All Forum Posts by: Sean Wagner

Hey Jeremy,

I am a broker in Chicago that specializes in multi-family and has experience with subsidized tenants on both the property management and brokerage side.

Would love to connect!

Hi Lucas,

I am a commercial broker who specializes in multi-family properties and would be happy to help with your search. I also am an investor myself.

Would love to connect!

Nice to meet you Jared! I am in Chicago as well, office is in River North. Would love to connect

Depends on the age of the building, mechanical systems, etc but good rule of thumb is 6 months of reserves liquid to feel safe

I would say that is an unreasonable request for you to provide accommodations while you cosmetically upgrade their unit. Perhaps tell them you can do it the next time they go out of town. If they give you push back, tell them if they are not ok with you doing work inside while they occupy the space then you won't be moving forward with the work as you are not obligated to complete cosmetic upgrades.

Anything around the Ogden corridor, the immediate area around the United Center, and Little Village

Nice to meet you Khalid, saying hello from Chicago!

The security deposit might be a big factor. I would charge a move in fee instead of anywhere from $350-$500/per resident. Security deposit laws in Chicago are disadvantageous to landlords anyways. Another thing we like to do is offer a discount on second month's rent if you apply within 24 hours of viewing the apartment. When you do find a tenant, offer a term longer than a standard one year lease that will put you into the rental season on renewal. Ex. Lease starts December 1, 2024 and ends March 31, 2026 for a total of 16 months.

Hope this helps!

Might sound surprising but Chicago. Rental market is currently one of the most competitive in the country. Still lots of deals out there for $100k/unit in the multi-family space, with rents increasing year over year. Don't believe the media hoopla about crime. Property taxes could be killer here but do your homework ahead of time and price the increases into your numbers.

Regarding Chicago, the 2024 property tax re-assessment in Cook County should cause some inventory to hit the market, specifically on the mixed-use and multi-family side of things which will be hit especially hard. Some townships have sent out tax bills already and I am hearing of 25%-50% being the norm, especially on the mixed-use properties or properties with 3-18 or 2-12 classification.

The multi-family market has remained strong, and if rates decrease I think we see more buyers in the market irregardless of property tax increases. Too many people waiting for rates to drop and I think more buyers than sellers still. I think higher values are inevitable but election, fed policy, inflation, etc. will dictate and what pace.