All Forum Posts by: Kathleen Park

Thanks for your comment. That makes sense.

My tenant moved out a couple of days ago, and when I walked through the unit, I discovered that he had removed the curtain and curtain rod, detached the room air conditioner, and caused significant scratches on the hardwood floor from the metal bed frame legs. I have photos to document these issues. My question is how much I should charge him for each of these items. Is there any reference I can consult for guidance on these issues? Also, do you typically get a quote from a local handyman for repairs?

I really appreciate your time in advance. 

Thank you so much for your response. I haven’t mentioned this fee in the current lease, so I will probably need to pay for it. However, I will definitely include it in the lease next time. I’ve learned a valuable lesson.

This is regarding a 3-bedroom, 2-bathroom townhome in the Chicago west suburb area. The townhome association charges a $100 fee annually under the name of the Tenant Administration Program (TAP), regardless of whether I have a new lease with new tenants or a renewed lease with the same tenants as the previous year.

Who should be responsible for this fee: the landlord or the tenants?

I have been paying the fee for my tenants so far, but I am now curious whether this charge could be the tenants' responsibility. Could you share your experiences if you have encountered a similar situation? If so, what is a good way to ask my tenants to cover the fee?

Thank you for your time in advance.

I was wondering if any real estate professionals like you can prove this to be a good move in terms of investing. If you were me, what would you focus more on?

I live in the West Town area of Chicago. I’ve recently been thinking about renting out my current primary home (built & moved in 2019: value $550K: have a mortgage loan of 2.65%) and buying a new primary home (built in 2020: value $700K: thinking 20% down +80% loan to purchase) in the same area. However, I have a few concerns:

Pros:

• Living condition: 1400 sqft → 1700 sqft with some boutique features
• The rental market seems good in this area.
• Another property is added to my existing real estate portfolio, which currently includes two other properties.

Cons:

• Interest rate: 7% - No guarantee of decreasing the rate, which means there might be no opportunity for refinancing in the future.
• The current home is too new to be rented out.
• People often say not to buy property in Chicago due to high taxes and low appreciation.
• There’s no necessity of moving since I have a decent primary home.

Any professional advice would be helpful. I really appreciate your time!

Hello,

I was wondering if anyone knew any trustful websites (preferrably free) which provide tenants background check report service including felony/criminal charges. I don't need any lease application service or rental management service though. Does Zillow background check include felony charge history as well? When tenants submit a rental applicaiton on Zillow, it will come with a background check & credit report. Are they trustful?

Thank you so much for your time!

Thank you all for your considerate responses.

The tenant started living there on September 1, 2020-that's what he said. The contract 3 years ago was with the previous landlord. I took over the lease when I purchased the unit in 2022. When he and I signed the lease renewal in June 2022, we agreed with "60 days of notice" on our addendum. His current lease ends on August 31, 2023.

First of all, I wasn't a landlord for him for 3 years. Could this be a matter?

Second, his 3-year mark will be on August 31, 2023, and I asked him to move out before his 3-year mark. Could this be a matter?

Third, should I ask him to show me the previous contract when he actually starts living in the unit?

I wanted to educate myself on this matter for future reference. If anyone is familiar with this matter, I really appreciate if you share your experience and knowledge. Thank you!

Hello,

I gave my tenant not renewing notice 80 days before the lease ends, but the tenant quoted below and he could stay with the current rate.  

"According to the Chicago Fair Notice Ordinance, if the tenancy has been for longer than three years, the landlord is required to provide 120 days' written notice before terminating the lease or implementing a rent increase. If the landlord fails to provide the required notice, the tenant has the right to remain in the unit for up to 120 days after the notice is given, with the rental rate remaining the same as previously paid."

When we both signed the contract a year ago, both agreed on 60 days term which I listed on the lease. 

Which one is overpowering Chicago Fair Notice Ordinance or the lease contract?

Thank you for your time in advance.

Hello, I have new tenants who are moving in in a week. They like to move in with their own appliances including a range, washer, dryer, etc even though the unit has them. Has any had that experience? Do you usually allow them to?

Hello,

I've recently bought a 2B condo near a college in Chicago with the condition of taking over the existing lease contract with the tenants. The tenants are two college students and the lease ends at the end of August. However, the rent they are paying is too low (approximately $500 cheaper than the average in the area, and the previous landlord didn't even collect a security deposit or pet deposit even though they have a pet. The tenants pay on time, and they keep the place neat though. They need one more year to graduate.

1. Is there a magic way to ask rent increase? To me, It seems hard to ask current tenants about rent increases, especially when they are students.

2. Do I need to consider rates near college town lower than the others in general? This is my first property near a college.

3. Any general advice on rental management for college students?

Thank you for your time.