All Forum Posts by: Brie Schmidt

I really like Granite Selection in Elk Grove. I have used then 3-4 times now 

@Lindsey Matejak I don't know anyone who would know more about it than you!

Every landlord in Chicago needs to watch this! Wondering how the Northwest Preservation Ordinance is shaking up Chicago's real estate scene? Join attorney Bob Floss and I as we dive into its impact on landlords, buyers, and sellers. This is a Chicago landlord problem, regardless of if the ordinance affects your specific area. We have concerns about the ordinance's potential to drive investors away, cause unnecessary evictions, and the complexities of compliance. The conversation covers issues like the impact on property values, tenant rights, and the broader effects on the real estate market. 

 Additionally you can always write in what was done to correct it and explain that since then you no longer had issues.  But this can be used to sue you if you don't properly disclose so I would disclose everything 

@Lindsey Matejak

Here is a good article written by @Mark Ainley

https://www.gcrealtyinc.com/blog/what-is-the-flood-disclosure-for-leases-in-illinois-

 In the city a dig down is closer to $50k-$80k depending on if you need to underpin and water service is $30kish now!

I agree with John, we are seeing renovation costs of $150k- $200k for a basement unit and $250k + for a coach house.  Honestly is better spent as a down payment on a second building.  Also, rezoning from RS-3 to RM4.5 is like a .0001% chance and depending on your ward some alderman refuse to consider spot zoning no matter what

I don't think this is something new, for the past few years I noticed the first 48 hours I post a rental listing I get a few emails asking if I accept section 8.  I alwasy respond yes and ask my standard follow up questions and never once have they responded back to schedule a showing.  The problem is we have so many mom and pop landlords and there is no central system to communicate new laws.  It is up to the landlord to do their research and keep on on things.  It still shocks me how many agents aren't aware of things like the fair notice ordinance.  

@Jacob Dalton - I have been a landlord in Chicago for 13 years and as an investor agent I have worked with 200+ investors on the north side of Chicago over the last 10 years.  I personally think being a landlord in Chicago is easy and I have never had an eviction.  I can only think of 2 times inn the last decade my client has had to go though an eviction and both times it started cause the owner and tenant had personal issues.  With proper tenant screening and systems in place you can absolutely be a successful landlord. Feel free to message me if you want to chat about it

 Basically yes, so if he has his own home he would not be on the loan or the purchase agreement.  Everything would be in your name and he would be at risk possibly even with a legal agreement.