All Forum Posts by: Joe H.

 Wow sounds like you have almost the exact same project as me. Message me if you would like to chat more, I can probably answer any question you have considering I just got ran through the ringer on all the fronts I'm sure you are facing. Sounds like you have an even better location than me though!

Thanks for the comments everyone, new faux copper gutters meant to evoke the original cornice that was scrapped are finally going up today! Like the icing on the cake. I'll post some s

Thanks for the comments everyone, new faux copper gutters meant to evoke the original cornice that was scrapped are finally going up today! Like the icing on the cake. I'll post some shots later.

 My all in will be about $600,000. It's easy to get a good per-door cost when you have no aquisition costs.

 Hard to say exactly. Tough to tease out the difference between time spent physically working on it or doing paper work from time spent thinking about it or worrying about it. I would say I've put in at least 500 "hard" hours of work and spent countless more fretting about it.

@Khris Mcafee Sent!

@Marco G. Well I was a bit apprehensive about getting before shots in here because they weren't that great and were done on an old film camera, but here are a few I managed to "scan" using my cell phone:

Above Left: the vacant lot behind the garage was a total jungle, the rear wall of the garage and roof was collapsing. 

Above Right: This one is titled "oh ****, what have I done" and features me staring up at the abandoned hulk.

Above Two shots of the state of the interior, you can see piles of debris and the hobo camp that I had to disassemble.

Above: Most of the clumps you see are actual dried human waste, just piles of it everywhere. See in the back left of the lower photo.

Anyhow, a bit of an improvement over the original condition I think... :D

 It's all about finding the right property for the right price and, most importantly, picking a business pland and sticking to it no matter what it takes. Good luck and happy hunting!

I wouldn't pay someone who is managing my apartments a full month's rent to lease vacant units, that just incentivizes high turnover which is bad for you. 

I typically charge 5% of gross for something stabilized like that and only bill for service calls that incur actual work. I only charge to rent out aparments during winter months (November 1st through March 1st) and even then it's only 1/2 months rent. If you are managing it properly there shouldn't be any turnover during those months anyhow.

You'll have a hard time finding anything under $300,000 right now with much value-add in the hottest areas on the North and Northwest side. I would recommend looking at West Pilsen or Little Village as well as some of the near south side areas like Bridgeport or Bronzeville. 

The ideal building for you would be a two flat with an illegal attic apartment, that's how I got my start and it provides optimal rental income while you live in the illegal apartment and don't report yourself to the city!