All Forum Posts by: Paul De Luca

@Dan Audino

For path #1, is your eventual goal to rent out the property?

For path #2, you mean purchase & renovate a 3-5 unit building right? Perhaps you could consider hard money in addition to private money?

@Sebastian Nadal

I've used Zillow Rental Manager to screen my tenants and have found it effective. I know some people use TransUnion SmartMove. Pick a screening platform/application that makes sense for you.

As for meeting the applicants, I recommend meeting them at the property to show the place to them rather than getting coffee or food with them.

@Kris Tohovitis

I wouldn't recommend using your cash to pay off the mortgage on your primary residence since you can likely get a better return on that money by investing it.

What's your buying criteria for the multi-family property? Have you consulted with lenders to discuss your budget and options? That will be a determining factor for where it makes sense for you to purchase.

Regarding waiting - bear in mind a lot of people were predicting rates in 2024 would be in 5% range or low 6s, which didn't turn out to be the case.

@Jacob Dalton

It seems you have a high level of concern when it comes to investing in Cook County. Based on your post, it's probably best for you to simply not invest in Cook County for your own peace of mind.

Sure, any tenant could stop paying rent and that risk is never zero. Buying in a quality area and being thorough with your tenant screening are the best preventative measures you can take to avoid that situation from arising. When problems with tenants come up, it is important to have professionals on your team that have experience navigating tenant problems such as evictions. That means having a great property manager and attorney.

I've had a few problematic tenants since I started investing in 2019, but fortunately in each of those 3 cases we've been able to negotiate an early lease termination.

All investments come with risk, so the key is to mitigate and manage it as best as you can.

@Ezra Avery

Welcome! Beginning your real estate investing journey with a 2-4 unit property is a great way to get started. What questions do you have?

House hacking a 2-4 unit property is a convenient way to get started and a useful strategy for growing your portfolio! I say this as a four time house hacker.

@Lynda Fofana

Welcome! You're in the right place to connect with local Chicago investors. Do you have any specific questions or information you're looking for?

Agreed, I think these articles are primarily made as clickbait and designed to give homebuyers false hope of an impending housing crash.

@Calvin Rappard

I agree with @Kevin Sobilo as well. 

If you inherit a tenant and they have been a good tenant, I see no reason to suddenly ask them to submit an application for a potential lease renewal. 

If you do want to screen the tenants you inherit going forward, you should do that right after you close on the property.

@Jake Kazmierski

Welcome!