All Forum Posts by: Jason Marcordes

Welcome Flip! What asset type and area are you planning on focusing on?

Landmark Property Management is a growing property management company in the Chicagoland Area. We're looking for motivated individuals to handle showings at some of our vacant apartment units on the south side of the city. Hours are extremely flexible and pay is based on performance so the more results you produce, the more you make!

Landmark Property Management is a smaller property management company in the Chicagoland area looking to grow. We are seeking someone to help with our online marketing, social media, video marketing, content creation, etc. The job is extremely flexible and candidates can work from home or in our office, anywhere from 15-30 hours per week (possibly more if candidate is based in Chicago and willing to go to networking/real estate events) . As of now, this is short term gig (a summer internship of sorts) for the next 2-3 months but can be extended.  If interested, please email me at Jason@landmarkrgc.com.

@Mark Anderson Welcome to BP! No doubt, it's the best resource out there today. I'm just down the road in Lincoln Square so if you ever want to grab coffee and talk RE, let me know!

Another thing to keep in mind is the condition of the building itself (not just the units). It's one thing to spread the expense over all the owners but it's totally different if you're the majority stakeholder in the building and now footing most of the bill yourself. I have friend who's deconverting a 200 unit on the north side and he has over $5 million in cap X expenses. Now that he owns 70% of the building (and counting), he's on the hook for that. A special doesn't really help much when most of it's coming out of your pocket. Plus if you do a special assessment, the remaining condo owners are going to want that much more for their unit afterwards. 

@Kevin Danikowski

Hey Kevin. I'm no expert when it comes to condo de-conversions but I've been through a few and you're absolutely right on all accounts here. Do you have any specific questions you're looking to have answered? Also, just out of curiosity, where is the property at?

 Ha! Good going - good negotiation skills! 

@Dana Strohmaier

IMO - paying $125-150 for professional photos is well worth it! As far as listing them, Zillow is #1 and Facebook Marketplace is looking very promising as well(still new for us). Zillow will syndicate to Trulia and Hotpads. Craigslist, although archaic, is still good. You may want to add Apartments.com into the mix as well.

@Humberto Rojas

What do you do for a living? Do you have a flexible schedule at your current job? If so, I highly recommend interning or getting a part time job with an investor. There's no better way to learn than from someone who's out there doing it, especially if you're getting paid to learn!

@Dana Strohmaier

In my experience, you only get one shot with most prospective tenants so before you do any showings you want to make sure it's 95%+ done. If you have one or two small things to be done (ie. blinds, closet rods, etc), it shouldn't make a difference. If there's too much left undone, it'll show poorly and the prospective tenants will not come back for a second showing once it's complete. We typically list the property when it's 80-85% done and then start showing at 95%. In this particular case, the house looks good. I would take it off the market for a few days, finish everything, clean it again, and re-list it so it shows up as new again.