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All Forum Posts by: Julie George

Julie George has started 10 posts and replied 15 times.

Post: Requesting relief of HOA fees

Julie GeorgePosted
  • Des Plaines, IL
  • Posts 15
  • Votes 8

Hello,

I am a new landlord and would like to pulse the BP community for some landlord advice. I recently closed on a 2 bedroom condo in Chicago and my tenants moved in on December 1. The unit is part of an HOA and there are about 43 or so units in the building. Each unit is supposed to have an assigned storage locker room located on the ground floor.

I expected the storage unit assignment information to be provided in the condo docs at closing, but was not. My tenants did need the storage locker for their belongings and graciously attempted to identify the information directly with the HOA manager. After not receiving a clear answer from the HOA, my tenants moved their belongings into a seemingly empty storage locker but a few days later, received a note from the rightful owner to clear their belongings before getting their lock cut. This is when my tenants asked me for help on resolving the issue. When I contacted the HOA manager, he basically told me they needed some time to figure out the assignments for each unit. I took it as there was not a good record keeping of storage unit assignments and now they have no idea whose unit is whose. In the meanwhile, my tenants had to exhaust some time moving their belongings back into their unit and crammed their belongings into their office room. It is now exactly 1 month since my tenants moved in and the HOA still has not provided a resolution for the storage unit assignment.

Is it reasonable for me to request some pricing relief from the HOA on my monthly HOA dues ? If so, what is the proper way to go about making this request. My monthly dues are $341 and I would like to request relief of $100, mainly because I want to pass on this rent relief to my tenants for the major inconvenience and hassle this issue has caused them, (especially since they were being so patient and gracious throughout), but also because I do think my expectations on the responsibilities of the HOA were not met in this case and think I am owed some $ back. Are there any related laws or guidance that dictate requesting relief on HOA fees due to unmet expectations? Any thoughts on this subject or advice would be greatly appreciated!

Post: Tax Deductions

Julie GeorgePosted
  • Des Plaines, IL
  • Posts 15
  • Votes 8

Here is a good video that touches on whether you can deduct such "startup" costs... See the first 6 minutes. There is also a recommended book within the link.

https://www.biggerpockets.com/renewsblog/real-estate-tax-strategy-interview/ 

Post: First time buyer

Julie GeorgePosted
  • Des Plaines, IL
  • Posts 15
  • Votes 8

Hello all,

I am looking to purchase my first home in Chicago to manage as non-owner occupied rental property. I am planning to use a conventional financing method. I understand that financing requirements for rental property is more conservative. Can someone point me to a good recent source or article that provides the financing guidelines for rental property in Chicago? i.e such as down payment requirements, whether gift money is allowed, hedge reserve funds... 

Thank you!

Post: Purchasing rental property in Chicago

Julie GeorgePosted
  • Des Plaines, IL
  • Posts 15
  • Votes 8

Thanks, Vincent and Nick!

The neighborhoods I am mostly interested in are Lincoln Park, Wickerpark or Lakeview, but would be open to Uptown or Edgewater as well. I am looking to attract the post collegiate crowds for tenants!

Post: Purchasing rental property in Chicago

Julie GeorgePosted
  • Des Plaines, IL
  • Posts 15
  • Votes 8

Hey all! 

My name is Julie George and I joined this forum because I am looking into purchasing my first rental property in Chicago, specifically a 2 or 3 bedroom apartment in one of the neighborhoods. I currently live in Seattle, WA but grew up in Chicago and my folks still live out there and will always consider Chicago my home. Because of my close ties with Chicago, I am interested in purchasing rental property there. I am a first time home buyer and I look forward to learning and gaining knowledge from this community! 

Thanks!