All Forum Posts by: Jeyo Punnakottil

@Mrinal Parashar How do you handle Ppty tax hikes and Insurence hikes if you are not increasing rent.Just curious.

@Tracy Streich Thank you for the reply .I agree to your logic.Never had a claim on my both ppties and insurence is going up by 500$ and 650$ on my ppties . Ppty taxes also went up like crazy in middle of pandemic .

Lease is coming due for renewal end of June.Tenants what to extend lease for 1 yr.Tenants were excellent the past yr.Always paid rent on time.Took care of property.Never had an issue .What is the typical rent % increase happening in the market with Covid circumstances (3%,5%). I donot want to overcharge the tenants but still have to factor in inflation.

@Crystal Smith

I agree with you too .Source of income is different from saying 3X Rent .And totally keep that same for all Applicants .Not very familiar with Chicago rules .But that is how we do in Texas.

@John Underwood Thanks for the advice .Much appreciate it.

Currently in a refinance.New lender wont close the loan in an LLC. Have the ppty in my personal name and the new loan is also in my personal name .The ppty is currently rented and i donot want to keep the rental in my personal name as i want to protect personal assets.Already have an LLc created and the bank acct is also created for LLc.How do i put the ppty into the llc if the new lender will not close the loan in an llc name.

@Theresa Harris That is what i thought too.I was surprised to hear make an insurence claim.insurence companies cover for damage due to natural events and stuff not tenant caused damage Correct me if i am wrong.

@Guy Gimenez ... Yea on his tax policies Biden says all those but he wont be able to bring it to action as long as republicans have the senate...

@Kyle Keller

Same thing with me Currently refinancing a rental ppty and the lender said he will not do it if the ppty is in an llc..This is the third lender i am hearing it from,so idk

@Ethan 

Thankyou