attractive during turnover if we have that available. Make it a little easier for them. There's a company in Chicago that will install the machines and you lease them for half the profits. So it's a win / win that costs us nothing up front. They even service the machines if they need it. We just need to install more lighting, a more secure door with a code entry. It's something on tap to figure out this winter.

@Ranjit Wasu You can joint venture with a partner who has strong credit and a high balance sheet. Just needs to be a deal you're both providing value to and have mutual interest in.

@Jesse M. I definitely had every unit inspected by a top inspector in the city. I have about a 50 page report on the while building. It helped me get a seller credit before closing to address a few immediate concerns (paying for the report and then some). And it lays out a good road map to any deferred maintenance we can expect over the next several years. I always use Marcus Keller for my inspections. He's the best.

@Chris Marte I financed with US Bank for that deal. I could have gone with a 5, 7 or 10 year balloon. But my plan was always to stabilize, force appreciation and refinance.

I'll look into whatever works best next year for for the agency debt. I'll probably reach out to Jim Biggs or another Chicago area investor who has done it before. There's always someone willing to give good free advise and point you in the right direction.

@Steven Lowe Austin has been good so far. We're lucky that the previous owner had done a nice job cleaning up the building from drug issues 20 years ago. He and other property owners carved out a nice niche of well maintained buildings in the immediate area. That makes a big difference. I'm doing a JV with a partner in the same neighborhood for a 2 building/ 50 unit portfolio. Hopefully all goes well and we close in about 45-60 days.

@Jay Hinrichs West side

@Anthony Rosa Chicago isn't under rent control at the moment. There's some growing political pressure to go that route but as investors, we think it's going to hurt more than help affordable housing.

I have a great property manager who handled all those renovations.  It didn't take much of my time at all. I just needed to do the analysis to make sure we weren't over improving the units compared to the market.

@Steven Lowe I love Oak Park and used to live there a long time ago but haven't been able to find any properties that make sense for me since I invest for cash flow. Austin has a much lower price per door. Cicero and Berwyn work too but they have some tricky city ordinances you have to be aware of.