Stephen D.
Market Intel: Jake’s knowledge of broader markets and submarkets is the reason we chose him as an agent. He has experience in sourcing deals for both homeowners and multifamily residential investors. For example, my wife and I expressed interest in owning a 1-bedroom condo in the West Loop. Jake has executed on a significant number of closings throughout the West Loop neighborhood and was able to price out each condo we looked at based on a variety of factors. He gave us pricing guidelines based on block/sub-neighborhoods in West Loop, incremental pricing for garage access and amenities, square footage, number of bedrooms, bathroom, the list goes on. We also had an interest in a few Albany Park duplexes, one of which we nearly bought. Jake has made direct investments in this market, so he had skin-in-the-game type information that was invaluable to us. We nearly purchased a duplex in the area that had numerous code violations, but potential for significant upside. Jake provided us with a contractor to walk through the property and price out all of the potential repairs to address code violations. Jake also connected us with lenders that could offer unconventional financing for properties with code violations at reasonable pricing and terms. Finally, Jake’s intel on what level of rent we could achieve based on location within Albany Park, as well as the type of profitability that was achievable assuming a conservative budget for expenses and capital expenditures, was pivotal in us deciding not to purchase the property given that there was >$30,000 of min. downside involved and that only accounts for the potential water damage that he and his contractor identified it was not visible without opening walls. Eventually, we struck a balance. Jake found us a 2-bed condo that was materially lower in price than similar condos in the area. If we eventually move in the future, rents today will more than cover our principal, interest, taxes, insurance, and HOA fees, with enough room to turn a meaningful profit on a cash-flowing rental unit. By our estimates, we should be able to generate a 7%-10% annual cash-on-cash return if we rent out our unit at market rents. Do not let Jake’s charm fool you, he’s much more than a friendly face and personable agent: he is a data-driven, diligent investor functioning as a top-notch agent. He will provide you with sales comparables including his quantitative and qualitative analysis for any property at your request. His thorough understanding of markets will provide you with pricing and value saliency throughout your search process.
Process Expertise: This was the third property that my wife and I have purchased, however, our real estate experience has been a side-hustle that comes with a learning curve. Jake got us up to speed very quickly on how and when to get our attorney involved for mitigating unique issues with the sellers, how to properly leverage one lender against another, and where to pick your battles with the sellers and third parties.
Responsiveness: Jake responded promptly to every email, and in most cases he responded immediately. If he is busy, he sends you a response in short order confirming when he will be able to provide you with a more thorough response. Customer service and responsiveness are two more highlights of working with Jake.
Negotiation Skills: As a buyer dealing with sellers, I am a bull in the china shop (there is a stronger, less appropriate vernacular that better fits my description). My general approach is to try and win every battle, and I prefer to be aggressive in meeting my various asks. Jake has a way of getting you what you want, and he does so without exhausting the sellers to the point where they feel like moving on to a lower maintenance buyer (the market we were playing in had plenty of buyers that would have purchased the condo at list). What’s more, Jake is an excellent mentor during the negotiation process. He’ll help you parse out each negotiating item, help you with prioritizing the most important items, and he’ll assist you in navigating negotiations efficiently and effectively. Jake got us every negotiating item we wanted, even our low-priority items. Through Jake’s negotiation and guidance, we locked in a purchase price that was meaningfully lower than list and directly comparable property sales, we received several buyer’s credits that lowered our net purchase price even further, we sucked every last bit of information out of the seller management company or homeowners’ association, and Jake even helped us trim 50 bps off our interest rate through his network of lenders/providing us with context for how to set our financing negotiations. If you engage Jake as an agent, be clear with him about what you want, and ask him every question that comes to mind. If you do, Jake will get you what you want, and he’ll make it look effortless.
