All Forum Posts by: Madeline Walsh

@Jonathan Klemm we are in the process of making A LOT of renovations. The property is old so we are having unforeseen expenses. We found out the potentially the whole block has led pipes so we are needing a contractor to cut a hole in the floor.   

@Ryan Luby Thank you so much for the invite! I am still living in Chicago but plan to move to New York in a year or two.

How is it going? I am looking at New Haven as well for BRRRR/house hacking. I'm wondering if you are having difficulties with tenants paying their rent. The median income is low but the amount of renters is high. I am seeing the median rent all over the place. I am also wondering about if students make good tenants?

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $330,000
Cash invested: $15,000

Legal 3 Flat (that was not for sure in the beginning). FHA BRR/house hacking. Potentially turning into section 8 if there is tenant turnover. I would love to have a section 8 empire. Next move is New York, New Jersey, or Connecticut 3 flat then an office building.

Lessons learned? Challenges?

I had to go through one eviction in the beginning, which is potentially why he was selling the property. However, there are no 3 flats that cost that low in Chicago. Crime in the area is not the best but it is close to Humbolt Park downtown, Garfield Park Conservatory, the 606, etc.

I am interested in a property that has an "illegal garden unit." My lawyer says that there is some liability involved because if the tenant finds out it is illegal, you can owe them damages. Chances are, most tenants will not know this information.

I think it is back up after COVID. There are several different options, including avail (steadily) and rent rescue. I am wondering if they are worth it and if anyone else has tried them.

I am also considering this. There are a couple of other options, too such as steadily, but they seem to have more requirements for the renters to qualify. So far, from the research, I like rent rescue the best. I want to know people's experience on the claims.