All Forum Posts by: Jason Albasha

You need an attorney. 

Quiet area. Mid-income level, maybe slightly shifted to the higher side.

No big businesses or anything crazy awesome going on.

Schools are ehh...

This isn't going to be a high appreciation area, you're in the southwest suburbs. 

Lakeside Bank is pretty awesome. Not sure where you're located yet you can reach out to John Jasinski, signature copied below. Let him know I referred you and he'll take good care. First initial dot last name at lakesidebank.com. 

John Jasinski
Senior Personal Banker
South Loop | 1350 S. Michigan Ave. | Chicago, IL 60605

Take a look at other rentals. I have yet to see a rental in Chicago which has tenants paying water. This will be a huge turn off for tenants and I’d think twice about doing this. 

I understand the thought behind it, make tenants responsible for the bill, cut down operating costs, tenants will be more accountable if they’re paying, etc. yet all that only matters if you actually have a tenant. Any money saved would probably be offset by the possibility of having 1 month extra of vacancy. 

Everything can be factored into the rent. Landlord pays water? Rent is $1600. Tenant pays water? Rent is $1500. Catch my drift? The same stability you’re looking by putting the water bill on the tenant is the same stability tenants are looking for by having you pay the water. 

I can’t answer your question directly yet my advice is not to split it because 99% of Chicago landlords pay water and it would be harder to rent your place. Just factor it into the rent as stated above. 

Tyler, yes you can purchase any amount. The limit is on the loan, not the purchase price. 

You have to play by their rules. For 1-2 they don't care about this yet 3-4 units have to be "self-sufficient". That means 75% of gross income must cover PITI.

I’m not a mortgage broker so someone please correct me if I’m mistaken or thinking of a different program. 

For really strong appreciation you need some type of major transportation hub or booming employment, neither of those are present in that area. It’s flawed thinking to assume that, because it’s close to a city and it’s low, it’ll go up (at least not in any term that will benefit you). 

To your tax point, these are owners not renters, renters don’t pay taxes. I think people who are leaving Illinois are moving because yes, it is crowded and there’s always some instability (politically, violence, corruption, etc), yet those leaving are moving to booming cities like Nashville, Charolette & Raleigh, Atlanta and states like Oregon and Colorado as well as the coasts. 

There’s plenty of places closer to the city that cost less than city prices to rent, why would a tenant want to make your commute? Not to mention the tenant quality you’ll be attracting who commute from Hammond to Chicago just to save an extra hundred or two in rent over Berwyn/Cicero/ Rogers Park/ Bridgeport, Schaumburg, Evanston, etc.

With that said, Indiana has some of the most landlord friendly laws in the US. If you’re buying a house for yourself because you want the space for less then by all means. I’m not saying don’t buy real estate in IN, just don’t buy in Hammond thinking it’ll appreciate because of proximity to Chicago. 

Your agreement states that you can keep it; it's pretty black & white. Tell them they cost you liquidated damages. You should also speak to an attorney and find out exactly what's legal in your state. 

You should consult a lawyer about this. No one on here is going to be able to tell you specifics.

Like others have said, list ASAP. Make sure you take good pictures, this is critical and could mean the difference between renting quickly and sitting empty.