All Forum Posts by: Sean McKee

@Sean McKee

That's a good price on a 2-flat for Berwyn and I'm guessing the property needs some work.

Typical Berwyn rents for the units you have described (at market levels) usually range from $1200-$1400. If the units are more updated rents of $1400-$1600+ are very obtainable.

Here's the breakdown of the rents I have at my two duplexes in NW Berwyn:

Property #1 - 2 bed/1 bath unit rented for $1415 ($100/mo for two garage parking spaces included plus a monthly pet fee); 3 bed/1 bath unit for $1530 (bedrooms all on the smaller side). This property was rehabbed in 2018/2019 with renter grade finishes (laminate counters, new flooring, etc)

Property #2 - 1 bed/1 bath garden unit rented for $990; 3 bed/1 bath unit rented for $1515 (about 1100 sf). We gave our previous tenant who lived in the garden unit first dibs on this unit and we gave them a deal on the rent since we had a ton of interest and likely could have gotten $1600+.

Our rents may be a bit below market at this point given we haven't really raised rents in years. We're considering raising them a bit upon next renewals.

If you need some rental comps, let me know.

Strong policies and procedures. 

If you screen well, you'll get higher-quality renters that perform better. It also helps to have a strong lease that is easily understandable, and be quick to enforce violations. Communication is also important.

Our tenants see us performing professionally, so they are less likely to screw around. If they see you don't really know what you're doing, they are more likely to test the boundaries.

So, I found a multiunit house and a single-family house both attached to each other, both owned by a church that put them up for sale. all units are already rented but lower than the market value. The single family house is rented for 1100 but supposed to be at 1300/month (my realtor told me so), and the other tenants in the multiunit property each pays 850 which supposed to be at 900/month. Another thing is that the least that they signed says that landlord will be responsible for trash, swere "basic fee" (not sure what that means) and lawn mowing. I really feels I need to increase the rent but the tenants are nice and clean and not sure how should I approach this. Their lease will be ending in 8 month from now.

Hello everyone - Brand new to landlording, so apologies in advance for the basic questions. I recently secured a tenant for my condo apt. The lease specifies that tenant must notify management and owner of any additional occupantsand that they're subject to board review. Management was really wishy-washy about what that means and basically told me "do whatever you want, the board doesn't really care".

Tenant lease started a few days ago and she has indicated that her boyfriend will be living in the apt effective immediatelly and she'd like an extra set of keys.  My questions are:

1. What paperwork should he complete as an authorized occupant? Management did a background check, and I was going to have him sign the condo house rules. Should he also fill out an application... Or no since he's not a tenant? 

2. Should I make the tenant sign an additional document that spells out she is responsible for her occupant, that they are required to follow all rules otherwise she may be subject to fines, etc?

3. I believe I'm required to give tenant copies of the keys upon request, correct? If they are for the authorized occupant who is responsible for returning them, just the tenant?

3. Is there any reason/benefit to make him a tenant over an authorized occupant?  The latter sounds not only easier but also more straightforward if any issues btwn the two ever arose in the future.

Thanks in advance for any guidance y'all can provide!!

@Sean McKee we do a lot of leasing, and I have leased in both markets. Cicero is really easy to fill units in as long as you have one beds or affordable two beds. We leased up over 50 units there in the past year, so I would know. 

Humboldt Park will probably be a lot more seasonal. We leased a good deal in Chicago this year, and the leasing market was red, red hot during May, June and July. I could feel it slowing down as we filled our last unit at the end of the summer. 

At this point, I would do a price drop to get the right number of showings. You need 7-10 showings normally to get the right applicant in my experience. Try to have your lease bump out a few months so you end on March 31 or April 30. Then the next cycle you will be in more in the groove for pushing rents. 

@Sean McKee - What cross streets are you at?  I think I am near by but the nomenclator east humboldt park can be misleading depending on whether you are talking about the actual park or neighborhood.

I am at Armitage & Western and have a similar 2/1, I actually pivoted to airbnb during covid because I had to drop the rent so low ($1450) that I refused to do a LTR at that rent.  I think you are probably priced right if it were summer, but may need to drop another $100 given the Chicago winter.

Most important if you are confident in your price it is often just a timing thing...the right tenant will come, but I know it's tough when you only have a couple of doors...that lost rent hurts.