All Forum Posts by: Jason Albasha

It's rocky territory yet I'd start the process from the beginning, either that or risk it being thrown out. I've never dealt with taking partial rent then processing an eviction so I'm unsure in those regards. 

 Hi Mike, mind sharing with me as well. I have a house that has nice windows yet they're getting up there. This current winter kind of proved that! 

Hi @Austin F.! Mind if I ask why you chose that specific area? Is that where your sister lives?

Some things to consider with your mom: number of beds? baths? square footage of home? sq ft of lot? number of floors? basement required? backyard requirements? Is next to a busy street OK or would you want something quiet? Are you willing to do work on the house or is move-in ready required? Maximum budget (more on this below), parking requirements? 

There's single family homes, townhouses and condos yet not many multifamily buildings. You're better off buying something right sized for your mom and using the remainder of your money as an investment, rather than trying to combine the two. Your mom may not want to live in the best investment, conversely your best investment choice probably isn't a place your mom wants to live.

Regarding budget, you really have to look at monthly PITI (principal, interest, taxes and insurance) rather than just purchase price. Taxes vary so much that a $350k house might have the same payment as a $500k house with lower taxes. So the purchase price matters for your down payment yet the total monthly PITIA (A for association in condos, townhouses, etc.) will affect your DTI (debt to income) which will affect your ability to get a loan.

If you do lean towards condos/townhouses then set a limit to what you'd pay towards HOA compared to the amenities covered. I was looking at condos/townhouses a few years back and I think I got down to like $400-$500 is the maximum I'd pay, so I'd set my filter at $450-500 for HOA when browsing. Essentially, I don't care if you have a doorman and a shoe shine, I won't pay more than $500 for the HOA so let's not waste time looking at those properties.

@Jonathan Klemm I'm surprised you think we'll see progress this fast. I'm hesitant to say anything in real estate changes that fast. Historically changes have taken a decade or more to progress. Look at Lincoln Park, Lakeview, etc. Even more recently, Logan Square.

People have been saying Bridgeport/Bronzeville will be on the come up for more than a decade now. If we're talking south of that area I think that south of Ogden, around Marshall Blvd. and Cermak has a higher chance of appreciation than anything north of Ogden. It has all the characteristics such as transportation (Pink Line), commercially zoned avenue (Cermak), close by park, and a large boulevard similar to Logan Blvd.

You are @Alexander Krasuski, you're the next Sam Zell in Chicago. 

Hi @Juan Castillo Jr, it really depends on multiple factors. What's the value of your home? What can you rent it out for? What's your current PITI?

If you refinance you'll have to hold on to the money for a couple months as to not set off any red flag with where it came from, i.e. you have to pay it back. 

Probably not for a long time. I avoided anything between that Amtrak line that divides Grand Ave and the one that runs parallel to Lake St... matter a fact just call it the Green Line that's on Lake St. even down to 290. (matter fact, just take it all the way down to Kentucky!).

That kind of triangle, going West doesn't have CTA service, therefore transportation sucks and doesn't allow it to be connected to the remainder of the city where most of the jobs are. 

Doors are nicer yet more expensive. Rods/curtains are cheap and replaceable.

As far as the ROI, it'll likely never make or break the deal. It does add a much more sophisticated appeal. Typically something like this frameless shower door (example) works best.

Regarding rod/curtain, you may consider other factors. What type of tenant are you renting to? Would they care for the door or are you better off having a disposable curtain.

For example, if it's a 2 bed in a trendy part of town to be rented to you professionals, I'd likely go with the door. If it's a 4 bed in a quitter area with excellent schools to be likely rented to a family? I might opt for the curtain as the clientele would likely prefer it and you don't have to worry about kids and glass.

Start the process. Usually the letter will scare them enough. At the same time, you might be best offering cash-for-keys. 

Explain that it isn't the usual situation yet you need to move in because you bought as owner occupied and the bank requires you to occupy the unit so you're willing to offer her some cash. Make sure to explain that if she doesn't move, that you will file for eviction and see it through, and that you'll ensure this is on her record and will follow her around for the rest of her life.

Most tenants are reasonable and, they think they can get away with a month for free, yet when they hear that this will follow them for life they realize it's not worth a free month of rent.