Looking for insight on the nuances of acquiring and managing properties on the south side of Chicago? If so, this episode is for you!
Tim starts by talking about his start in real estate and how he identified a need for quality property management on the south side. He provides insight on tenant screening, underwriting expenses, and subsidized housing for the C/D class assets he operates. Tim gets granular on the housing stock, values, and neighborhood borders in the Chicago Lawn, West Elsdon, and West Englewood neighborhoods. Tim closes this knowledge packed show by sharing the pockets of these neighborhoods that he’s bullish on and will continue to invest in for years to come!
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03:42 House Provider Tip: Be mindful of how the number of touchpoints required can vary for properties across different classes!
05:29 Intro to our guest, Tim Harstead!
06:33 How did Tim get started in real estate?
08:19 What sparked Tim’s interest in property management?
09:57 What are some nuances about Chicago’s south side that Tim has to communicate to out of state investors?
12:28 How does Tim forecast expense ratios in lower class neighborhoods?
16:05 What neighborhoods is Tim heavily involved in?
19:00 Tim’s shares tips for screening tenants in lower class neighborhoods!
21:04 How does the typical term of lease vary between section 8 and market rate tenants?
26:06 Tim provides insight on the West Lawn and Chicago Lawn neighborhoods!
31:43 Tim shares the differences in the leasing process across the different south side neighborhoods he manages units in.
35:08 What is the housing inventory like in these south side neighborhoods like West Englewood and Chicago Lawn?
36:55 What is Tim’s opinion on Gage Park and West Elsdon?
39:17 What areas is Tim planning to invest in over the next 5-10 years?
41:55 What is Tim’s competitive advantage?
42:18 One piece of advice for new investors.
42:38 What do you do for fun?
42:15 Good book, podcast, or self development activity that you would recommend?
43:23 Local Network Recommendation?
43:48 How can the listeners learn more about you and provide value to you?
That’s our show! Thanks for listening!
Guest Name: Tim Harstead
Guest Company: Chicago Style Management
Guest Link:https://www.chicagostylemanagement.com/
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