All Forum Posts by: Josh Reighard

 Hey Bryce, good timing! I am in process of scheduling now. I will update once I have definitive date and time. Would love to hear about your experience living in the area. Best - Josh

 Hey Logan, Would love to connect. My partner and I own over 20 units in DSM and have some good experience there. Reach out if you ever need help. Best, Josh

@Jason Marcordes Will definitely let you know about next one. Today was great, just a few of us, all living in Pilsen. It was a good mind share. Definitely some good property mgmt questions came up so hopefully you can join next time. 

@Jason Marcordes@Jonathan Klemm

Hello. Our group is tentatively planning on meeting next Sat Sept 10th @Pilsen Yards on 18th st. This first meeting will be a fairly informal get to know each other meeting. The only agenda to start is getting to know each other and to see how we can help each other, share local info, etc. Jonathan already does an amazing job with his large gathering at the end of the month which I highly recommend. The focus of this meeting would be more local and include Pilsen, Bridgeport, etc. I have a few ideas of different speakers, format etc for down the road. Let me know if you are interested so I can make sure to reserve enough space. Josh

@Jason Marcordes @Jonathan Klemm

hey guys, thanks for responding. We are most likely going to do this for first time, first week of Sept. we are trying to line up schedules. I will follow up once we have definite time. 

Quote from @Henry Lazerow:

I have a 4 unit in Rogers Park/Edgewater boarder by Clark and Devon and have been finding a lot of success with airbnb. Normally the unit rents for $1300 its a small 2br thats roughly 500 sqft which I rehabbed with modern finishes quartz, in unit laundry etc. when bought building unit was only at $600 a month. I also put up some cool artwork and modern furniture. List of supplies/costs... $1500 for the leather couch, $60 for small print out artwork and $200 for the large hand painted artwork over couch, bedframes I got from a startup called Thuma which is solid wood high quality easy to put together yourself for $995 each compared to $1500+ at stores for comparable quality, I highly recomend Thuma and no they don't pay me to say this haha. 

Below is the calendar with 81.25% occupancy. I do this by setting days to $159 and then once mostly booked I change the little gaps to be at $99 with just a 2 day minimum. The $99 gap days sometimes fill within an hour of me editing the price. It's a nice strategy that seems to be working well. This is my personal unit I put on airbnb when traveling on extended vacations. I have also tested in winter and that season is less profitible but still nets around $1500 a month average which is above current rents, in winter I set rents lower at $119 and often get longer term guests. 

Finishes...

One thing to note is don't believe the low airbnb comps you may see when checking the app. Most places around me are lower price but with being very responsive to inquires, positive reviews and in unit laundry, etc. the place still fills up at higher rates. I think the in unit laundry is a big plus and definitely worth installing. 

The process for getting the airbnb licensed with city of Chicago was very easy. Paid I believe it was $125 and within 2 weeks had an email back saying approved with the license number. There was no inspection or any hoops to really jump through. 

Feel free to reach out with any questions. Next I want to try an airbnb in the trendier neighborhoods such as Pilsen, Logan Square, etc. 

 Hi @Henry Lazerow, great property, I love the finishes! I currently live in Pilsen and am eyeing a building on my block that I may consider STR for. It is 3 unit, so most likely would keep two as standard rentals and airbnb the other unit to test waters. I have a lot of experience in another market with standard rentals but have been wanting to test STR in Chicago. I used to STR in Austin TX and Utah. Both were great but mgmt cost slowed me down. I would be able to manage new building and have handyman, cleaning etc down.

I would love to connect sometime to mindshare and learn more. 

Hello, I am currently talking to a couple other investors on my block about starting a monthly coffee hour to discuss local trends such as market rent, rehabs, property management, flips, etc 

I have lived in Pilsen 8 years (with a 2 year break while living in NYC). Love the area and would love to connect with some local investors to discuss area. My current contacts and I are meeting next week and will discuss how we would want to format. If interested, message or reply here. 

@Jacob G. A little late here but I think you are making best decision to make fixes and keep rental. My partner and I have a growing portfolio in the Des Moines area and typically work with around 3-4 inspectors. Some are very laid back and dont knit pick while others notice everything. Our experience is try and learn each time and do the basics. If you ever have any questions, don't hesitate to reach out. 

Bummed I am just seeing this now! I live in Pilsen and always run through Bridgeport, this would have been a great meeting to attend. Hope to attend the next one. 

Hey @Jonathan Klemm I would love to find out more. What entails a project walk through? Just a walk through on a current project?