All Forum Posts by: Jonathan Satizabal

@Steve O. I usually request my rent increases every two years. Unless it seems like it's too low. Then I try to do it every year to get it up. On a side note, If the voucher holder is has a 2 bedroom voucher and is renting out your 3 bedroom home their rent will be capped off at their voucher amount. I have made that mistake before. Now I try to make sure that they are have a voucher for the correct amount of bedrooms.

@Francis Rusnak As far as the timeline, It takes about a month to get approved or or not. so expect the increase to actually appear in about two months. I have all my rentals with the Chicago Housing Authority. I think each local area operates a little different. I did have one rental with the Housing authority of cook county, I think it took a little longer to get responses from them. However, their inspection process was much easier.

Leasing with HCV | The Chicago Housing Authority (thecha.org)

Here is some information for the Chicago Housing Authority Mobility program. They offer payment incentives and Tax incentives to rent to voucher holders in your area. You can screen your tenants just like regular tenants. I have had some really good section 8 tenants but you do need to screen them. I'm sure there's individuals that would be happy to move there tomorrow, Again it's only temporary.

That area is completely saturated with vacant units right now. There are 90 2 bedroom units for rent on the MLS right now. That doesn't include anything by owner or leasing companies that don't list on the MLS. Some units have been on the market since September, You need to find a way to stand out. I don't think it's seasonal, people in that area mostly work downtown and want to be close to the night life and restaurants. It's going to be tough until things open up.

Last month only 16 properties were rented between Buena Park and Lake View East, 13 of those were between 1750 and 2k.

I would do what ever it takes to get it rented. You should definitely be under 2k possibly closer to 1800. Some money is better than no money. And it's only temporary the rental market should be back to normal in 2022, hopefully.

Have you ever considered renting it to traveling nurses as a furnished unit. I've considered doing that in your area if I ever find a condo for a decent price. At least this way you are offering a different product than the rest of the market. 
Check out this sight
Travel Nurse Housing in Chicago Illinois

There's also a section 8 program that helps move lower income individuals to more affluent areas, you can try marketing to them. It's government money and they pay top dollar.

Does any one know about how much it cost to connect the utilities to a new construction home or small multifamily in Chicago. I’m trying to price out the water, sewer and gas connections.

A rough number if fine for budgeting purposes.

I would say 2500 to 4500. I emptied out a 1500 sqft hoarder house it took 3 dumpers at 500 each and about 2500 in labor. They also did a little demo work. Tore out carpets, a bar and sun room.  A demo/ junk removal company had also quoted me 4k. 

What neighborhood are you in? I listed a condo in Lincoln Square a couple years ago and had a similar issue. I had to post it to craigslist on a daily basis in order to get any inquiries. The price may hace been a little high but we rented it. Also, due to covid I think the rental market is a little soft in the city. I’ve seen rents that are about 200 or 300 less than they were before the pandemic. 

You can request an Increase through your owner portal on the Cha website. You may need to register if you are a new owner. Your properties will be listed on the website. https://www.chahcvportal.org/A... I’ve also noticed that Section 8 does not require that a lease be renewed. They only keep the original on file. 
the process can take a month or more. 
I typically try to explain to my tenants that they’re protected by their section 8 agreement therefore do not need to have a lease resigned every year.

Just purchased a single family home as an investment property  in Chicago. I was hoping to rehab the kitchen and bathroom for 15-17k. 

The kitchen needs new cabinets paint and time floor. The bathroom is a total gut, but is very small. 

I’m getting estimates from contractors closer to 20k. This seems like a lot for just these two rooms. I’m not doing anything soecial besides granite countertops. Is this the going rate? Am I expecting too much for my money?

So I went ahead with the tenant everything seems to be going fine. The company providing the payments is called facing Forward. I recived two checks from them and the tenant is clean, polite and respectful. So far so good. 

The tenant pays Facing Forward directly and they cut me a check for the full amount of the rent. So I get paid the full rent even if the tenant does not pay the program. It's seems easier and less involved than doing section 8. The initial inspection was also a lot easier to pass than section 8's.

Thanks, I just checked there website. I wanted to make sure that it's a legit organization that's going to be around for a while.