All Forum Posts by: Melissa Rios

Sending you a PM.

After writing this thread, I later found out they are called All-in-one Mortgage product in the US, or sometimes called Accelerator Mortgage.   From what I can find, I don't see many banks offering this particular program/product.  However, I do see some independent lenders out there.  Does anyone know of a formal bank offering this mortgage product? 

Question for lenders out there:    do you know of any banks or other lenders that offer offset mortgages?  In this scenario, a borrower would have an account with cash that is pledged or locked up in a CD, and the cash in the account offsets and reduces the interest payment of the accompanying mortgage.   Mortgages that are connected to a mortgage offset account are very common in other countries, but unsure if they are offered by any US banks or lenders?    Thanks in advance for any insight you can offer. 

Sent you a PM.

I recently used M and M appliance on the NW side of the city and had a good experience.  The guy's name is Rich.  Old school billing;  got a paper invoice and mailed him a check.  I don't need digital billing or payments and will happily use him again. 

Sending you a PM with some ideas.  

@Jonathan Klemm -  yes I am definitely interested in multi-unit properties.  I am not sure I can get my spouse on board with that yet.    

Regarding your other question, yes we're looking at condo buildings. For example 1211 N LaSalle allows shorter lease terms, but it's an old building in which units sometimes need work, and I'm not sure it's the right investment for us at the moment. In searching for newer buildings with similar HOA policies allowing shorter-term leases, we just can't find much.

@Henry Lazerow do you know any high rise or midrise buildings downtown, Gold Coast or surrounding areas that allow 3 month leases? (proper lease, not Airbnb). Or perhaps your colleagues at Fulton who focus on rentals might know?

The purpose of the investment is to have something that can be used as an owner-occupant home now, but long-term investment rental property well into the future.   We want to be able to leave town for 3-6 months, lease it out, and come back to the unit if/when returning to Chicago.   

Hi, my spouse and I have looked at a variety of buildings for owner-occupant homes.  Thing is, we travel a lot (long periods of time!)  and one of the questions we always ask is whether a building allows rentals, specifically shorter than 1 year lease rental and/or shorter than 6 month rental.    Areas we are seeking:   Gold Coast, Loop, Old Town, Lincoln Park, would consider Wicker Park, Bucktown, Lakeview.

To be clear, we are not interested in Airbnb.  We just want to know that if we leave town for 3 months, we can sublet the unit to travelling nurses, or corporate travelers, etc.  For short-term rentals, shorter than 6 months, there are so few buildings out there allowing this.  Whereas, finding a building that allows a 6 month rental is not that difficult.   My question is:   do any of you out the in the BP universe know of any buildings in the areas above that allow lease terms shorter than 6 months?  

Hi all, I'm wondering if anyone has suggestions on seller-financing friendly Title companies in Chicago, or Cook County in general?   Any companies you've  used in the past that you recommend?  

This happened to me when I was a tenant many years ago.  A mouse had died underneath the pantry.  Pest control had laid traps without telling us (tenants) before we moved in.  In our case, the landlord came by and removed all of the bottom drawers, evidently he knew where all the traps were laid.  There at the base, were dead mice.   I don't know if the smell your tenant is complaining about is from that;  just mentioning it in case you have any method of looking behind or underneath the pantry.