All Forum Posts by: Sean McKee

@Ricardo Delgado thanks for the pointers. What criteria seems to work best for you?

@Brie Schmidt - that is perfect. Thanks for the link.

@John Warren and @Brie Schmidt- thanks to you both! I would have never thought about that. I’ll definitely have my lawyer look at any lease. There’s clearly a lot of ways to go wrong in Chicago.

Hello Everyone!

I’m closing on a 4 unit in Little Village next week. I have rentals in Cicero and always charge security deposits. However I’m leery to do so in Chicago. It seems too risky with the current laws.  I’m definitely leaning towards move in fees. I’d like to charge 300 to 375. Little Village might be a little less than that. However I definitely would prefer to charge as much as possible.

What do you charge? Or do you stick to security deposits?

@John Clark. I agree with you about Chicago and Cook County in general. The deficits are definitely reflected in the taxes.

And the new COVID-19 tenant laws seem likely to stay after this is all done. This will definitely make Chicago/Cook County much less appealing from a rental aspect. So I’m definitely trying to tread carefully to ensure I get properties that can attract the best tenants.

@Shamar Gregg I kind of figured that would have some of the higher rents. What kind of tenant base do you have? Families?

@Dante Williams. Thanks for your reply . Yes it very helpful. I’ll definitely drive around more to get a feel of the vibe.

Hello BP and fellow Chicagoland Investors.

Through conversations and research I’ve increasingly heard more about East Garfield Park and Austin (especially East Garfield Park). It seems like both areas offer strong cash flows.

I’m aware of the crime in both areas and the potential risks stemming from that.

However from a rental aspect what blocks/areas, if any, attract the best tenant pool? Have you experienced any significant periods of vacancy?

I’ve been to the neighborhoods quite a bit, but never really considered them from a rental aspect. I’d be curious to know what people think.

Thanks

Good Morning BP.

I currently own some property in Cicero. I was able to buy when it was still cheap. However the last few years prices have run up quite a bit, along with the tax bills. I’ve watched my tax bill on one property almost double. Berwyn, Maywood, etc. all have obscenely high tax rates.

When looking at new deals in the area, I’m getting pretty put off by how high the taxes are. Are you still finding it worth your time for buy and hold in the area? Do you think rents will adjust upwards as fast as the tax increases?

Hello everyone!

Hopefully everyone’s doing well during  these uncertain times.

I’m in the beginning stages of looking for new target markets in the northwest Indiana . I’m looking for strong rental markets that can attract decent tenants. More than likely would prefer to stay in the class C areas, but open to better areas.

So far Hammond, East Chicago, merrillville have come up come up on my radar. Hammond seems the most promising.

I’ve considered East Chicago given the low prices. However I don’t like the vacancy rate and percent of vacant  buildings.

Any pointers to any of these markets and if they are worth exploring would be appreciated.

Thanks!

It depends on the lender sometimes. I had one request signed leases before they would close, luckily I had tenants already lined up. I would check with your lender before, unless think you can rent it before closing.

good luck and congratulations.