NEWS - Honore Properties

Honore Properties Is Ready To Tackle Its Next Project In Uptown

Tue, 29 Jun 2021 12:26:00 GMT

Honore Properties looks to adaptively re-use an existing 3-story commercial building into a mixed-use building, including 24 apartments and approximately 3,000 square feet of retail space on North Clark Street. The original building was constructed in 1906 and renovated in 2013, and had previous uses as a wholesale handbag/jewelry center and bowling alley.

The project would be Honore Properties’ second in the immediate area, with another development recently completed at the corner of Ainslie & North Clark. The 4533 Clark project is part of a larger redevelopment in the changing area of Clark Street in Uptown, and would provide additional housing needed in the area.

Read more about the proposed development in Block Club Chicago’s article .

A Conversation with Interior Designer and Shopkeeper Larry Vodak of Scout

Thu, 02 Jul 2020 19:29:00 GMT

We talk with Larry about The Ainslie, living in Andersonville, and what designer tips he would give to today’s renters.

With The Ainslie project coming to completion, we had an opportunity to catch up with Larry Vodak, owner and shopkeeper of Scout, a unique urban antique store and thriving interior design business located at 5221 N. Clark St. in the Andersonville neighborhood of Chicago.

Larry put his roots down in Andersonville when he founded Scout 18 years ago. When the founder of Honore Properties, Mike Shenouda, reached out to Andersonville’s Chamber to partner with local businesses on The Ainslie development, Scout was one of the first businesses mentioned. It’s been a fantastic partnership ever since.

With Larry’s history in Andersonville and savvy design expertise, we asked him a variety of questions about Andersonville, The Ainslie project, and what inside designer tips he would give to renters today.

HP. What have been some of the more memorable changes you’ve seen in Andersonville over the years?

LV. Living in Andersonville as long as I have, I’ve seen the good, bad, and ugly. One thing that consistently stands out is the vibe and experience you get from the moment you walk out of your home in the morning. Andersonville is a very congenial space.

We all look out for each other. During our recent riots, many people reached out. People just checking up. You don't get that from other places. That level of intimacy, that connectedness is really gratifying.

HP. Having lived in Andersonville for nearly 20 years, what would you say to anyone considering moving to Andersonville?

LV. What makes Andersonville so special is that when people come to live in Andersonville, they come to stay. And they are good people.

They know they’re going to be here for a long time. When people stay for a long time in a neighborhood, they tend to invest in the neighborhood. This translates into investing in the community and investing in businesses and it keeps perpetuating itself.

Andersonville, for the most part, has remained largely a local retail destination thanks to our Chamber and the support of our community. Our Chamber does everything top-notch from events to the Farmer’s Market. I believe they are the best in the country.

Other chambers seek them out because of their innovative thinking. Retailers wanting to come into Andersonville compete for good space. The Chamber also partners with our Alderman in a way you don't see anywhere else.

From a retail standpoint, Andersonville has some very innovative retailers and a lot of destination businesses. Pre-virus, our shops were busier than Michigan Avenue. We still have that potentiality.

Local retailers interact with the customers and can get their perception of what is trending more so than larger retailers. Shops like Cowboys and Astronauts , Lost Larson , Anteprima , and Hopleaf , among others, have gained a large following from people within and outside of Andersonville because of this.

These shops provide things that other retailers don’t, such as uniqueness, service, and responsiveness. This is a distinctive part that makes Andersonville great. I don’t think twice about lending a customer my shop van if they can’t move a piece of furniture. I highly doubt a manager at a large retail chain would offer this type of service.

For these reasons, I believe Andersonville is well poised for retail to come back, but repositioning a bit. For example, making shopping more experiential; creating an environment that online can't. That interaction we can create with customers is really special.

HP. What were your thoughts when you first heard about The Ainslie being built in Andersonville?

LV. I thought it was about time. It’s not a high-rise. I had heard of Honore Properties and was familiar with Mike’s work. I knew he was going to bring care and concern to the project. Not a lot of developers care about doing things right. With projects like these, it can’t be all about cutting costs.

The Ainslie in Andersonville Chicago - Exterior from Clark and Ainslie

HP. How did you first become involved with the project?

LV. Before starting on The Ainslie, Mike went to the Andersonville Chamber. He wanted to use local talent and support the community. The Chamber recommended Scout. We exchanged a few phone calls, met in person, and the partnership took off from there.

Mike’s interest in bringing on Scout was radically different. Other developers will bring people in to do one portion of the project, such as the lobby. They have another adjunct process for everything else. From the start, Mike wanted to ensure that The Ainslie had a cohesive environment where what we did in interior units have some connective tissue with the hallways, lobby, and rooftop. It’s nice when you get to work with someone who has that kind of care and interest in things. I’m proud to be a part of that dynamic.

HP. How would you compare/contrast The Ainslie project with your other interior design projects?

LV. If we can design a house, we can do different units. But when you design a house or commercial space, you are given certain things—a shell that you can't mess with. For example, the molding is painted and you work around that. The Ainslie, we had a concrete shell. It was up to Scout to stage so that there was consistency throughout.

The Ainslie has 18 different configurations. That was a great opportunity and challenge when you start from scratch. We had to develop a color palette that would serve well over time so we chose softer tones like taupes and beiges. We chose high-end fixtures with longevity in mind and made sure that the amenities were comparable to that of a luxury apartment building.

HP. What was your favorite part of the project?

LV. Working with Mike and the team for sure. They are a class act. Good people all around. Home Carpet One was also a great partner. The woman we worked with Shelly was wonderful.

HP. Do you have a favorite area or part of the project?

LV. I don't, because we stressed so much about everything fitting together.

The kitchens were fun but also the most challenging. Originally, the contractors took average kitchen packages and applied those costs to this project. But we realized that the kitchen was critical to bringing the entire tenant experience together. Shelly must have researched a dozen different cabinet options. We not only needed to get the look right but ensure the materials were there when we needed them.

The vista on the rooftop is just phenomenal. I love that area. For people to have such a nice open space that is accessible and private, it is really nice.

The real specialness is in the finishes. The level of detail and thought we put into the finishes like the metal tone on the shower door and how that aligns with the fixtures and bath towel. A lot of people stumble around with that. We really sweated the details and it shows.

HP. Now that The Ainslie is finished, how would you compare it to other nearby developments?

LV. The Ainslie definitely has bigger studios compared to other neighborhood properties that I've looked at. From a look standpoint, The Ainslie has a quality and patina that is unique in this market. I like that it is not a high-rise.

I also like the color palette we chose. It's easy to have fun with that space. Floors and colors are neutral. The kitchen blends in nicely with the rest of the area. We gave tenants a nice, clean, restful, and monochromatic canvas to work with it.

HP. I’m sure you get a lot of questions about decorating rental spaces. Is there a question you get asked frequently and what advice do you give?

LV. There are a few truisms regardless of whether it's a home or apartment but greater relevance to rentals. Renters tend to not have a lot of stuff. My first piece of advice is, don't bring anything into the home that you don't love. It's really that easy.

What we've just gone through has reminded us that our homes are a critical influence in our life. It reflects our hopes, dreams, wishes, and desires. Your space shouldn't be a repository for a lot of stuff.

My second piece of advice is to mix old with new. New upholstery, new lighting, but always bring a bit of life into the home; something personal. You must create from an assortment of styles that reflect you and how your space feels to you. Are you inspired by the space? Does it provide comfort and safety?

Lastly, it’s all about proportion and placement. Instead of six small pieces, put three large pieces. People put too much in places. And don't put couches up against walls. It takes a little ingenuity and thinking but it's doable.

It’s critical to stress height. You should have something in the room that goes all the way up to the ceiling. If you have a cabinet, put boxes or baskets on top.

Go into the stores where you have an affinity and just browse.

For more information about The Ainslie in Andersonville or to schedule a showing (virtual or in-person) visit theainslie.com . And be sure to visit Scout often as the inventory rotates daily.

Moving During the Coronavirus Pandemic in Chicago

duncan.shea@appfolio.com (Appfolio Websites) — Thu, 07 May 2020 16:03:00 GMT

By Amanda Beto

Many in the market for an apartment in Chicago have adjusted well to new leasing processes despite the challenges presented by COVID-19. Yet questions still remain around how to view properties and what to do after you sign your lease.

We’re here to help take the stress out of the leasing and move-in process under the Illinois “remain at home” order. The following are answers to some commonly asked questions we’ve been getting from renters.

Are you offering virtual tours?

Yes. We offer one-on-one virtual tours in addition to providing high-quality photos, detailed descriptions, floor plans, and videos of many of our available properties . Virtual tours can be requested by sending an email to rentals@honoreproperties.com or calling or texting (312) 600-4501.

Can we still view a property in person?

Yes. Under the “remain at home” order signed by Gov. JB Pritzker, real estate is considered an essential business . When possible, we can arrange for virtually unattended walkthroughs and always practice social distancing.

What if I have to hire a moving company?

Moving and relocation services are considered a “ critical trade ,” according to Gov. JB Pritzker’s order. Just be sure to practice safe social distancing and wear a mask. Ask the moving company about the safety precautions they’re taking and any COVID-19 restrictions.

What if I need to store my items in between moving or after?

Most storage facilities are open but have put measures in place to limit person-to-person interactions whether it be allowing renters to reserve units online or over the phone and access storage units through a remote access system, limiting hours, or scheduling move-ins. Be sure to contact your local storage facility to inquire about their specific plan.

How can I best protect myself when moving in?

We have a number of precautionary measures in place to help make your move-in day safe and stress-free:

Following are some things you can do ahead of time and on moving day:

Your health is our biggest priority and we want to do everything we can to make your search and move as safe as possible. If you’re ready to move or have further questions, we’re here to help!

NorthShore Coming to The Ainslie

Thu, 05 Mar 2020 14:44:00 GMT

By Amanda Beto

Honore Properties’ Latest Rental Property in Andersonville Welcomes Urgent Care Facility

Evanston-based healthcare group, NorthShore, will open an urgent care facility in Honore Properties’ newest apartment building, The Ainslie. Scheduled to open this Summer, NorthShore will occupy just over half of the 6,000 square feet of retail space on the ground floor.

Read the full article in Block Club Chicago.

Located at 4914 N. Clark St., NorthShore will sit on the southern end of Andersonville’s shopping district. The medical facility is just one of several businesses occupying this prime location. Bryn Mawr Jewelry Company opened in February at 5139 N. Clark St. and in April the Pick Me Up Cafe --a popular Wrigleyville hangout--moves to 4882 N. Clark St.

“We are pleased to welcome NorthShore to The Ainslie, ” said Michael Shenouda, founder of Honore Properties and one of The Ainslie’s developers. “This is a great addition to Andersonville in a prime location.”

On the residential side, The Ainslie has been leasing up quickly since opening in December 2019. Nearly half of the 54-units are rented. “We’ve been surprised by the interest given that leasing is typically slower during the winter months in Chicago,” said Shenouda. “We’ve gotten really positive feedback from the Andersonville Chamber, local residents, and current renters.”

Talks are active with prospective tenants for the remaining retail space.

If you are interested in learning more about retail space at The Ainslie or any of the remaining available apartments for rent, contact us .

Best Ways to Invest in Real Estate

Thu, 18 May 2017 15:54:00 GMT

By Frank Uhler

Given the importance of the real estate industry to our country’s economic growth, it would be wise for the diversified investor to consider gaining exposure to this market through personal investments. The real estate market is a significant segment of the economy, and according to the National Association of Home Builders, generally averages a 15-18% contribution to the U.S. GDP. As an investor, there are several different ways to gain exposure to the real estate market. Each of these investment vehicles varies in the amount of risk and return. They also differ in the minimum amount of capital necessary to make an investment.

It’s important for individual investors to consider their risk tolerance, investment horizon, and savings goals when considering which type of real estate investment might be right for them. Below I provided some brief insights into the different ways individuals can invest in the real estate market to help identify which type of investment best fits within your wealth management goals.

Direct Investing
Direct investing involves the purchase of property by an investor. It requires the most up front capital, and is also a higher risk investment. This form of investing is often done by experienced real estate professionals due to the time requirements of identifying strong opportunities, obtaining financing, active property management, and construction.

As a property owner, you are responsible for managing all aspects of the property and are also entitled to all the income generated through rents. Non-real estate professionals who invest directly in real estate often use third party property managers to help with the active property management requirements. One alternative to hiring a property manager is using a property management software such as Rentalutions . This software provides an effective and lower cost alternative to hiring a property manager for the individual investor.

When done effectively, investing directly by purchasing your own property can be a great tool for generating passive income and building wealth.

Real Estate Syndication
You can also invest directly into real estate as a passive investor through a process called real estate syndication. This process involves the aggregation of investor capital by a real estate company (syndicator) for the purpose of investing directly into real estate opportunities. The real estate companies manage all aspects of the direct investment process (identify the investment opportunities, raise the necessary capital, obtain financing, construction management, and property management). Honore Properties is a real estate syndicator.

This type of investing can provide investors with solid returns and does not require any active participation in the process. However, the risk is higher because it is still concentrated on the performance of individual properties.

Exchange Traded Funds (ETFs) and Real Estate Mutual Funds
Real Estate ETFs or mutual funds provide investors with the opportunity to diversify their investment into a variety real estate related companies. These funds can have a variety of strategies including a focus on specific types of real estate (retail, residential, office, muti-family) or geographic regions. These funds primarily invest in real estate related stocks, but some include direct purchases of real estate assets.

The main advantage of these types of investments is diversification. The purchase of one ETF or mutual fund is an investment into all of the underlying real estate company stocks or real estate assets held by that fund. This can be beneficial to those with less investment capital, who lack the ability to diversify into several different investments. Furthermore, many of these funds have low minimum investment thresholds.

Personally, I prefer ETFs to mutual funds because they generally have lower expenses and are easier to trade through online brokerages.

Public Company Stock
REITS
One type of real estate stock investment is known as a real estate investment trust (REIT). REITS are public companies that own and manage real estate and mortgages. They are a popular form of real estate investment because of the dividends paid to investors. In order to retain status as a REIT (and the tax benefits that come along with it), these companies must distribute 90% of their taxable income to shareholders in the form of a dividend. This generally results in higher dividends for investors in REITS when compared to your average S&P 500 company. According to NAREIT, as of April 2017 the average dividend for REITS was 4.14% versus 2.01% for companies in the S&P 500.

REITS also allow investors to participate in the income produced by real estate investments through the purchase of a stock, without having to identify and purchase an actual property. These REIT stocks are more liquid than traditional real estate and can easily be bought and sold through stock exchanges.

REITS provide the benefit of diversification because they often own large portfolios of properties. The purchase of one particular REIT stock includes an interest in all the underlying properties held by that REIT.

Real Estate Company Stocks or Peripheral Business Stocks
There is also a variety of real estate company stocks available on the public exchanges which are not classified as REITs. The companies generally pay a lower dividend, but have more freedom to re-invest their profits. These types of companies may be in the business of owning, developing, and operating real estate assets, or they could be peripheral businesses.

Peripheral businesses may provide services to the real estate industry (brokerages, property managers, etc.) or businesses that benefit from an active real estate market (Home Depot, Sherwin Williams, etc.). These companies are not in the business of owning real estate assets, but benefit from home building and home improvement.

Individual investors have a variety of options when it comes to investing in real estate. Hopefully, the insights above can help you get started with an assortment of options that suites your investment strategy best.

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A First Impression is a Lasting Impression- Home Selling Tips

Thu, 04 May 2017 18:55:00 GMT

By Mike Shenouda, Designated Managing Broker

They say you get one chance to make a first impression, this couldn’t be truer when selling your home. There are quite a few items that can be done to help you get the most money for a home, along with producing a quick sale.

Along with the above items, you’ll also want to prepare your homes for showings to make it as appealing and welcoming as possible.

If you have any questions about selling your home, please call 312.600.4501.

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3 Ways to Prepare for your Rental Search

Fri, 28 Apr 2017 15:54:00 GMT

By Tim Stroh

For most people, where you live is one of the most important choices you make. With that said, it's important to be properly prepared for your search, before you start to view options, so that you're best positioned to get the apartment that you want. It is best to go into the apartment-finding process with the mentality that anything can come up at any moment. Here are a few important steps to make sure you are as best prepared as possible:

If you need help with your rental search, please be sure to contact us!

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How to Structure Real Estate Deals

Thu, 20 Apr 2017 19:52:00 GMT

By Michael Shenouda, Designated Managing Broker

After posting my first blog about " How I got started in real estate," I wanted to continue by giving some advice on a few different ways to structure deals when you are getting started. There are many ways to structure a real estate deal and it is all about setting expectations with your partners and/or investors.

First, you can start the way I did with an FHA 203k loan. This type of loan is a great way to get in with very little money down. However, it is HIGHLY leveraged so be careful because with only 3.5% down if things don’t go well, it can turn ugly quickly. Regardless, there are multiple mortgage brokers out there that can provide these loans and you will only need to put 3.5% of the total purchase price and construction. This is a great way to start as you will it own it all yourself and if you do well the upside can be a lot higher.

Second, you may determine that coming up with any cash is hard but you still want to put in the work, find the deal and manage it. This is where you can find a family member, friend or ANYONE who wants to invest in real estate. I promise if you do your homework and find a good deal, there is money out there to do it. If you can’t find the money, call me and I’ll find it for you. Once you have found your investor or partner, you can structure the deal in several different ways. The beauty of this is that there is no right or wrong way to do it. Several ways I have seen:

Real estate is a lot of fun because you can be as creative as you want with your deal structure; there is no one size fits all.

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Top 5 Reasons You Should Invest in Rental Properties

Thu, 23 Mar 2017 20:05:00 GMT

By Frank Uhler

You worked hard and effectively stashed away a solid portion of your income into savings. Now comes the question most people struggle with, “how should I invest my hard-earned savings?” In today’s financial markets there are a significant number of investment vehicles for an individual investor to choose from. Furthermore, interest on savings or money market accounts is historically low.

Those who diversify their investments into stocks, bonds, ETFs, etc., tend to enjoy the simplicity and speed of online brokerage accounts (I know because I used to be one of these people). Investing directly in income-producing real estate is not as easy as clicking a button, but can produce superior returns as a result.

For those considering adding real estate to their portfolio of investments, I have included the top 5 advantages of this type of investment.

1. Passive Income – At its core, real estate investing is a purchase of a future income stream. When done correctly, this income stream is often much greater than you could achieve from other types of investments and should increase over time. Once all of the property operating expenses and debt service is paid for the month, the remaining “profit” is kept by the owner. This leftover profit is similar to a dividend received from stock investments, which both result in the receipt of passive income.

The cash dividend provided by real estate investments will vary based on several different variables such as: location, property type, competition, risk tolerance, and various other factors; however, many real estate investors attempt to achieve a 6-10% cash dividend on their investment. This is significantly higher than the average trailing twelve-month dividend yield of the S&P 500 as of March 2017, of 1.97%. The S&P 500 dividend yield approximates the average dividend paid by companies in the S&P 500.

For example, if you invest $50,000 of cash into an investment property, and the property produces a cash flow dividend of 8% throughout the following year, you will earn $4,000 of passive income off this investment. If you are able to slowly build the number of investment properties in your portfolio to 10 similar properties, this could eventually result in $40,000 of passive income each year. Over the long term, passive income is a great tool for building wealth.

2. Value Appreciation and Stability – Although the market value for real estate is cyclical, real estate tends to be a more stable asset. Unlike the stock market, there is not a daily quote for individual real estate asset values. Furthermore, there is a lower transaction volume because of the higher costs and longer timeline involved in real estate transactions. Lastly, the impact of inflation can typically be passed on to tenants in the form of higher rents, resulting in appreciation of the property value.

3. Potential for Value Creation – Unlike stocks and bonds, you have a greater potential to directly impact the performance of your investment. Full time investors often create additional value, through property rehabs, improved utilization of the space, or superior management, including economies of scale on maintenance and property management staff. The resulting increase in rent from rehabbing a property typically results in an overall increase to the cash flow and total return of a real estate investment. Even small improvements to a unit, such as adding washer/dryer or updating a bathroom, can often result in rental increases of a few hundred dollars per month.

4. Leverage – The appropriate use of debt in real estate can help you increase returns. The main advantage of leverage is that the initial capital required to buy a property would typically only be around 20-25% of the price (even less in some instances). This would allow an investor to purchase a $1M real estate investment property with only $200K of cash. Additionally, your outstanding loan balance is being paid down over time through the rent payments of tenants.

Properties can also be re-financed after the value has increased (whether due to rehab work or strengthening market). The return of capital through a re-financing will provide an investor with access to equity earned through the amortization of debt, or the increase in the property’s value.

For example, after 7 years your $1M property has increased in value to $1.23M (approximately 3% appreciation per year) and your outstanding loan balance has gone from $800K to $675K. If you decide to re-finance your property using a loan that is 75% of the value, then you will receive a new loan of $923K. Once you pay the old loan off you are left with approximately $248K of proceeds (return of your initial investment of $200K + $48K of additional cash).

5. Tax – There are many tax benefits to owning real estate, which differ based on your classification as a passive investor or a real estate professional. A tax lawyer or accountant should typically be consulted about the specifics of your situation, but I will highlight the general benefits to a passive real estate investor. The following real estate investment-related expenses can be deducted from your taxable income:

Deducting these expenses can significantly reduce your taxable income for the year, therefore decreasing your overall tax liability.

If you are considering making your first real estate investment, read my article, Best Ways To Invest In Real Estate.

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10 Simple Steps to Buying a Home

Thu, 16 Mar 2017 18:21:00 GMT

By Mike Shenouda, Designated Managing Broker

Navigating through the maze of home buying can be overwhelming, especially as a first-time buyer. What in the what is earnest money? What is the importance of getting pre-approved? With the assistance of a great team, we can make the home buying process a breeze. There are typically a couple of key players to ease the home buying process; a mortgage broker, a Realtor, and an attorney. Throughout the process, you will also work with a home inspector and an appraiser. Here are the major steps to home buying:

Please call 312.600.4507 for a complimentary home buying consultation.

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5 Benefits to Using a Realtor for Rentals

Thu, 09 Mar 2017 17:56:00 GMT

By Tim Stroh

Despite the fact that nearly all buyers of real estate use a Realtor to help them find the perfect property to purchase, many consumers do not utilize the help of a Realtor when they are looking to rent. Below is a list of five important reasons why you should consider using a Realtor to supplement your rental search.

How I got started in real estate

Thu, 02 Mar 2017 20:40:00 GMT

By Michael Shenouda, Designated Managing Broker

There isn’t a month that goes by that I don’t have a coffee or beer with someone who just wants to know how to get started in real estate. My name is Michael Shenouda and I am the founder of Honore Properties, this is my story about how I bought my first building.

In 2007, I graduated from the University of Illinois and besides getting a job I had one goal: to buy my first piece of property. I had taken one real estate class in college and our professor owned 3000+ units on campus; he told us the best way to start is to buy a 2-4 unit, live in one and rent out the other units. It’s an easy way to see if you enjoy being a landlord because you are also providing a place for yourself to live at the same time. In addition, the process is not much different than buying a single-family home or condo. The goal was to create passive income and a second income stream for myself.

In the fall of 2007 I starting looking at 2-4 unit rental properties but prices were very expensive so I also looked at condos for rental purpose. In 2007 prices were at an all-time peak, I wasn’t terribly focused on value though, my model was and still is to find cash flowing properties. This was nearly impossible in 2007 especially since my only way of finding deals was through the MLS. From 2007-2009, I looked online, underwrote, visited north of a 1,000 properties. I was close a few times to buying but for whatever reason they did not work out. In July of 2009, I purchased the first two flat I had seen back in 2007 but for 1/3 of the original asking price in a foreclosure sale.

Now the nitty gritty. I had no money, no experience, and was barely making 30k a year at the time. My first full year of working in 2008 showed an income of 22k. I had read 50+ books on being a landlord and investing but otherwise had no idea what I was doing. One of my friends and I decided to buy this first investment together and be roommates at the same time, making the down payment and income requirements easier. We used a loan called a FHA 203k. The property we bought needed rehab and this loan allowed you to put 3.5% of the total cost of acquisition and construction. In our case, we needed a down payment of approximately $10,000.

As I mentioned, I had zero savings and was barely able to make rent, floating out checks on the last night of the 5th hoping our landlord wouldn’t pick them up for a day or two until I was able to find some more cash. (I am not advising this next part in anyway shape or form but just telling my story as a way to show that anything is possible.) At that point, I took out a 1 year interest free credit card and put all my expenses on it for the few months leading up to the closing. This allowed me to have the $5,000 needed to close on the property.

Back then, President Obama was offering $8,000 for first time home buyers so I was able to recoup a lot of this money quickly. Then we started to rehab the property, a lot of this was done by ourselves and our families that we dragged in to paint and help landscape. The heavy lifting was done by a contractor we hired. The contractor took full advantage of me, a wide eyed 24-year old that had no clue what anything cost. Regardless, we finished the project and were able to rent the other unit to friends from college (one who later became my wife!).

After killing ourselves nights and weekends to get this done as we both still had full-time jobs, we were able to generate $500 a month in cashflow on the building. So instead of paying $600 in monthly rent, I was able to only pay $350, saving myself that $250 every month. On top of the $250 a month, we were paying down our loan, receiving tax breaks and hoping for future appreciation.

I know what most people think at this point as I have heard it before. You went through 2 years of trying to find something (nights, weekends and any free time I had) and countless hours working on this property just to save yourself $250 a month. The answer is technically yes, but the experience was priceless. Now that I had been through the process, built a team, met brokers, I was well poised to do more. From there I went on to buy a couple 4 unit buildings and then started buying 6, 8, 20, 30 unit buildings. As I learned to manage these buildings better, the value went up and I was able to leverage appreciation to refinance some equity out of our deals. That cash could then be used to buy more deals.

After several years of doing this and having a solid track record; I am now able to raise capital and do deals as big as I want. Honore Properties now has a portfolio of 200 units and is growing quickly.

But remember it all started with a little 2 flat….I truly believe anyone can do this, it just takes a lot of time and effort to get started. You don’t need to turn it into a full-time career either, you just have to get started. No excuses!

NEWS - Honore Properties

Honore Properties Is Ready To Tackle Its Next Project In Uptown

A Conversation with Interior Designer and Shopkeeper Larry Vodak of Scout

For more information about The Ainslie in Andersonville or to schedule a showing (virtual or in-person) visit theainslie.com . And be sure to visit Scout often as the inventory rotates daily.

Moving During the Coronavirus Pandemic in Chicago

NorthShore Coming to The Ainslie

Honore Properties’ Latest Rental Property in Andersonville Welcomes Urgent Care Facility

Read the full article in Block Club Chicago.

If you are interested in learning more about retail space at The Ainslie or any of the remaining available apartments for rent, contact us .

Best Ways to Invest in Real Estate

A First Impression is a Lasting Impression- Home Selling Tips

3 Ways to Prepare for your Rental Search

How to Structure Real Estate Deals

Top 5 Reasons You Should Invest in Rental Properties

If you are considering making your first real estate investment, read my article, Best Ways To Invest In Real Estate.

10 Simple Steps to Buying a Home

5 Benefits to Using a Realtor for Rentals

How I got started in real estate

Honore Properties is a full service real estate company, if you are interested in buying or selling a property you can contact us at (312)-600-4501