All Forum Posts by: Joseph Konney

Hi @Josh Sartori - If they took out a loan and it is recorded, that is a lien. If a contractor did work and didn't get paid, they can place a mechanic's lien on the property. In either case, those entities could foreclose on the property, take ownership, and then re-sell the property. Additionally, if the taxes are not paid and someone else purchased them at the tax sale for two consecutive years, they could end up getting a tax deed to the property and take ownership. If no one bids on the tax for two years and it remains unpaid, then it goes to the sheriff's auction sale - the proceeds pay off the liens. 

Unfortunately, these processes can take some time.

If you PM the address, I can do a quick check for you to see if I see anything different.

Hi @Esteban Ibarra - Naperville is part of my service area. How can I help you?

@Anastasia M. - 

You can file a complaint against the licensed agent/brokerage with IDFPR:
https://www.idfpr.com/Admin/Complaints.asp

If the agent/brokerage is a Realtor, you can file an ethics complaint here:
https://www.nar.realtor/about-nar/governing-documents/code-of-ethics/key-ethics-and-arbitrations-forms

If the agent/brokerage is a member of the Illinois REALTORS association, you can file an ethics complaint here (including anonymously):
https://www.illinoisrealtors.org/ethics/ethics-citation-program/

There are several methods to file a complaint in general with the Cook County here (might not be too quick a response):
https://www.cookcountyil.gov/service/filing-complaint-0

There is a board which oversees the land bank. You could register to speak before the board at a public board meeting:
http://www.cookcountylandbank.org/about/board-meetings/

Maybe with some more information on the particulars, there would be other places to raise your concern. I hope this helps you get started!

@JR Dadivas - congratulations on your first steps in Real Estate! 

I'm an investor focused agent and multifamily investor with 22 units in Chicagoland with a concentration on the west side of Chicago and live in a house-hack myself. I have some investments in challenging areas and they make for a lot of good story telling. I live in Forest Park which is adjacent to Berwyn which was in my short list of places to live. 

As far as lenders go, it doesn't hurt to shop around. You might get better service and a more realistic pre-approval letter from a local lender as opposed to a big bank or online lender. I have a mortgage broker I can refer you to which works with many banks and lending programs who may be able to better tailor to your needs. 

Talking to an agent or lender first is a personal option. Before you spend the time to physically see properties, you will want to have a pre-approval letter from a lender. In fact, there are properties that may not allow you to setup a showing without one. 

Feel free to reach out any time and I would be happy to further discuss!

Hi @Daniel D. - Welcome to BP! The Chicago area is a great place for investment properties and is the 3rd largest metropolitan area in the country. Most of my 22 rental property units are on the West Side of Chicago. My brother in law has several in Michigan and I have a vacation property near Ludington on the LP. 

It sounds like you knew what you were getting into when you accepted a 3 month security deposit. I recommend firmly charging late fees as described in your lease agreement and make sure you provide an updated balance as you charge it.

Given her ability to earn limitless money with her side gigs, it is reasonable she should be able to get on track with payments. I have a two page sheet Google doc of similar gigs that I can text message to someone when they are or are foreseen to become behind on the rent.

As much as you don't want to deal with the situation, you have to ask yourself if it is worth the court and eviction process and missing out on up to 6 months of rent, costs, and attorney fees. It depends on what your time is worth, but it sounds like it could add up to quite a bit. I always try to work with the tenant first, but not limitlessly.

From my experience in Cook County, it has been closer to day before notice to the time of the eviction. Tenants have no notice and you should not notify the tenant of a date/time for the Sheriff's safety. Be prepared to spend a half day waiting in your car outside the property as they will not necessarily call you and if you are not out front to greet them, they will roll away and you have to reschedule again. Great customer service!

@Wes Wedewer - Congratulations on your rehab! I'm curious if you obtained a formal city occupancy cert for the 4 unit (up from 2)? If so, what was the cost, timeline, and any surprises? If not, did that cause any issues with permits or are you just assuming the risk that the city will not flag you for the extra units?

@Anthony Wilson - I'm a real estate agent. I also have 22 rental units in Chicagoland. Feel free to reach out if you need any help or would like to meet up some time. I am in nearby Forest Park. 

There are a bunch of great calculators under the tools menu on this website. Check them out!