All Forum Posts by: Sahana R.

Hello BP Community!

I'll be renting my apartment in a few days and I want to have a tight lease for obvious reasons and to take more stress off of me whenever possible. I found a good example by the Chicago Association of Realtors. However, I wanted to know...Do you all ever add addendum's to the lease, if so, what kinds of addendum's do you think it is a good idea to add?

I'd appreciate any suggestions!

https://chicagorealtor.com/wp-content/uploads/2016...

@Account Closed Thank you! I'll reach out soon!

@Richard H. Thanks for this post. I wanted to know the same thing. I am in Illinois but I wanted to incorporate in another state and do flips here. Hope someone replies on this thread so I can find out as well! I may know an attorney...I need to call a local wholesaler I know, when I get the information I'll inbox you.

@Christine L.

Hello Christine - I am very sorry to hear about your experience. I just read your post and you said you don't know where to start. Is the home in Plainfield, IL? If so that is Will County I believe. The Recorder of Deeds is in Joliet IL. My heart went out to you and yes you are probably not alone and I commend you for telling your story. This week or next I should be in that area..inbox me if you'd like me to find out  what name is on your deed/property. I also have a question for you that I would like your opinion about...I hope you don't mind if I email you as well. I just would like your opinion...

@David I. That is a good question...it'll be interesting to see other responses 

If you don't have a primary residence now...perhaps you can go FHA and purchase a duplex or 2 flat and live in 1 and rent the other unit? With FHA you have to live in property for at least a year I recall. You may even find someplace that already has a tenant!

(Oh OK you do have your own home...let me ponder that...)

@Josh Croskey This is a great place to learn as much as you can! Welcome to BP!

Welcome to BP! Happy Networking! 

@Justin Pillion Thanks for that website. greatschools.org that will come in handy!

Thank you for the Congrats. I looked on realtor.com, homefinder.com, zillow.com Then I stuck with Redfin.com. Just a small correction, the actual MLS that the agents use is not online for us to use but those site I mentioned pulled from the MLS daily so I found that I was finding the same properties as my agent.

Now is buying season...hope you find a great home!

Hi Peter, I am somewhat familiar with the Woodridge area. At first glance, I would not buy and hold unless the price was under 200K. And maybe in well under. I see the market is hot but what would your mortgage payment be and do you want to use a large down payment to make the note lower? Is it hot for investors or homeowners who plan to live in the property? You don't want to end up with a property that you are not making that much of a cash flow. Then you could be stuck with it because you bought it kinda high. Just my opinion...but I would keep looking. Just remember friends and family may not know Illinois rental laws and may not have time to tend to the property which can be a daily/weekly/month expense. However, I am not expert so maybe someone else responds. This is just my opinion.