All Forum Posts by: Jason Albasha

@Paul Brower

Looks good on paper. What neighborhood is this in? If it's in a nice area then it's a steal, if it's on the west/south side then you're being taken for a ride.

Also, what is the condition of the building? Are all the utilities separate?

Are all the units legal units? This will matter when financing as banks won't count "illegal" unit incomes towards your DTI.

I own investments in Chicago and they've performed well. The market is also hot for purchases as I've written more loans than I can count last year. Not only that, yet a lot of people are refinancing and staying in their homes. 

I like Chicago and the area in general as the ups and downs aren't as high and low as the coasts. Practically every other major city is on the coast and you can read about the real estate in places like California (in general), New York, Florida, Boston, etc. Chicago remains relatively somewhat stable and yet the demand remains.

When you hear about the "population exodus", just remember that more people does not mean more money coming and going. You can have a family of 7 leave, who live off a father's blue collar paycheck of $45k, only to be replaced by two single software engineers making $150k+ each. You'll read headlines that are written to get clicks and instill fear yet do not paint a full picture of the reality. This previous paragraph may sound grim yet it is what it is. 

Wow, lucked out with hardwood under the old tile. Nice work, look forward to reading more deals. 

Welcome Marc!

Add me to this list @Marc E. M.

Sagging how? You need a handyman or carpenter. 

As @Henry Lazerow says, a lot of what you see proposed is bureaucracy.

Seems like the only way to get someone to move out now-a-days is cash-4-keys.

Hi @Kevin Klaas, welcome to the forums! Let me know if you have any questions regarding financing your deals. 

@Gustavo Perez Jr Just watch the market for a few months. And take notes (mental or physical) on what you see.

"Hmm OK so 2 & 3 units in Logan are retailing at $250-300k/unit. While in Jefferson Park I see them for sub $200k/unit, especially if it's siding instead of brick".

@Bryan Stocklas Sounds like he's just trying to scare you into buying.

My brother is a lawyer and he constantly says "yes, you can sue anyone for anything, that's not the question. The question is, how likely are you to win?".

I could file a lawsuit because I think you're harassing me on BP. It doesn't mean anything though. 

@Mario Morales As others have stated just send an email or text (so you have proof). Give him 48 hour notice.

I've had to do it with one of my tenants. I needed to access utilities which were conveniently only accessible through their unit.

I'd also do routine inspections of the office if the tenant is being weird. At least once a quarter I'd give him 48 hours and pop-in to make sure things are OK. They should be yet this will send a strong message regarding ignoring your calls/texts.