All Forum Posts by: Justin Carter

Hello BP Community,

I am a newer investor based out of Chicago, IL.

Currently looking at investment opportunities on the west side of Chicago.

Would any of you happen to know any property managers that service the Austin neighborhood of Chicago? The properties I’ve looked at are just a few blocks from Oak Park and are on Jackson Blvd just a few blocks from Columbus Park.

Thanks in advance!

Hello BP Community!

I am currently based in Chicago, IL and relocating to the DMV area in a few months. I plan to start investing in the DMV area and was wondering what submarkets are worth looking at from both a flip and a buy and hold perspective?

DC is very expensive and so I’m thinking Baltimore may be my best bet; or areas right outside of Washington, D.C.

Interested in you guys’ thoughts!

@Bjorn Ahlblad the roofer just left. He quoted $1,150 to repair everything that needs to be fixed but he noted that the roof needs to be replaced. He quoted me $15,000-$17,000 to replace a 1,948 SQFT roof. From your personal experience, is this high or low?

I just bought this house in January and its my 1st property. I definitely didn’t plan on purchasing a roof within my 1st 4 months of owning the home... prior to purchasing, I had an inspection done and the inspector noted that the roof was fine for now and that it had a few more years of life left.

@Justin Tahilramani thanks for the insight, Justin! There’s no attic and so I’m certain it’s probably the roof.

@Theresa Harris Hmm that didn’t cross my mind since this is the top floor unit. But now that you mention it, the leak is in one of the bedrooms directly next to the bathroom and so that could be it.

I called a roofer and he will come check it out tomorrow.

Hello BP Community!

One of my tenants just sent me a txt letting me know that water is leaking from the ceiling. She’s in the top unit and so I’m pretty sure the leak is related to the roof.

When I purchased the home back in January I had an inspection conducted on the property and the inspector noted that there was nothing “alarming” about the roof and that everything looked okay from what he could see.

The house has a flat roof. Any recommendations on what I should do? I definitely don’t want to replace the entire roof right now. Maybe just one section needs to be repaired? Also, any idea how much flat roof repairs cost in the Chicagoland area?

Hello BP Community! I’m coming to you guys for guidance and advice.

In January I closed on a 3 unit property on the South Side of Chicago and the property was partially occupied, with 2 of the units being rented by Section 8 participants.

When I bought the house, the tenants weren’t on leases and so the first thing I did was put the tenants on MTM leases.

Today I gave one of the tenants notice that I will be terminating their MTM lease effective April 30, 2020. That equates to a 60 day notice which is courtesy when considering the minimum amount of time required in the state of Illinois is 30 days. I also told the tenant that as a courtesy I would provide her $200 moving fee to be paid upon her receiving her moving papers and successfully vacating the property.

In the letter I told her that I was terminating her lease so that I could make renovations/much needed repairs.

She sent me a txt that says she doesn’t understand why I’m terminating her lease if she pays her rent. I went on to tell her that I need to make some renovations to the unit that can’t be competed while the unit is occupied. I explained to her that this is a lease termination and not an eviction.. which are two different things.

She is now questioning me asking if I gave any of the other tenants notice and why her unit is the only one that’s getting upgrades. I explained to her that I just bought the house and that her unit needs to most work out of all the units in the building.

Now she’s saying she will have her lawyer give me a call. I doubt she has a lawyer but I don’t want to underestimate anyone. I guess my question is, what should I do? Has anyone experienced anything similar? And how did this shake out for you?

I thought I did everything correctly. I gave her proper notice, and have already provided CHA with the termination letter (as required).

HELP!!!!

@Brie Schmidt thank you! Do you know if this can be used for MTM tenants?

Hello All,

I just purchased my first 3 flat in the South side of Chicago and I am looking to put my current tenants on leases (they are currently MTM).

Does anyone have access to the 2020 Residential Lease provided by the Chicago Association of Realtors? A few weeks ago I was able to find the 2019 lease, but I’m thinking I’d be better off using the 2020 lease.

Thanks!

Hi BP Community!

I’m closing on a 3 unit in a few weeks and the property doesn’t have central air. I’m wondering what’s the easiest and most cost effective way to keep the units cool? My initial thought is to install ceiling fans and maybe window units into a few of the bedrooms? I’m also wondering if wall units work better than window units? And do most landlords make the tenants bring their own A/C units?

Looking forward to everyone’s feedback.

Justin