How To Manage Condo Investments: Best Practices From Real Amateur Landlords

Amy and Michael Kraynak are both native Midwesterners living in downtown Chicago. Each holds a Bachelors Degree in business and are employed in the financial and government sectors of the economy, respectively. While they never planned on becoming real estate investors, circumstances led them to manage a portfolio of one-bedroom condominium units located in different buildings in some of Chicago’s hottest neighborhoods, including the Gold Coast, Streeterville, and the West Loop/Fulton Market District. Without prior landlord experience, Amy and Michael have developed their own processes and communications as it relates to property management, tenant retention, and tenant turnover. Through trial and error, and by benchmarking experts in the industry, they have learned to minimize their efforts in managing properties, while maximizing the returns each unit achieves in cash flow. Partnering with a great team of real estate professionals including an agent, real estate attorney, mortgage broker, and general contractors and maintenance service people, Amy and Michael fully manage their portfolio themselves, and do so successfully out of their home using everyday tools and computer equipment. They do most work on the condominium units themselves, outsourcing plumbing and some electrical work when the job becomes beyond their capabilities. Doing so has enabled them to build a knowledge base for amateur landlords that they openly share in this book.