All Forum Posts by: Jonathan Pliszka

@Mike Huang If you're charging a fee for advice on securities, you would need a Series 65 license. Directly held real estate is generally not classified as a security. However, I would be VERY careful if you work with any clients using self-directed IRA's. The new DOL regulations have anyone giving advice on retirement accounts held to a fiduciary standard.

Apologies, please find the link:

4033 W Eddy - Multi-Family in Chicago's Old Irving Park Neighborhood

4033 W Eddy - Multi-Family in Chicago's Old Irving Park Neighborhood

Hello! I'll be relocating to Connecticut for my job and have decided to sell my multi-family in Chicago's Old Irving Park neighborhood. The first floor tenant is out on 3/31, the third floor tenant is out 5/31. The second floor tenants expire on 5/31 and would prefer to stay if a new owner was willing to negotiate. Please note that I simply just estimated the square footage. It's never been measured. Please feel free to contact me with questions or if you wish to view. Thanks!

All the best,
Jonathan

From the listing:

Don't miss this opportunity in the red hot Old Irving Park neighborhood. This multi-family is situated on a quiet, tree lined one-way street. Move-in, rent, or easily convert to your dream single family home. Easy access to the CTA Blue Line (Addison), Metra (Grayland & Irving Park) and 90/94, this property boasts bountiful rents that can potentially be increased, on-site laundry, additional basement storage and a two-car garage. 1st Floor - $1200/month - expires 3/31 2nd Floor - $925/month - expires 5/31 3rd Floor - $740/month - expires 5/31. Property Is Agent Owned. Good condition, but sold as is.

@Ricky Brown You're not kidding, Ricky. You are from a small town. My girlfriend grew up in Lebanon. 

He's not going to be able to help you with wholesaling, but my buddy Trey at the Lancaster Agency might be worth reaching out to. He owns a few rentals in Marion County and is an established agent in the area.

Thanks for your feedback, @Rick Santasiere. Again, confident in my screening process where I'm comfortable going the "move in fee" route. Doesn't work everywhere, but was just curious. Works well on the North Side of Chicago as it's pretty much the new normal. I see that you're in Granby and own a property management company. Do you service Enfield?

@Daniel Raposo Yes sir! I usually try to limit my interaction with government employees, but the office was very helpful! 

@Jason Arcuri I called the Security Deposit Commissioner and any payment made in addition to first months rent is classified a "security deposit." So there you have it.

@Melissa Gittens The property is in Thompsonville, which is probably the "not so great part" that you're referring to. I grew up in Thompsonville and am comfortable in the area. 

Thanks for your reply, @Jason Arcuri. It's usually dependent on the price of the unit, but generally speaking about $500. It gives me $500 of working capital as soon as the tenant leaves. There so much litigation related to security deposits that it simply removes that liability of not paying back enough, the correct amount of interest, etc. Rather than giving back 100% of the security deposit and arguing about "normal wear and tear," I'd rather have the capital to make repairs if necessary. 

The property is in Enfield.  

Greetings to those in the Nutmeg state! I'm almost ready to list my first property in Connecticut and have a few questions. I've been reading the CT Rights and Responsibilities of Landlords and Tenants and have a few questions.

1. "Move In Fee" in lieu of a security deposit. I don't see any reference to this. In Chicago, I have done away with security deposits as they are the biggest reason landlords and tenants end up in court. As a result, I charge a non-refundable move in fee. This has worked out well and gives me instant working capital for repairs. I'm confident in my tenant screening which is why I do this.

2. What the heck is this rent increase rule?!? "If the landlord and tenant cannot agree on a new amount of rent, the tenant must pay whatever the tenant considers to be the fair rental value of the apartment. That amount may be the same amount as the old rent or a higher amount that is less than the landlord is asking for." WOW. What tenant is going to pay more?!?

Furthermore, my property is in a town with a Fair Rent Commission. Can somebody please describe this process if they've had a complaint filed against them. I can't imagine that these are very landlord friendly.

Thanks for your help!

Welcome, @Charlie Shields. Where on the NW Side are you looking? I own in Logan and Old Irving Park. Let me know if I can be of any help. 

@Art Maydan Futhermore, to @John Casmon 's point, blatant illegal units will often say something along the lines of "Neither sellers nor realtor represent legality of third unit."