All Forum Posts by: Ricardo Delgado

@Felix Mercado

Hey Felix,

I would recommend starting with rentals maybe a 2-4 unit in “livable” conditions and maybe with current tenants. I would house hack as well and rehab each unit once a tenant leaves and if you have enough money saved up. Once you fix it up a bit you can increase rents.

Good luck!

@Henry Lazerow

Thanks for sharing. Was hoping this was not the case. All my tenants have managed to pay on time with the exception of an airBnB guest that never checked out and has established tenant rights. Currently trying to evict them.

@Darius Ogloza

I’m so sorry for your loss. In my opinion Jeff park is a great area in Chicago. I would strongly consider holding maybe rehabbing the units if needed to maximize rents. Being out of state a property manager would be extremely beneficial.

Second, if you do want to sell I would look into doing that now. Inventory is still low so prices are high.

Your in a great position depending on what your real estate goals are.

@Kim J.

Wow. People take a mile if you give them an inch. I would follow your gut and cut ties ASAP. Too many red flags in my opinion especially asking the cleaning lady to charge you more?? How does that help either of you if they want to partner in the future.

Best of luck to you!

@Afrothiti Manolis

Congrats on your new home!

I personally like Hermosa and have considered a few properties there. I love how the south east side of Hermosa is close to Mozart Park and the 606 Bike Trail. I also see change coming to that area and plan to continue to look for multi units in that area.

Kelvin park area in the middle of hermosa is also nice in my opinion.

Best of luck!

@Mylan Traylor

Love your strategy, that’s exactly what my thought process was when I started (still Fairly new). I currently own 2 multi units and in contract for a 3rd. The two areas i invested in are south lawndale (little village) and West Humboldt Park so I might be a little biased but I really like these two areas and have had great tenants.

Ive also considered McKinley Park because it’s close to downtown and I55 and East Garfield Park.

One thing to consider is a block or two can make a big difference in Chicago, especially in some of these areas.

Feel free to reach out if be happy to help in anyway I can.

Good luck!

@Cameron Burnett

Sounds like you could potentially start looking now or in a few months. I understand you have a current lease until July 2021. I would communicate with your landlord that you plan on purchasing in the near future and have started looking at homes that are for sale. Ask if he’d be willing to let you off the lease if you were to find something you and your GF absolutely love. Without penalty of course.. I’ve done this for 2 of my tenants so far with success.

What you could do to make it easier for your landlord is offer to find a new tenant to sign a 1 year lease. This will also give you experience on the process of renting out an apartment. Also lots of 1st time home buyer options you can benefit from not to mention 0%down VA Loans.

2. I have not liquidated what I have in stocks so can’t answer to much there. But I would definitely find out how you can minimize the amount of taxes you’ll end up paying if you liquidate if any.

Feel free to reach out if you want to pick my brain about Chicago in general and I can recommend an investor friendly realtor. I’m currently taking courses to becoming an agent myself . Hopefully in the next month or 2.

Best of luck to you and your GF!

@Eudith Vacio

I did and they were interested until they extended the eviction date in Chicago. They’re trying to milk it as long as possible.

Sorry for the late response.

@Collin H.

Hey Colin just curious as to why you don’t recommend doing both AirBnB and VRBO? I only do AirBnB but have been debating on adding my listing on other platforms.

Thanks

@Joe Splitrock

I love your thought process I completely agree with you and plan on starting a second STR ASAP.

I've actually had a horrible experience with a guest in Chicago. Booked for two months April-May. Once they found out about the Cares Act and no evictions in Chicago they refused to check out of my apartment! (After a certain number of days around 32, they are considered month to month and acquire tenant rights) They are still there and I've started the eviction process and hope to get them out some time in September. Even with this I still plan on starting a second STR.

Lessons learned:

1. Invest in smart locks and avoid giving Short term renters a key. ( Looking at the August smart lock).

2. If a guest is from your city and wants to book over 30 days and has 0 reviews I might skip or ask for a higher deposit in the event of anything crazy happening.( most guest are great and take care of the space.)

3. Make sure to increase prices a little on the days big events are going on or holidays when people travel. Ex. In Chicago we have a lot of music events, the Chicago marathon, and even holidays like Christmas thanksgiving that get really popular.

Best of luck!