All Forum Posts by: John Westbrook

Hi @Ben Meisel!  Something is certainly not right at all.  My monthly water bill for my 7unit in Chicago ranges from $190-$260 a month.  If he has a massive leak in his water service(water main to building) it certainly will cost anywhere from $18k-mid 20's.  About 1/3 of that cost is the permit to the city to open the street.  The bill is concerning, but the thought of where all of the water is going concerns me more.  What neighborhood is his building in?  I'm happy to share my plumbers information with your friend.  It should be something that can be figured out by opening the B-box on the street and examining where the water service enters the building.  Cheers!

-JW

Hi @Riley Ricobene!  I would love to connect with you and see if you would be a good fit around our business for the summer.  I specialize in multi-family 5+ in Chicago and we are currently gut-rehabbing a 9 unit building that could be a great experience for you to learn. Feel free to send me a message!

-JW

@Natalie Cloutier thanks for starting this thread!  I know it will be helpful for tons of BP'rs.  It is very important that we all understand that this situation WILL affect someone around you, whether it be a family member or a tenant, and to be as helpful and kind as possible.  Karma is real.  Here is the letter I sent out to my tenants yesterday, feel free to use any bits that strike a cord with you---

Hi everyone,
I wanted to touch base with each and every one of you, and encourage an open line of communication through these unprecedented times. First and foremost, I hope everyone is staying sane and healthy, we may be quarantined for some time but this could be an amazing space to reset, reflect and recharge from the fast paced city life that we have become accustomed to.
I hope your employer or clients are understanding and able to keep you employed and in business. Most may be ok through these troubled times, but some may not be as fortunate. We are normal people too and want to work with you as best as we can to soften any potential hardships. Rent is still due. We still have to pay our mortgage, taxes, insurance, and utilities to maintain the building and to keep your home feeling like home. We aren't a large multinational corporation with massive reserves and big cushions to fall back on, but we are human beings that have empathy for a situation that no one alive has ever been through.
We are keeping our eyes on programs that the government is designing to help individuals, especially tenants, to get through these hardships. This is a rapidly changing time, so we are going to stay up to date on what our government plans to do, and will make sure to keep you updated with any programs that become available. At this time, small maintenance requests will be put on hold, but of course if anything big needs to be attended to our maintenance is still available. I am always available to connect and talk through your individual situation, as each person may be living through different experience. You can call or text me anytime on my cell, I'm here as a resource and to help you get through anything at all. This will be a moment of time that will be written about for decades, and it is important to remember that we are all in this together. We as humans can and will evolve to adapt to our new realities and I'm confident that we will get out on the other end stronger and greater than ever before.

All my best,

John Westbrook

Hope this helps at least one person, cheers!

-JW

Hi @Fedor Volkov!  Congrats on your 3flat, very exciting.  As a rule of thumb,  I always try to give my tenant 90 days notice(with 30 days to decide if they would like to renew) and then 60 day before the end of the lease either they renew or I put the unit on the market. I would suggest that the day you get your keys to the property, knock on their door to introduce yourself, hand them the 60 day notice with an explanation why wanted to do that in person, and try to form a meaningful connection!  I have found that a huge percentage of my tenants this year have renewed, so you may find the tenant is willing to renew at a new price.  If they aren't sure, just let them know that you will be posting an ad for the apartment and will get them 48 hours notice for showings. Give them reassurance that if they later decide to renew, and if they apartment isn't rented, they of course can renew.  The important thing here is to treat them like a human being, and understand that they may look at you as the enemy.  Surprise them by treating them kindly!  I have them 2020 CAR lease and am happy to share with you, feel free to PM me your email address.  If I can help in any way at all, don't hesitate to reach out.  Cheers!

-JW

Hi @Eric Smith!  Renova Capital pretty much dominates Chicago with the best rates and terms.  Have you tried reaching out to them?

Best,

John

Hi @Danielle Smith!  Feel free to PM me, my GC may be interested in the project if the scale is large enough.  He is currently doing a 9flat gut-rehab for me in the same area.  Looking forward to connecting with you!

-JW

Hi @Jerry N.! Apartments.com and Zillow are fantastic lead generators, Domu is a great third option. I used to use CL, but even before they started to charge I found that it wasn't worth the leads that I was getting(low quality). I'm a broker and find that most renters are savvy enough now to use both sites and I don't find a need to post on the MLS unless it's off season and the rental market is very slow. My rule of thumb...reach out to your current tenants 90 days before the end of their lease and give them until 60 days until end of lease to decide to renew. If they are undecided or don't renew, post ads 60 days before the new lease starts and that should give you plenty of time to find and new, happy tenant! Follow the link below for an ad I just posted for a June 1st start date. Great pictures, a detailed description, and flexible showing time is what gets you the most leads!

https://www.zillow.com/b/1422-n-talman-ave-,-apt-2f-chicago-il-9kmKxW/

-JW

Hi @Lumi Ispas!  Yes they are all less than a 4 minute drive from each other in the East Humboldt area.  Many thanks!

Hi @Nathaniel Gotshall! Very cool to hear you getting started in RE! I grew up in Michigan City (Duneland Beach) and feel that I could be a resource for you if you ever need help with connections/knowledge about certain desired pockets there. Stop 4 is a great value and I feel there is a big market for Airbnb there. I know an old coworker from Chicago that has purchased over 10 SFH in New Buffalo and is killing it with her Airbnbs. I run an Airbnb out of one of the units my 3flat in Chicago that I'm currently house hacking and found it's not as hard as you would think. Just find a reliable and awesome cleaner!

-JW

Thanks for your help!  

John