All Forum Posts by: Amir K.

thank you all for the help,

if anyone was wondering, I decided to let go the security deposit requirement.

thanks @John Warren,

i did call the banker today and told him what type of account i needed, and he knew exactly what i'm talking about. like @Brandon Rush mentioned at the beginning, its called a tenant/landlord account (with chase) and its interest bearing. 

so i should be covered in an event something goes wrong, right?

id just hate to rent out such a nice new place with no deposit. i feel like tenants will treat the place better if they knew their money is on the line.

thank you all for the help, 

ill contact the bank about the tanant/landlord account and go over chicago rules again to make sure im on point

Hi,

Soon to be first time landlord here

I’m asking for a 1 month security deposit but I’m not sure where exactly do I need to put this money.
I searched the forums, some answers said “savings account”, some said I can’t deposit that money in any account under my name and it has to be an escrow account.

Which is it? How exactly does one open an escrow account? I didn’t see this option on the chase website.

i should point out I’m in Chicago, and browsing online I was able to find info stating “federally insured interest-bearing account in a bank”

(a)(1)

https://www.illinois-attorney....

Thanks 

now it make scene :)

thanks!

hello everyone,

3 years ago i took a $153,000 mortgage for 4.5% interest rate which was bought by one of the big banks about a year later.

now that same bank is offering me to refinance my mortgage for 3.5% and $2200 closing costs that will be added to the total sum and $395 application fee upfront.

now, looking at the numbers, it make scene for me to go for it, but why would the bank offer me this deal if im already paying them 4.5%.

sounds too good to be true, where is the catch?

thanks in advance 

Hi everyone

I own a 1 bedroom worth about 240K, i used my own money for the down payment and owe 148K to the bank (primary residence).

im thinking about taking a heloc on this property to help me with the down payment for an investment rental property.

my question is, if i go with the plan and i buy that rental property, can i take another heloc in the near future on the rental property to buy a second one? considering i wont have any of my "own' money invested in the property.

thank you

Amir