All Forum Posts by: Mike Nelson

The term "landlord"  or "land lord"  has always seemed like an old term left over from the 1800's when my ancestors were both peasants and poor tenant farmers paying monthly rent to the more wealthy owners.  In some countries, the owner was actually a lord.

You can be elected President, since you are a real estate person.   You can live in the White House, and control it, but not actually own it.  As a real estate person, you know a lot about business and finance.  You just have to have a great deal of integrity, knowledge of foreign policy, political experience, humility and common sense.

What are the income and expense figures for this property?

25 Minute drive in Chicago.  It used to b five minutes.  

It would be interesting to see if there is any correlation between distance and success, grouped by size of project i. e. single family and 100 units, etc.  

Danny,  you may not be required to pay these fines.  I had several violations with fines listed for my property in Wicker Park,  Chicago.  I worked to make the necessary repairs and had to pay no fines.  When speaking with them or in court, make it clear these items are from the previous owner, and that you are working hard to resolve all issues.  It looks like a challenge is to identify the plumbing problem, resolve plumbing issues and also other issues.  Please feel free to PM me.

I know this building and saw photos of the interior.  It looks real solid outside with a good-looking interior, which I would think would attract one of the better tenants in the area.  The key is getting good tenants who would hopefully stay for a long time.  The kicker is getting the crowd to go away.   Think about if it makes sense to place a short fence in the parkway - maybe wrought iron - to keep them out of the parkway.

There are good and bad parts of Humboldt Park.  Years ago I bought a nice brick two-flat for $125,000 next to a six-unit filled with Section 8 tenants.  Several people told me not to buy in this location.  There were periodically police calls for domestic violence, etc. next door.  People liked to hang out in front and on my front steps.  During the renovation of my home in Wicker Park, I moved my family into one of the units for six months.  The neighbors liked to litter a lot, but I saw no evidence of drug abuse.   Ironically, it was a big deal with the six-flat owner when my four-year-old daughter supposedly (possibly) was accused by writing with colored chalk on the owner's building.  It was tolerable for six months but we were glad to be out of their.  I am glad I kept the building for several years as it was manageable and proved to be a good investment.

@Aqil Dharamsey, I am assuming you are referring to Rochester Minnesota?

I am curious about Rochester.  Does Rochester have any special characteristics which would make investing in ratholes better or worse?  I imagine it is quite difference from Chicago or San Diego or Denver or Lansing Michigan.  

My personal focus is not to invest in ratholes, although it worked for me by buying low-cost houses in Chicago which appreciated (Wicker Park) in which the value was in the land.  I bought at $30,000 hoping the land value would go up.

@Account Closed are you able to understand why leases are not being renewed?  Is the nature of competition changing?  Are the big operators with volume getting a bigger piece of the pie?  What income can be generated from food marts (lottery tickets, junk food, cigs, sports drinks, etc).  What about service bays?