After visiting the property and assessing its suitability for an ADU, I negotiated directly with the owner, emphasizing my plan to enhance the property’s value.

Additionally, it’s challenging to assess the demand for student housing in the area.

Sharing the potential challenges he might face, rather than discouraging him, allows him to assess whether he’s ready to tackle them, increasing his chance of success.We’re all here to help each other grow, right?

As soon as I got it, I reached out to the HOA management company with my deed and started paying my monthly assessments. 

I’m assuming it was quarterly, but did you also get frank assessments, upcoming goals, etc?

If it’s a larger or commercial property, consider conducting an environmental check to assess potential risks like contamination or flooding.It’s also important to request a full property disclosure from the seller, which may include known issues or defects with the property.

Also, I know those who’ve gotten hit with special assessments that wiped away cash flow and some. 

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.

As it relates to the irresponsibility of student tenants, do you proactively visit your units once every quarter, or every six months, to get an assessment of the units' condition? 

We outlined our responsibilities and our business philosophies to make sure we are compatible.