All Forum Posts by: Gillian C.

Hi all,

Looking to hire a financial advisor who is experienced in real estate and can confidently advise across asset classes. Have done lots of research on this and have had very little luck. Had a promising call with a woman whose whole schtick was to help guide multifam investors with both individual property analysis and overall portfolio management/diversification, but she ghosted us after our intro call. We have 14 doors and looking to scale up to 50 in the next few years. Chicago area but don't care at all about location of advisor. Want both guidance on allocation on our non-re invested funds and a 3rd party look at our current investments from someone who is likely an RE investor themselves. Would love referrals if you have used an advisor like this and recommend.

Henry - check out the link for the updated rules so you don't get stung on this. Lots more notice required after ordinance passed this year, especially for long term tenants (if tenant has been there over 3 years, you need to provide 120 days notice for them to leave or to increase rent).

Thanks all. The link from @Jason Dalka was exactly what I was looking for on the landlord side, thank you. 

I am still assuming that the tenant can leave whenever they want without penalty because there is no signed contract in place... I just read through the Landlord Tenant Ordinance and found nothing to suggest there was any recourse for the landlord in this scenario.  If anyone has any other thoughts on that, I'd love to hear them.

Hi Chicago folks. Could you shed light on the following scenario:

- Tenant on a year-long lease that ended August.

- Tenant continued to pay rent September and November. 

- No new lease was signed.

Two questions (one for a friend who is a tenant in this situation, and one for me as landlord next time I'm in this situation):

1) How much notice if any does the tenant have to give the landlord notice of move-out? If there is a minimum notice, what are repercussions for moving out without this notice?

2) How long does a landlord have to give a tenant on an expired lease that has become MTM notice that they must move out? I thought this was 60 days but was recently told it increased to 90? If the tenant is on a signed MTM lease, is this notice period the same or different?

Thanks all!

Hi everyone:

We have a property that we put in an LLC when we purchased in 2018. In 2020 we refinanced the property as a non-LLC, "taking it out of the LLC" because we didn't want to try and get a commercial loan. I'm now trying to figure out how we actually officially do this - most specifically what steps we have to take so that the government doesn't flag us for filing taxes for an LLC in 2019 and then no LLC filling in 2020. Thank you!

Gillian

Hi Chicago folks. we have a 3-flat and we are looking at gutting the building to make the apartments individually metered for water and gas. Because our water bill is water, sewer, and trash, I'm wondering how this bill will split if we meter the water separately. Will Chicago now send us a bill for sewer and trash, or will they prorate trash to the tenants as well? Sewer is charged at 100% of water so I'm guessing/hoping that at least sewer will be pushed to individual units as well per their water usage, but wanted to confirm. Trying to figure out the total savings as we evaluate the ROI of this project. All thoughts welcome.

Hi all,

We purchased a property where the purchase documents indicated we were purchasing the washer and dryer with the building. After taking ownership, we come to find out that the long-term tenants (who are generally lovely and take great care of property - low shovel etc) are actually the owners of the washer and dryer, though it is in common space.

In the next year, we plan to put HVAC in the building with in-laundry units. However we don’t currently have a plan for that project and we want to offer all 3 tenants the use of the laundry room until then.

Note that the leases do NOT indicate that the tenants have access to laundry, however we want to give our tenants all access to the washer and dryer, particularly because one tenant is very pregnant and it seems like having a newborn without laundry access would suck.

We have told the elderly tenants that we want to purchase the W/D from them to make them public use machines. They are in a common area with the only current laundry hookup in the building. They came back and the woman showed us a rash on her leg, saying we could have the dryer but not the washer because of this rash. Not sure the logic here, if she’s concerned about her rash spreading or what - bottom line we need to make the W/D public.

We’d like to do the following but wondering if anyone has any legal or other feedback on this plan:

Write a second letter that says they have a choice, either sell us the washer dryer or they will be disconnected and we will install new ones in their place.

My question is primarily about our rights in touching/moving/disconnecting a W/D that does not belong to us.

Thanks for your help!

Disclosures disclose the full violation, which lists every part of the property where lead was found. Seller also disclosed their remediation documents, but they don't have "start dates" or "end dates"  indicated, and they were not filed with the county (seller was supposed to file the remediation proof by June 2017). We could not find any outstanding fines that had been levied by Cook county related to this, but are concerned that in the future we'll get dinged for it. We are confident that the seller did most / all of the interior remediation as they did full kitchen and bath renovations and the walls throughout are clearly painted within the last few years, but not so sure on the outside of the house.

Hi Chicago investors (and anyone with lead paint experience / knowledge)

We are in negotiations to purchase an older property that has a laundry list of lead paint disclosures (and also a list of remediations that the owners took). I am currently rushing to research as much as I can about this online, but figured I would pop this up on the forum in case anyone has any useful thoughts about what we should be looking for / what this means for future renovations etc. Thank you!!

Gillian