All Forum Posts by: Vijay Prabhakaran

I'm wondering how things went over the winter in Chicago, I'm looking at converting a unit into an airbnb.  Thanks for the feedback.

I'm wondering how things went over the winter in Chicago, I'm looking at converting a unit into an airbnb.  Thanks for the feedback.

Demetrius let me know how the Secure Pay One works for you.

Yeah, the prices have run up in logan on the east side of the neighborhood.  I would suggest staying along the trail if you go west that will be a good selling point to renters.

In Chicago, the numbers are a lot better for 3 flats versus 2 flats as the price to rent received in a lot better.  It of course all depends on your comfort level with renovations on scope of projects to take on.  I've mainly done cosmetic repairs and deferred maintainance.  The two properties I've bought, I've had to turn all the apartments to get better tenants.  The tenants really matter when you are living in the building but it might take time to get that fixed.

I think the value in the garden unit is all about the ceiling height and finishes.  If the garden is a livable space I don't think you will have any issues with tenants.  It is much better however for the garden unit to be legal.  I think a duplex down can be legal with lower ceiling height than and garden apartment.  Not sure the reason for that but something to consider also.

David, I'm relatively new to BP also but I invest in the same area as you are interested in.  Mainly Logan Square.  But I have a condo in Uptown also.  It is a great place to invest, pretty diverse properties and rents are moving up.  I've generally bought places just needing cosmetic repairs where the landlords were absent.  Generally been taking about a year to turn around the tenants and get the properties up to my standards.

Anyway happy to discuss in the future if any specific questions.

Tracy thanks for your response. Micheal I have not approached the current owner yet but he is a friend so I don't expect that to be an issue. I'm also wondering if you can post a property like this for rent on the MLS?

If I'm purchasing a SFH for rental, can I lease the property before closing? The tenant would move in after closing but the lease would be signed before hand. Any considerations or thought on how best to go about this are appreciated?

I use Speaker of the House, Mike is great.  He will find all issues, I've negotiated down my purchase because his inspections provide so much insight.