All Forum Posts by: Andrey V.

Quick question on tax appeals. Does it make sense to file a tax appeal for a property that was purchased for a higher price than its assessed value? Say, property was purchased for $400k and its assessed value is only $360k. Does it make sense to file a tax appeal and try to lower property tax? Property is in Chicago if it makes any difference. Thank you.

BS Computer Science MS Applied Math UIUC

I was quoted $650 for basic buy side representation but ended up paying $750. Additional $100 was for 'existent tenant's lease transfer.' There was additional 20-30 minutes of work and with attorney's $300+ per hour rate, I have no complains. This is for Chicago.

Hi Kevin, i am in contract for a property in Chicago as well. I have been quoted for 30yr fixed investment property with 25% down payment at 4.75%. Other options that were offered to me with 15-20% down payment with rates over 6% (portfolio lender). Another lender quoted over 5% rate with 25% down payment for the property. Makes sense to shop around.

Recently placed a bid on a property in Chicago. Used escalation clause in a bidding war with ~10 other bids on the table, including cash offers. Semi-excited, in contract at my max cap, about $25k over asking.

I rent in Manhattan, invested in Chicago to help with crazy rent here. Crazy rent plus crazy rent increases every year are tough to swallow. So, hoping to buy another property in Chicago soon to increase cash flow. I considered several nearby locations like Yonkers and Jersey City. Very competitive markets if you target cash flow and especially if you are not doing this full time and want to get into a reasonable/lower crime/lower maintenance /better qualified tenants neighborhood. Even looked at REO/foreclosures for a while. People who do this for living can pay cash and do most of the work much cheaper, so they can even afford to pay more for a property initially. Midwest seems to be the way to go but you have to be willing to manage remotely, which is intimidating at first. That has been my experience so far.

$2000 - Chicago, IL

Thanks.  The signed lease has following clause under Rules&Regulations: "(18.) These Rules and Regulations are not exhaustive and may be supplemented or modified from time to time upon written notice to Tenant."  If terminating the lease would expose me to liability, would it be within my rights to require the new tenant to sign an addendum prior to move in which addresses some of my concerns?   Any thoughts?

Thanks for all replies.  I sent them an email a few days ago stating they are in violation of our agreement and if they want to break the lease.  No response.  The last communication was when they notified me they are changing the terms.  What are the proper steps to terminate this lease for nonpayment?  Just send them an email stating that their lease has been terminated?  Do I need to give 5- day lease termination notice or anything like that?  Thank you.

Hello. I am looking for a legal advice.  I own a multi unit property (North side of Chicago). My new tenant is scheduled to move in on November 1st.  They have a signed lease from me which, unfortunately, I emailed them way too early..  We had an agreement they will pay security deposit and pre-pay 2 first months of rent upon lease signing because they fall into riskier tenant category. I received a security deposit and a half of first month rent and they said the other half is on its way.  I sent them the lease.  I never received the other half.  My other mistake was I never specified these terms explicitly in the lease.  It was agreed upon over emails.  A few days ago, they emailed me stating the balance will be paid with cash when they get the keys.  I do not accept cash and those are not the terms that were agreed upon.  So, I am trying to figure out my options before they move in. My preference would be to terminate the lease and refund whatever I received from them and move on.  Do I have sufficient reasons to terminate the lease?  Do I have a sufficient reasons to keep their security deposit if lease is terminated since I have been waiting for over a month for their balance to be paid?  In the worst case, if I can't terminate the lease immediately, can I refuse them keys and/or terminate the lease on the spot if I don't get the full payment on or before the move-in date?  Thank you.