All Forum Posts by: Matt Lorentsen

Thanks everyone for the great recommendations! Looks like Innago got a couple mentions so I will definitely check them out. The quickbooks integration sounds like a nice feature as well. 

Any recommendations for a good property management software for a small 10 unit portfolio in Chicago? Need something that has basic accounting functionality to track income and expenses, ability to produce reports, and a rent payment portal for tenants. Appfolio is not an option 

Valid point, but in this instance all my tenants are millennials, and they have a lot of deliveries coming in each day including  food deliveries that require doorbell. the building has thick brick walls (4 layers of brick) so cellphones barely work inside.. 

Hello All, I have a vintage 3 flat in Logan Square that does not currently have any doorbell or intercom system. I am looking for a wireless doorbell solution so we don't have to rip up any walls to install this. I looked into Ring and Simpli Safe but they don't seem to have products built for a multi-unit application. Any suggestions? 

I am curious to know what are the most efficient methods of rent collection for both the Landlord/Manager and for the Tenant. I have been looking into Cozy and Zillow Rental Manager, we have also tried out Paypal (that was a disaster) and considering Venmo as well. Essentially want to make the process as painless and efficient as possible for all parties involved. Having checks mailed to us is considered a last resort. Would be really nice to also be able to track lease expirations in same place but have not found that feature offered anywhere yet. Thanks in advance for your responses. 

Investment Info:

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

Purchase price: $850,000
Cash invested: $250,000

This is a three unit investment property in the Lakeview neighborhood.

What made you interested in investing in this type of deal?

Long term income, tax advantages, and hopefully appreciation

How did you find this deal and how did you negotiate it?

With my agent

How did you finance this deal?

Traditional 30 year loan

How did you add value to the deal?

Renovation of the existing vacant units

What was the outcome?

Higher rent and higher quality tenants

Lessons learned? Challenges?

Don't try to get new leases done in November or December in Chicago, very little activity

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes I used an agent from Sothebys