All Forum Posts by: Imran H.

Hi Fedor, if you are away for a few months, I don't think you need a property manager.

1. Have all of your tenants electronically pay you

2. Keep emergency contacts for HVAC, Plumbing, Electrical

3. Have your regular contacts handy for snow removal, landscaping, cleaning etc

If you really need one try the following:

Try Mike Cho, I see him managing a lot properties. There is also Peak Properties but they might be too big and there is 33 Realty another I can think of. My family friend also runs this company, they might be able to help you.

https://hostlybnb.com/meet-the...

Sounds like a simple job for drywall and paint. I would go the contractor route for bigger jobs and looks for a local handyman or drywall/painter to knock it out. 

One suggestion is there is a Chicagoland Handyman group on Facebook. Just post pictures of what you need done and ask for people to PM you with how soon they can come out and what they would charge. You could also use Thumbtack.

I know many people who are having the same problem their units are just sitting. I think were starting to see the real effects of this pandemic/low interest rates. NYC is ghost town with desperate landlords, so who knows if Chicago will follow. 

Some of the factors are probably:
1. Low interest rates so a lot of people are buying

2. Work from home / Covid, lots of younger people are probably staying with parents, no need to be close or inside the city

3. Every year there is a new set of college graduates who look for apartments and because of covid this is probably an issue as well, where they arent staying in Chicago

It reminds me just a little bit of 2003 to 2008, the rental market was really bad. Interest rates dropped so low that there were vacancies everywhere and it was very hard to fill units. The other issue is taxes keep going up aggressively with out any end in sight. Both tenants and landlords are getting squeezed.

I'll send you a company you could at least call for a consultation to see how much work is involved.

David, it looks like you are less concerned about getting your $1 back and more interested in getting easy money off someones mistake. There's a lot of people out there who do that. 

Not a good way to "win" in life. 

Tenant says, I am sorry, please let me know what information you need from me to get them approved.

Lease which is from the previous owner says, sublets are allowed with owners approval only. 

Tenant is a really nice guy, we would like to help him save some money while hes gone for 10 weeks but this a really risky situation. 

Hey everyone,

My tenant requested to sublet while hes on vacation for a few months, we said ok but with the requirement of screening and the application process and then approval by us.

It turns out my tenant did not care to any of those and let in 6 students from out of the country on a 2 month visa. This is in a 2 bedroom apartment that is 120 yr old.

Chicago does allow subletting but under certain circumstances such as someone taking over lease due to financial hardship (lost job, unable to pay rent, etc).

I am afraid the place will get trashed. If you have any suggestions how to go about this I would really appreciate. 

Thanks!

The most Northeast section of Austin, north of North Ave is probably ok and has future potential.

I've driven up and down North ave. as west as Pulaski over 100 times in the past year and I always see some development going on so it definitely improving.

As far as south of North Ave., I've done some work along Augusta and Cicero. Its kinda sketchy over there on some of the blocks and makes Englewood look like a nice area.

Not sure what the deal is.

But you do see a lot of abandoned homes which will probably be future flips.

Frank it's good to do your research and due diligence before making a purchase.

If the work looks good I would just get a good inspection done instead of breaking the deal. 

Hi everyone,

Thank you for your replies. The Chicago tax hike isn't much at all. It's the large jump in assessments but hopefully the EAV or tax rate will adjust as well.

I spoke with Andrea Raila's office I've used over the years for appeals, who said there is a possibility of a 55% increase in a tax bill if the reassessment was 55% more for 2015 than the previous years. 

I've called Cook County in the past and the people who work there have been very helpful. (Maybe they're trained to be nice b/c of angry callers). 

Thanks you!

Imran