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All Forum Posts by: John Clark

John Clark has started 5 posts and replied 1200 times.

Post: Water Submetering - Multi Unit in Chicago

John ClarkPosted
  • Posts 1,228
  • Votes 954

i do not think the chicago building  code allows sub-meters; it puts another layer of complexity (and point of failure) onto the system and deprives the city of a financially responsible entity (condo association or landlord).

inspect all units and replace bad toilet flappers, etc.

So what’s the problem? Fill out the form. Send it in. Keep a copy for your files. Send it certified mail, return receipt requested if you are so inclined. 

Nothing to get worked up about.

Quote from @Lewis Kerwin:

Hi all,

I have an out-of-state SFH that just had its tenant move out. PM says that whole house requires repainting on the interior including cielings and that "sealants" might need to be used for cracks in certain areas. Given this, they are saying $3000 is what they were quoted for the whole interior house (about 1000sqft).


Does this seem reasonable? Or would this raise red flags for conflict of interest? 


I'm in this strange position of being out of state and unfortunatley not having the time to visit or gain personal expertise. So any perspective on this is welcome!

Pictures in case helpful: https://drive.google.com/drive/folders/17QCEJmkm4IptwZTC7amR...

If your return-on-investment numbers are that tight you shouldn’t be in the house.

Post: Mentorship trade for legal advice

John ClarkPosted
  • Posts 1,228
  • Votes 954
Quote from @David Turner:

Hello, I’m new to the community and I’m seeking a mentor to help. I’m a licensed attorney and I’m willing to trade for legal advice

What is you experience and your knowledge? Without that, trade terms are irrelevant 

Post: New to Chicago and Real Estate, Lets Go!

John ClarkPosted
  • Posts 1,228
  • Votes 954

I only got one question; Who did you piss off that they sent you to Chicago?

I would think that a notice with the addresses and legals of the two properties, including index numbers and such, attaching a certified copy of the name change order to each notice, should be sufficient if recorded against each property. Not practicing law in your state though, so you need to consult a qualified lawyer in your jurisdiction to see what to do

X-rays of mold in lungs sounds serious ( but I’m not a doctor).


Get the remaining mold fixed, and get a new PM.

X-rays of mold in lungs sounds serious ( but I’m not a doctor).


Get the remaining mold fixed, and get a new PM.

Post: Down Payment on Next Property Advice

John ClarkPosted
  • Posts 1,228
  • Votes 954
Quote from @Kevin Hilton:

Thanks for the response Richard. That is a concern I share, giving up the low interest rate and some cash flow on the LTR's. That is a reason I would consider selling one, because the STR is in a market that is likely to have more appreciation. It is hard to give up the strong cash flow though. Appreciate your thoughts!

What about a portfolio mortgage with the lender keeping the proceeds in trust for your purchases?
Quote from @AJ Satcher:

Hey BP Community!

So I got hit with a triple whammy on taxes. I bought a house-hack last summer in which the sellers made significant improvement to the property. The tax assessment last year was based on the home's prior condition but fast forward to this year and the taxes have doubled. Not only that, but I missed the homestead exemption deadline. AND I missed the tax appeals deadline for my county.

This one hurts and I am definitely going to have to bite the bullet on this one. Learning moment for sure. But I want to know if anyone has had any luck with the tax appeals process? And if so, what exactly would you go about appealing? Any other related advice would also be appreciated!

Thanks!

I doubt the seller’s improvement changed the taxes. The sale price did. You can’t argue that it’s not worth the price you paid. Get your homeowner’s exemption in place for next year. Look for comparable properties and find out what they are assessing at for next year.