All Forum Posts by: Jonathan Sor

 Hey Jonathan, Amazed how your in Cali and found a 12 unit property. How did you go about finding it? I'm actually in the Chicagoland area.

@Jonathan Sor I think I am the only person on this post who has actually done business in Stickney. The area is the classic blue collar, middle class community. The tenant base is excellent, and these properties would be very stable. The taxes in our area can be pretty high, so make sure you do your due diligence on the taxes. If you need a good tax attorney I can send you the guy we use. I own and manage 114 units in Berwyn, Cicero and Lyons, and I would buy in Stickney in a heart beat if the numbers made sense. I sold an 8 unit to a client there and he couldn't be happier with the area. I also had a house hack client who bought and subsequently sold there who made a killing. 

Some facts about Stickney.  At the time of this post the value of commercial properties in Stickney have gone down 49.9% year over year while the rest of the Chicagoland MSA has gone up 23.9% year over year.  There's little to no housing supply in Stickney.  If you already own property in Lansing, think of Stickney as a small Lansing.  It's almost a rural type area.  Stickney, as with many towns in the South Suburbs, has very little industry & as a result you'll have t pay close attention to the real estate taxes. 

@Jonathan Sor - To be honest I had to google Stickney, but as soon as I saw it on the map I knew where it was.  I like the southwest suburbs of Chicago where Stickney is located, a little north of there is the metra train line which can take you down to the city.  Definitely a blue-collar working area, likely solid cash flow with lower appreciation.  

Overall I think its probably a good location to invest, generally speaking.  If you need some additional books on the group help, happy to connect.

@Jonathan Sor

I agree with your description of the area. I live in neighboring Berwyn and there are similarities although Stickney has far less 2-4 unit inventory in my experience. For the right opportunity I would have no issue investing there.

https://www.niche.com/places-t...

It's basically Chicago, which I would avoid like the plague. It seems to be one of the most corrupt, heavily regulated cities in the country. Have you checked the taxes on this property yet?

I get the feeling you found a property and now you're trying to see if the location is worth it. That's trying to fit a square peg into a round hole. Research the area first, then look for property.

 Any time you request a response, include a deadline and a consequence.

Dear Tenant, 

It's time to renew your lease. I'm offering the following options:

1. Renew for 12 months at a rate of $1,500.00 per month.

2. Convert to a month-to-month lease at a rate of $2,000.00 per month.

3. Terminate your lease at the current expiration date of [DATE].

If we do not receive a response from you by [DATE], your lease will automatically continue on a month-to-month basis at the rate stated above.

Your Landlord

@Albert Velasquez I have never had to evict a tenant I placed. This is the whole thing people don't get. Most of your operational risk in Cook County has to do with inherited tenants who are not qualified. If you are putting qualified folks in, then you won't be doing many evictions. With that said, the eviction process is ridiculous in Cook County and not fair at all to land lords.