Ramoncarroll, Home Buyer in

Whats best way to make money with a 2 flat with badsement apt(garden) in chicago

Asked by Ramoncarroll, Sun Oct 20, 2013

Help the community by answering this question:

Answers

13
Updated clean units - high rent - Experienced Property Manager.
Screen Tenants with a reliable background /credit service to assure qualified tenant ( you the landord will set that requirement ).this is just to name a few, I have 10 years property managment experience and have rented mulit family units for my clients.
fdepasquinelli@gmail.com
1 vote Thank Flag Link Wed Nov 6, 2013
My opinion comes from a buy and hold background. Make minor fixes and improvements to the apartment to give it the feel of an updated unit (fresh paint, small upgrades in bathrooms/kitchen etc) then get tenants in there who will pay market rents. It's likely that if your current tenants have been with you for more than two years at the same rents, you are getting less money from your two flat than you should. So improve, re-lease at higher rates and hold the asset to reap the long-term cash flows. Each year, appeal your property taxes and bid out insurance quotes to keep your costs low. Also evaluate market rents to see if it's time to raise them.
1 vote Thank Flag Link Wed Nov 6, 2013
Dear Property Owner,

The first thing you want to do is make sure the garden apartment is in compliance with city ordinances for ceiling height before you do anything to it. If the apartment has been grandfathered doing any alterations to the unit may cause to pull permits and bring the apartment up to current code.

So if it is an operational apartment continue to rent it out as a source of income. If it has not been an operational apartment make sure you do you homework.
1 vote Thank Flag Link Mon Oct 21, 2013
Depends on a lot of factors. Best to get an agent to consult. Happy to discuss further. Jane Ehlert, Broker at Mark Allen Realty
1 vote Thank Flag Link Sun Oct 20, 2013
Do you own it now and want to sell, or do you intend to buy and want to know what you can rent it for?
And is the basement garden apartment a legal apartment. So many questions before you can get a good answer. Just come back and let us know.
Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert

Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE 
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties Brokerage, 30 Green Bay Road, Winnetka, Illinois 60093
EdithSellsHomes@gmail.com
Check out my website at htttp://tinyurl.com/YourRealtor4Life
HAVE THE MOST WONDERFUL DAY :)
1 vote Thank Flag Link Sun Oct 20, 2013
email me at jmichaels@remax.net to discuss
0 votes Thank Flag Link Tue Nov 5, 2013
Good Morning,

Do you already own a two flat with a garden unit? Or are you considering investing in one?

Please feel free to contact me at 773 972 5333 or howie@markallenrealty.com for assistance with your search.

Thanks!
0 votes Thank Flag Link Mon Oct 21, 2013
To rent out your units that's how.

If the garden unit is not a legal unit, you aren't allowed to legally rent it out.
0 votes Thank Flag Link Mon Oct 21, 2013
Not sure what you mean. Just rent them out and collect rent. 3 rents are more than 2 if you duplex. There are thousands of illegal basement units in the city . As long as the tenant does not complain to the city for something, no one cares. If/when that happens then maybe duplex down.
0 votes Thank Flag Link Mon Oct 21, 2013
duplex down or use the in law as owners unit or covert to sfr
0 votes Thank Flag Link Sun Oct 20, 2013
I have access to 2 and 3 flat investment buildings in chicago that are price 25% below market that offers a 25-35% cap rate.

Give me a call if you want to chat

Garrett Steve
312 493 8446
0 votes Thank Flag Link Sun Oct 20, 2013
Buy it at a good price, rehab it at a good price, rent it to good tenants at a good price, eventually sell it at a good price.
0 votes Thank Flag Link Sun Oct 20, 2013
Get market rate for each unit. Then sell
0 votes Thank Flag Link Sun Oct 20, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer