All Forum Posts by: Suduk N.

I got the last two paystubs from a full time job not those self employed type. I'll need to call the employer to verify if I decide to go further. 

The person said Eviction Filed but never happened. I'm not sure what the difference is. The check report says judge ruled for the management company with $2k. 

The peson is willing to pay 4 months upfront.

I'm renting out a room in a 2 bed/1 bath apartment. An applicant makes 10x income over rent (after monthly debt payment) but has had Eviction Filed, Bankruptcy and a couple of Collections. The person was upfront about it. The person's income is great and can easily cover the rent after monthly debt payment. 

Would you consider this tenant?

My unit has been on the market for 2 months and I had to reduce rent, the area doesn't really get high qualified tenants unfortunately. He barely meets the criteria. I'm concerned if the divorce would affect his financial ability to pay rent. Is it legal to ask about his divorce affecting his finance?

Would you rent a unit to a truck driver with 3x rent income but has a collection and missed some payment for his student loan and is going through a divorce?

Hi All,

I'm looking for a property management company for 2 of my rental MFHs in Chicago. How much do they normally charge? Is it first month rent and 7-8% every month so about 15% in total a year?

1 of my property is a rented per room for 2 units (5 rooms in total with 5 leases). Do they charge the same for that kind of rental?

Could you guys recommend some good property management company that you have had great experience with?

THanks

Hi All,

I bought a MFH for $360k last year in Chicago. I put $80k into it for a complete rehab. It's been fully rented and is generating very nice 20% CoC return (down + rehab cost). Prices have gone up quite a lot since I bought it. My agent ran a comp and he is confident I can get $550k for my rehabbed MFH.

I'm thinking to do a refinance to get the cash out up to 75% LTV for the next property purchase or I can also sell stocks to get the cash for the next property. What would happen to property tax after the refinance? Would it go up significantly because it will be based on the new appraised value? Chicago property tax has gone up this year and will continue to increase in the next 5 years.

Based on the calculation from the cook county assessor website, my new property tax at 550k value will be $14k compared to $8k I'm currently paying.

http://www.cookcountyassessor.com/Resources/Reside...

Does it make sense to refi?

@Mags S. Are Ikea cabinets reasonably price compared to those "ready to stain" stock cabinets in Home Depot?

@Mags S. @Account Closed How do white cabinets hold up in rental. Do you repaint them after tenants move out?

Hi All,

I have recently purchased an investment multi family house 2 flats with a legal basement in Chicago, IL. I'm regutting the place then to find out there is a foundation problem that has caused the house to sag in the middle about 3 inches from the roof to the floors. 

The seller indicated no knowledge of the foundation problem in the disclosure. I have a couple of questions

1) Do you guys know any foundation engineer or company that I can contact to determine the severity of the problem and get a quote for repair. 

2) Under IL law, can I hold the seller accountable for all or some of the cost of repair? 

Thanks,

@Drew Millard: 

1) Yes it does include 3 condensers but no electrical wiring. I will have to get an electrician to do the job. The previous owner pays about $350/month for heat for the whole building during the peak winter time and in the low $50-$100 in the summer. So with a new HVAC system, I could potentially save $350 3-5 months a year $50 for the rest of the year and $200-300 plus in rent per month. Take the low estimate, I can get $3900 more a year or $325 more a month so it will take me almost 4 years to get back the $18k investment for the HVAC. There are no AC in the house so if I keep the old gas heater I would have to furnish the whole house with window ACs. $200/AC , 4 AC per unit = $2400 for 3 units. The new HVAC system seems more and more appealing after I run the number. 

The counter argument is, It would take a lot of my time to manage that job and also that $18k could go to the down payment for another rental property. My DTI ratio is still very low. My brother recently complete rehabbed a 4 flats and he said he lived in hell for 6 months working full time and managing the project. That's the last thing I want to do.

2) Cook county record shows the property as a 3 units so I think the basement is legal.  If I have in unit W/D and 1 hot water boiler per unit, each unit would have its own gas meter. The tenants would pay for gas in their unit. There is no common gas. Do you know how much it would roughly cost for installing another hot water boiler and rerun the pipe?

3) There is however, common electricity for garage and back yard. I may pay for basement unit electricity or do a rebate like you.

Do I miss anything else to completely separate the utilities and just have to pay for water, sewage and trash?