All Forum Posts by: Jeremy Marek

I was wondering the same thing about a cheap device that acts as a meter. Any one have input?

If you are looking to self manage, I would look into Cozy.co. It's free for landlords, and has tools for screening, marketing and maintenance tracking

I tend to agree with @james wise, we are near or at the top of the curve. Especially as interest rates rise, it's unsustainable, because the cap rates that sellers are asking won't cover a 1.25 debt coverage ratio that most lenders require. Almost all Multifamily investors I speak to are in a holding position. Every day interest rates rise, sellers will get less and less for their properties. They are going to have to start entertaining reasonable offers. This isn't investment advice, just my 2 cents

@Jason L. I thought I was the only one who hated the Ikea website! lol. So its not just me...

Another vote for plywood. The particle board stuff falls apart. So even if its not an A class property, the cabinets will last longer. We have all wood cabinets that are literally 50 years old in some of our units. Only things we have done to them are new hardware and re-stain and polyurethane every few years.

It sounds like you fell into the landlording business on accident, it may just not be the industry for you. Sometimes you have to go to court, some times you aren't going to be happy with your tenants, there will be things that you have to fix, etc... Its just part of the business. For many people, that hassle isn't worth it, and there is nothing wrong with that.

I know you say, "I cant sell it" but honesty, a mismanaged property can and will get so badly destroyed that you will never get out from under it. So I would just figure out if this avenue is for you, if not, cut your losses and move on.

@Michael P., Exactly... So many landlords get all defensive, "Oh hell no!" not realizing that they cannot forbid them anyway... Just come up with a good alternative, like others have mentioned (Post in yard).

Oak Lawn and Evergreen Park aren't bad areas, but Evergreen Park's building department is a PITA. They do mandatory yearly inspections of all rentals, and charge yearly fees for each unit. They will hassle you about just about anything... Now,,, with that being said, honestly, its not a bad area for rentals. You do end up getting very good middle class renters in the area, very little crime or vandalism. Overall, I think you chose some good areas that aren't crazy overpriced and you might be able to cash flow in, without dealing with bottom barrel tenancy.

Noobie investors are the ones that get bogged down on appraisals, whether they be a tax appraisal or from a lender. My advice is that you should know what that property is worth more than an appraiser. Their opinions will differ. Have seen it happen when we had to call a second appraiser out and got a totally different valuation. If you are overpaying by that much, you should have known that on your own. I don't care what an appraiser says, I run my numbers and know what a property is worth. 

First American Bank does, I believe