All Forum Posts by: Nolan Mahoney

Just currious on your thoughts about buying a condo or town home and renting it out. Im just outside of chicago and in the suburbs and condos are not that expensive and i could make ok cashfflow from one. I know about HOA fees and alot of condos/town homes only alow a certain amount of renters, but on the flip side i think my CAP EX would not be as much because im not responsible for the roof, snow removal, yard keeping. any thoughts would help, thanks.

0 Votes

Hello,

this lender at gaurenteed rate says my DTI will be too high AFTER i buy this SFH (with FHA) that i will turn into a rental later. Ive always known your DTI has to be below 50 when going to apply for a morgage but never new they consider your DTI after you buy the property. Is this very common across all lenders? any info would help thanks.

0 Votes

Hey all!

Just curious on who would be the best insurance compay to go with while owner occupying a duplex. I dont want to break the bank on insurance but would like to have a good company, any input would be great thanks! (P.S this would be in the aurrora IL area).

1 Vote

Aurora, Illinois

Quote from @Jeff Chisum:

Is this for a long term or short term rental?

This will be long term.

0 Votes

Chicago, Illinois

Hello,

Im looking to find a good lender in the chicago land area whos able to help out with a first time rental purchase.

0 Votes

Chicago, Illinois

Hello,

Would a bank call my note if after buying the property in my name and then transfering the property into a irreversible trust?

Thanks!

0 Votes

Quote from @John Warren:

@Nolan Mahoney the Mainstreet Organization of Realtors lease covers areas like Elgin, Saint Charles, Aurora and Naperville. It would make a ton of sense to grab that from your realtor, or one of us can send it to you. The big thing is to make sure you have all the disclosures in there. Like @Paul De Luca mentioned, the Book on Managing Rental Properties is a fantastic book, but the lease documents will not serve you well here in IL.

I also wouldn't recommend trying to reinvent the wheel here. Most landlords seem to think that all the little things they slip into the lease will help them. In my experience in court, they will not. If you get an undesirable tenant, the solution is to break up and not try to enforce a random slick thing in a lease that a judge will likely not allow anyways.

Yeah id love to see it, the thing is id like to see a no smoking policy indoors in the lease as well, if not would i be able to add to it?

0 Votes

Chicago, Illinois

Quote from @Paul De Luca:

Quote from @Nolan Mahoney:

Quote from @Paul De Luca:

@Nolan Mahoney

Is this a lease you created? Why not just use a standard lease form?

I jsut used the lease from "Managing Rental Properties by Heather and Brandon Turner" and just tweaked it a little. That books lease covers everything i could think of and more.

I don't recommend using a lease template unless it's specific to Chicagoland. That book came out about 9 years ago at this point.

If you want, I can send you a standard lease agreement for suburban properties in Chicagoland.

Yeah id love to see it but keep in mind i wont be in cook county, because i know they have some diffrent rules.

1 Vote

Chicago, Illinois

Quote from @Paul De Luca:

@Nolan Mahoney

Is this a lease you created? Why not just use a standard lease form?

I jsut used the lease from "Managing Rental Properties by Heather and Brandon Turner" and just tweaked it a little. That books lease covers everything i could think of and more.

0 Votes

Chicago, Illinois

Hello,

I am looking for any good recomendations on a RE attorney to review my lease and make any tweaks that need to be done. I am going to be in the north west suburbs of chicago like, Elgin, Saint Charles, Aurora and Naperville area so if some one could send me the right direction in this that would be great. Thanks !

1 Vote

Chicago, Illinois

All Forum Posts by: Nolan Mahoney

Nolan Mahoney has started 29 posts and replied 52 times.

Post: Renting out condos/townhomes?

Post: DTI is too high after buying a house?

Post: who to go with for insurance

Post: Best Lender To Get?

Post: Best Lender To Get?

Post: Bank calling note if property is transfered into trust

Post: RE attorney to review my Lease

Post: RE attorney to review my Lease

Post: RE attorney to review my Lease

Post: RE attorney to review my Lease