Our turnkey real estate investing process begins with a conversation with you. Tell us what your goals are. We have had extensive conversations with first time landlords and without a doubt the ones that leave the industry as fast as they got into it all have the same tragic flaw; no business plan. Our experts will be able to answer any questions that you might have and the two of you can formulate a business plan together.
Are you retired looking exclusively for cash flow? Are you in your peak earning years looking for appreciation? We can tailor a plan specifically for you in a casual manner. Our goal is for you to be comfortable with turnkey real estate investing. If you choose to move forward, we are excited to help. If not, we hope you are better informed when making your next investment decision.
2. Acquisition: After deciding what type of investment best fits your criteria, we continue with finding the perfect property for you.
Successful turnkey real estate investing begins with having reliable boots on the ground and understanding neighborhoods block by block. The difference in having a successful Investment Property in Chicago can be the difference of just a few streets and we have that knowledge. You will never get a property from us in a neighborhood that we don’t already own property. Every property that we sell to an investor is a property that we are willing to own ourselves.
3. Rehabilitation: Could we salvage that kitchen? Probably…but our goal is to minimize your hassles.
That kitchen is getting torn out. Could we save that bathroom? Probably, but it is not worth it to us. Our goal, whether it is for our own properties or for yours, is to provide a maintenance free property. Our philosophy when renovating a home is if anything has less than half of its serviceable life left, we are going to replace it. We also want to tenant proof the house and use materials that can handle heavy usage. This reduces your work orders and allows you to reach your returns.
Our renovation process covers these key areas:
• Examine the roof, repair or replace
• Test all electrical wiring, replace all receptacles and light fixtures, rewire if necessary
• Test plumbing, replace all fixtures
• Replace hot water heater
• Test HVAC system, replace if necessary
• Install new flooring or refinish existing hardwood
• Paint interior and exterior with neutral colors
• Clean up landscaping
4. Property Management: Can you make it through the first 2 steps on your own? Maybe.
The key to being successful with turnkey real estate investing is the property management. Property management can make or break an investment. If the tenant screening is weak, you end up with a tenant that you need to evict and in Chicago that could take up to 6 months! Or even worse after getting them out after 6 months of lost rent, the unit is completely destroyed and you are rehabbing the unit again. We have managed well over a 1000 units in the Chicagoland area and are well versed on the intricacies of property management in Chicago.
Successful property management consists of four key pieces
The first piece as mentioned earlier is finding and screening tenants. We have screened hundreds of tenants and have mastered this process. Because we are so confident in our process we offer a 12 month guarantee on any property we sell.
Next key ingredient to property management is property maintenance. Need a plumber? Check. Roofer?Check! Handy man? Check! We have the rolodex to handle any problem that we could possibly run into and because of the amount of business that we do, we get preferred pricing on all of our work.
Third is customer service. When owning a property out of state or overseas, you want to know that you can pick up the phone and get an answer to a question you have. We believe that there is an appropriate time for email and text, but we believe in the old school way of picking up the phone and talking with our clients as much as they desire.
Finally, we have intimate knowledge of the Chicago Residential Landlord Tenant Ordinance (CRLTO). Like most large markets, Chicago has its own rules and requirements for landlords and not knowing them can be very costly as a landlord. Security deposit or move in fee? This is just one of the many questions that you need to know the answer to in order to be successful in Chicago.
5. Follow up: At this stage your property has already been rented and the monthly checks are rolling in.
We like to have a monthly call with all of our investors to follow up with them. We want to be able to discuss any issues or concerns they may have. We believe communication is key for our clients to be successful with turnkey real estate investing.