All Forum Posts by: David Stefanovic

Interesting to read all the different perspectives on this forum. I personally would go with option 2, the younger couple. They appear to be less risk and more stable. The tax liens, bankruptcy, DUI, expired plates are all indications of them not being very responsible (especially financially) and can be a red flag that they won't be paying you any rent. That's the chance I would not take. Through my experience, these are the tenants that give you problems. The ones that have a great credit score and a clean record are the ones that always turn out to be very good tenants for me.

It depends on the timing and situation. My wife and I purchased our house via a short sale. It was on the market for a very long time and deals kept falling through. The lender finally dropped the price low enough that there was multiple offers. Fortunately, my wife and I got it and we were able to close within 2 months (rare for a short sale as they can take up to 4 months or more on average). Since there was multiple offers, we had to go $10k above asking price.

I suggest you work closely with the listing agent to get a feel as to whether or not the situation allows you to offer below asking price. How long has it been on the market? Is the lender eager to give up the property and how long will they take to accept the offer? Is there any other interest in the property (multiple offers)? Ask these questions and more to get a feel as to what the situation is and whether or not you feel it's the right situation for you.

Updated 2 bedroom / 2 bath condo with balcony on 2nd floor in Mount Prospect (Northwest Suburb). Includes 2 parking spaces. Monthly assessment $250 (includes water, building insurance, exterior maintenance). Annual property tax $1,627.81 (2013).

Condo is updated and very well maintained and has excellent long term tenants with month to month lease ($1,100/month). Never any issues with late or no payment of rent. Well run association with no special assessments. Condo is located near Algonquin and Dempster, making it easy to rent!

Please contact me for any additional information and details. Thanks!

What area is this 2 flat located? Insurance appears to be too high at $3000/yr. I believe you should be able to get good coverage for approximately $1000/yr on a 2 flat. Also, take into consideration utilities you will have to pay and routine maintenance costs too.

To do all that in 60 days ... awesome! Congrats!!

West Loop and East Village was also mentioned as top neighborhoods in Chicago

I would consult with a local experienced realtor that has a strong footprint in Lakeview and he/she will be able to answer all your questions and help you decide if now or later is the best time to list your condo.

I agree with Brie. I have a 2 flat with one furnace and I just include the heating costs as part of the rent. Tenants normally like to hear that heat is included in the rent!

I would call a few other plumbers for estimates as well as how it can be fixed so you feel confident you explored all options at the best cost. I'm not a plumber, but removing a tub to fix the problem seems extreme. I would think there should be an adjacent open panel to get access to the drains to do the job. Just my thoughts.

From the picture you posted, the kitchen cabinets and countertops look good (especially for a rental). At some point in the future, if the appliances need to be replaced, you can find used (1 to 2 years old) updated SS appliances that can enhance the look of the kitchen that will not break the bank.