All Forum Posts by: Ravi P.

@Dan Collins

Take a look at a company called Indow Window. It is a window insert that is removable. It has an acrylic window like you mentioned but has a a sponge foam border around the perimeter of the acrylic. They are all custom and made to size, so the foam allows the window to fit snug.

It helps with insulation and noise. I never got that far, but the cost is based on the size but comparable to a cheap builder grade window. I was informed about $125-$150 a window.

Good luck

@Aladdin P.

It was a quick post that was said in jest.

Not trying to offend anyone. However, you may have missed to point. If I was taking personal shots at the OP I can understand where you are coming from.

I don't feel this warrants for you to call anyone out. It looks like someone woke up on the wrong side of the bed!

@Michael Henry

First, it seems like you did not perform a home inspection or the inspector did not catch these items.

Second, you should have been advised by Lawyer or Agent to request for the tenants to complete an estoppel letter during your due diligence period.

You live and learn. Consider this a small price to pay to hang with the big boys.

Congrats on your purchase!

@Doug Kienzle

Don't forget to take property taxes into account

Around hear( Cook County, IL) anything below grade would not be factored into assessed value. Thus lower your tax basis.

Thank you to those in advance.

I recently placed a bid on a property in Hubzu.com. I was the highest bidder, however my offer did not meet the reserve that was set in place. This was the 3rd time it was placed in auction and each auction the highest bid kept going lower.

IT has been "under review" for 10 days. AN email Inquiry the response stated that this property has been submitted to a Special Servicer and will be updated once they receive a response.

My question is, if anyone has any experience with this type of auction, how long does this take?

@Arya Farzan

I'm assuming that Realtor.com, Zillow and Redfin would be as close as you can get to finding a National MLS. (I'm not sure if all MLS listing are pushed into these sites)

@Russell Brazil

Who benefits from having a off-market? MLS (Top Agent Network) Wouldn't a seller want as much exposure as possible?

@Lee Li

I definitely do not want to discourage you but It may be tough to find one of the better hotel management companies that want to manage a 60 unit economy. It may not be worth their time and effort to turn a mismanaged small property around.

Just out of curiosity, in your pro forma, how much did you budget to compensate them.

There are companies that will do it and I would suggest to find a company that is local, otherwise you will be paying for someone. These management companies have no shame and expensing cost to you, even though you operate on a smaller scale than the larger companies. ]

@Uneeq Khan

I would reach out the Association or PM company, like you did if that did not work. Then I would go directly to the Village or Municipality where the property resides. Each Village depending on size has someone that regulates rentals and associations.

Now that the Village is aware of the issue I feel that they would be required to do something, since this is a health or safety issue.

If these two methods fail then I feel like you could do 2 things.

One is to try to get a copy of the HO6 policy and call the insurance company. The last thing they would want is for the Assoc to be negligent. Roof leaks don't fix themselves and they don't get better with time. You could even do this prior to calling the Village.

Two, have an Attorney send a Right to Cure letter. This would be my last option, since it may have to pay a fee to get an Attorney to draft this and also because technically you are sueing yourself when you are sueing your HOA/PM company. But Attorney could threaten litigation based on negligence, and the Village and PM could be complicit if they take a blind eye and don't address this and it does become a health issue.

Also does the PM company have a license with the state? Maybe you can contact the regulating body that handles this.

@Michael Donohue

I would think that you should be grandfathered in, since you purchased prior to the condo restriction and under the agreement that it was complaint. However, if the County implements the ban or modifies the minimum length of stay I don't think you have a case.

FYI, I'm not an attorney.

@Zachary Bellinghausen

I would do the math and see what is in you best interest.

I don't want to say your property is over priced. However, based on what you say it could be on the higher end.

If they decide to leave you will have vacancy, turnover cost and maybe Realtor commissions.

If you decide to reduce the rent maybe you can lock them into a multi-year lease with a set increase next year. The rent can be structured in many ways.

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