All Forum Posts by: Nicholas Sanchez

Hi all!

I live in top floor of a condo building and my downstairs neighbor informed me that a leak was coming through his ceiling. I called a plumber/hvac technician since I found some water in our mechanical closet.

They came out the same day and said the water heater tank cracked and needed to be replaced. We did this right away and the leak stopped.

Now, my neighbor is asking me to pay for any damages to his AC unit because of the leak but doesn’t want to go through insurance.

I’m wondering what is the best way to go about this? Am I required to pay these out of pocket or should I ask to go through insurance? (Also I haven’t heard back on the amount of damage yet, but not sure if that also affects how to go about it?)

Thanks!

Hi all!

I recently obtained my broker's license in Chicago. I currently work full time and am looking to use my broker license as a side gig for at least the next 6 months. I was wondering if there is something out there where I could 'hang' my license temporarily before joining a brokerage in order to avoid paying the monthly fees? This is because I do no plan to be super involved in the real estate game at first and figured I'd try to save that money. My plan is to temporarily work with a colleague who is already part of a brokerage and kind of use it as a training to get up to speed before fully committing to the broker life. 

Any advice for my situation would be helpful! Thanks!

Hello!

I own a 3 bedroom rental property in Chicago, which is currently inhabited by one tenant. Once his lease is over in July, I will be moving in. I plan to do some renovations by taking down a couple walls in the unit (to create more of an open concept). The tenant's wall and bedroom will not be torn down at all; however, the walls in the condo do not go all the way up to the ceiling. I am wondering if it is okay to perform this construction of tearing down a couple walls while a tenant is living in the unit? 

I plan to have contractors do the work during the last week of June, so I could potentially offer to refund his rent for the last week of his lease. 

Please let me know if this is okay (and legal) to do. I am obviously trying to do what is convenient for everyone in this situation, but it might just not be possible! 

Hello!

I was asked this question from a friend who is renting, so I told him that I would try to get some info. He currently has renters insurance and is living in Minneapolis until July 31. He will be moving in with girlfriend on this date; however, she will be moving into the new place in Madison starting June 1 (i.e. two months prior to him officially moving). They have both signed lease and the landlord asked for proof of insurance. 

So, my question. If he already has renters insurance through current home in Minneapolis (and will not be officially moved into Madison until July 31), does he need to have insurance on both homes during this two month window where the lease will overlap? Or is it sufficient for his girlfriend to have insurance on the Madison home and then he can update the address when he moves in on July 31? 

Any help is appreciated!

Hello! So, I have tenants moving out next week. They actually only gave me a two week notice, but found someone to take their place so no big deal. They originally signed a lease in 2017 and I included my condo association rules, which states there is move out fee. In 2018, I extended their lease slash created a new lease agreement (which states that you will abide by condo rules), but I did not attach the condo rules again since I had already sent them the year prior. Are they still liable to pay the move out fee? They seem to think not because the condo rules were not included with the new agreement. 

It seems common sense, but I am just curious of my rights as the landlord in this situation? 

Thank you @John Warren and @Ronan M. ! I appreciate the help. 

Would you have any idea of what could be causing a water color issue? The water seems to be coming out a little bit whiter than the other sinks in my unit. 

Hi everyone,

I have an issue regarding a bathroom sink in my rental unit. There is a slow leak under the sink, which seems to be coming from the supply line. I may be able to fix this myself by replacing the supply line, but not sure. There is also an issue with the water color . It does not seem to be as clear as the water from other sinks in the unit.

I am curious if anyone has any thoughts on how to fix or a reference for a plumber in Chicago (specifically 60605 area)?

Thanks!

Hi everyone!

I currently own my primary residence (condo) and one rental property (condo), and I am looking for a multifamily property as my next purchase. I am wondering if I would be eligible for a 3.5% down FHA loan when purchasing a multifamily property (and I plan to live in one unit and rent out the others, i.e. house hacking)?

I also welcome any advice you might have about going through this process that would have been good to know before you started applying for this loan option. Thanks!

Hi! I currently own a condo in Chicago and my current tenant has found someone to sublease for him. I am just wondering the process that I should be taking? It looks like I will have fill out and sign a sublease agreement. However, I am wondering if the sub-lessee will need to also fill out a separate Lease Agreement?

Any advice or tips would help! Feel free to refer me to a site too and I can research. Thanks!