All Forum Posts by: Zulf H.

@Henry T. 
@John Underwood

I would like to do this but with over 15 properties this will be too time consuming. Any idea how much time you spent on this, I rather pay someone to do it but I just want to be sure its a reasonable percent. I think 25% is reasonable.

 Thanks for the input, I did read that a lot of investors are leaving Illinois but I feel my investments have paid off and I am happy with them and the type of tenants I have. However I don't like the higher taxes and higher energy costs. It would be nice to touch base with you in the near future.

Hi There, I would like to know what is a fair and typical  % I should pay the property tax lawyers for appealing my properties. They take a certain amount if they are successful in lowering the property taxes but I feel its high and I have given them 15+ bldgs to assess and submit. 

Wanted to know what other owners are paying for this service. I don't do it myself cause it seems time consuming and maybe a bit complicated. 

Thanks for the advice. 

ZH. 

Thanks @Jonathan Klemm , @Crystal Smith  , @John Warren and @Phillip Austin  I have been working with an attorney to appeal the taxes regularly but even with that it has been going up. I have implemented an 8% rent increase to account for this increase. But it seems Chicago is definitely not landlord friendly in terms of investment. I might start looking to other areas to grow my portfolio. Thanks for your advise. 
 

 The ones that I have seen a higher increase are in Budlongs area and Logan sqaure. 

Hello BP Members, taxes. 

Hope everyone is doing well. I have noticed the Chiago property taxes have gone up significantly. I noticed that the multi-unit bldgs in my portfolio saw a much higher increase in property taxes compared to my SFH and condos.

I also noticed the property insurance ( Statefarm ) has gone up even though i have no claims.

I would like to know how other landlords are addressing the issue of higher property taxes and property insurance. I am working with a law firm to contest the tax but its not helping. 

Your advice is appreciated.  

Thanks, 

Zulf.

Hi BP members, 

Hope you all are doing well. I have recently encountered an issue with one of my buildings related to rodents. I recently purchased a big in Logan Square neighborhood and also bought the land next to it as I plan to build on it in 2023. I have rented to lot to a car dealer and he parks his car in the lot. We have experienced issues with rodents (rats) in the alley. I guess this situation is getting worse in Chicago alleys as I spoke with the City. I have called CHI311 and opened multiple tickets with city to treat the alley and my lot which is connected. I have also put lot of poison on the lot to kill the rats and have hired a pest control company as well. 

The current business tenant using my lot wants to break the lease and is using the rats as a  major issue. I cannot control what happens in the alleys of Chicago and I have done everything I can to rectify this situation. I guess I would like to know what are my rights as I have a 1 year lease with this car salesman for my lot. Can he back out because  he saw some rats in the alley the bldg lot. Also as a business isn't it his responsibility to manage the lot where he pars his car?  Any advice would be greatly appreciated. 

Thanks!

HI There, I need some advise here as this situation is unique. I have a tenant at one of my properties - they have lived there for over 5 years and have always paid rent. Since last year due to covid they have been late. However I haven't received any rent since Dec of 2020. I spoke to lawyers but I can't start the eviction till July. 

The problem I have is this tenant is un-reachable. They don't respond to emails, don't respond to calls or texts. For the past 2 months they don't have electricity in the unit but they have all other utilities as I pay for it through association. I am out of town but I did send my prop mgr there few times and only once she was there and said she would pay the rent. The bldg handyman has said they see the person once a week comet of the apt.

I thought with the recent support from govt. I could recover the rent so I applied but they are unreachable to complete their portion. This is so frustrating as I am doing my best to help her but she won't return my calls or email. This is probably the worst experience because I can't even communicate with this tenant to come to a solution that would help her and also help me get my rent. 

What are my options, has anyone dealt with tenants like this during the cover pandemic that just don't respond to any email or calls for months. What option to do us landlord have in these type of situations. 

Thanks for your input. 

Hi Kevin, I am in the process of repairing my iron stairs. Wanted to see who you used and do you recommend them. Please let me know. Thanks!