All Forum Posts by: Ryan Redenius

@Chris T. yes, they all have separate meters.

I would be managing the units but good call - I should allocate for property mgmt should I want to do that in the future.

I didn't have a contractor look at it and I don't have a background in construction.  The roof is 9 years old, windows are all new, and the small cosmetic fixes I was referring to was mainly just painting and refinishing the floors in 1 unit.  I understand there could be more here that I'm not seeing, but no major fixes popped out at me.

Thanks for the insight!

@Brie Schmidt good to know!

Hey all - 

I'm looking at multi-families in Chicago for my first deal and went to view this 4 unit on Saturday: https://www.redfin.com/IL/Chicago/3500-W-Cullom-Av...

All units are 2 bedrooms and current gross rent is $40,140 annually.  The upside is the rents are below market value and there's an additional revenue opportunity with the parking spaces (they say there's 7, but it looks more like 4-5, realistically).  Based on properties in the area rent could be increased to bring in btw. $50,400-60,000 gross annually with some small cosmetic fixes.

I've attached some screen shots on the numbers below.  These assume the rents are raised.  Would really appreciate any feedback given that I'm new to this as I'm sure there are some things I'm not thinking of that I should be.

Thanks in advance!

@Matt Souza great point about evicting a tenant - thanks, sir!

I'm looking for a 3 flat in Chicago as my first investment property and recently came across a legal 2 flat with a 3rd illegal apartment in the attic.  Currently all 3 unites are occupied.

I know there are some risks with this as an investor but that it also goes on quite rampantly.  I'm not seriously considering this property right now but was curious if anyone had any experience or insight into renting out an illegal 3rd unit.  What sort of questions should I be asking?  

Thanks in advance!

@Brie Schmidtthank you!  I've come across a lot of your posts related to investment properties in Chicago which have already been really helpful.  Would love to connect sometime!

Hey all - I'm a new member from Chicago looking to make my first real estate investment this year.

I'm 26 and currently working in technology sales.  I've always had an interest in real estate and am at a point now where I'm ready to dive into it!

I'm interested in purchasing a 3-flat rental property this year.  BiggerPockets has already been a huge help from just researching the forums and listening to the Podcast.  I'd love to network with other real estate investors who have had success, especially those in Chicago, who I can learn from.

Looking forward to connecting with many of you!

Cheers,

Ryan