All Forum Posts by: Sarah Lewis

I use Spacer to rent out extra garage spaces if my flyers posted nearby don't work. It takes a prety good cut (13%?) but I have no issues with payments, etc.

I have never had a problem, but I don't use Speed Queen. I think S.Q. has their own app-so you might want to try that for your situation.

I recently purchased a 6 unit bldg with coin laundry and had Payrange installed. Color me impressed! Installation cost maybe $50 per machine and the machines can still accept coins. Payrange has an online interface and it send my bldg account cash weekly and emails me a report with info about usage. They only take around 3%. 

Also, my tenants prefer it. Pretty sure it lets them know when laundry is done. Also millennials don't use cash.

A little late to the convo here!

I recently purchased a 6 unit bldg with a 'non-conforming' basement unit that appeared to be quite old. I contacted the water department about old records and they sent two jpegs of a 1952 water record clearly showing my building had a basement unit at that time?

1. Can it be grandfathered in?

2. Will it raise my taxes much? Will the city value it on an income basis as opposed to a comp basis?

3. What are the implications of moving from a legal 6 to a legal 7 unit building?

Second what John said about city of Chicago. What might be legal/common in other parts of the country don't work here.

 Long story short, coming at people with a thirty day termination is all stick no carrot. 

Treat people like people.

I purchased a seven unit building in Chicago that was filled with legacy tenants paying crazy cheap rents. Only one had a lease.I told the two tenants in middle (smaller) units I would like them out in thirty days and would give them an extra $500 if they could actually be out in that timeframe. The other middle unit tenant was out in closer to 60 days. 

I Make it easy for people, I let them leave large pieces of furniture and they don't have to clean up because we do total renovations on each apartment. 

Other people I allowed to stay for 90/120 days and kept in touch with them. Lastly I allowed tenants in front units to stay over the winter. I raised their rent $100/150 but it worked for me as well because those tenants were paying their own heat over the winter and we won't get to their apartments till late spring.

Tenant with lease moved out on his own.

You will not have appreciation and taxes will be very high. I don't see any upside from high end condos in Lincoln Park.

I think " 4' plus 2' 3" = 6' 3" (six feet, three inches)

@Deisy P.

You got a lot of good advice as well as some sexist hogwash. I have been a landlord, rehabber and foreclosure auction buyer for a number of years now. My dad and I had an LLC together, but he lived in another state and was a silent investor. I have been married for many years, but my husband plays no part in my business.

I don't know how to fix a toilet or install a ceiling fan, but I understand what is involved and I know who to call. When it comes to landlording, I know how to deal with people, and how to create a beautiful apartment that prospective tenants love. I know how to design, photograph and market and then negotiate to win/win. That to me is more important than personally installing a new faucet.

Look at your getting ripped off as a learning experience. Then it has value. I have made so many mistakes, but I try not to make the same mistake twice. 

One of the things  I love about rehabbing is learning from each tradesperson. It's not just getting three quotes and comparing the numbers, It's about walking through the apartment or exterior and paying attention to what each tradesperson notices and flags as an issue that needs to be fixed. You take that knowledge and bring it to the conversation with the next guy. After a while, you develop a sense of what things should cost, who is ********ting you and who you want to work with again.

I have experienced some pretty flagrant sexism along the way. Use it to your advantage.

Feel free to message me if you want more advice (or war stories)

Bumping this topic! I recently purchased a 7 unit building with newer existing coins op laundry. New treats apost rehab will be 'more modern' and would appreciate not having to get quarters. 

What do you guys consider B and C areas in Chicago? 

I have buildings in West Ridge, Edgewater, Portage Park. Portage Park has inherited tenants-so I will see what I can get for a nicely rehabbed unit. 

My tenants in West Ridge are excellent. Great credit, tidy apartments, never late on rent.