All Forum Posts by: Sean McKee

I agree with get a new agent or push them to go through with it. I recently made and got an offer excepted for almost 100k less than asking. You never know what might happen.

Hello Everyone,

I know that Congress just recently passed legislation providing 25 billion in rental assistance. I know this is being given to individual states to disperse. For Illinois specifically, has anyone heard about the timeline for receiving those funds and how to apply? I have not found anything yet online.

Thanks!

Thanks everyone. I kind of figured as much that I would need to go ahead and upgrade. It’s weird because everything inside was re-wired but the service was never touched.

@Jim S. Each unit has 2 bedrooms. Gas stove, 4 water heaters, gas heat only, no dishwasher. Only window AC units if they choose to.

thanks

Hello Everyone.

I’ll keep this pretty short. I have a 4 unit building (on the smaller side) with 100A for the main service. I’m not an expert on this, but I figured before I even bought that I might need to upgrade to 200A. I would like to just make sure it’s 100% necessary before doing it. There will be no central air conditioning, laundry or any other high powered electric. The units are pretty basic and will be kept so. Is 100A enough?

For me personally, I tend to avoid those kinds of buildings. I just like knowing that I'm not at risk for a potential mandatory deconversion at a later date.  I would mostly be concerned if there are any pre-sale inspections conducted by Forest Park.  I know a few of the Western Suburbs communities require it each time you sell the building. I bought a couple 4 Units in Cicero and one had an illegal basement unit.  I had to remove the stairs, outlets, etc. to bring up to code. Meanwhile in Chicago there are listings all the times with "attic additions with kitchen/bathroom). 

So I would personally just make sure the city won't be involved in the decision making process.  If they are I'd want to know if I can make the unit Legal and if not would the deal work without it.  But every market is different and I know plenty of people making money with "illegal additions". Congratulations and good luck!

@Bob Floss II. I saw the proposal a couple months ago for the Cook County Rtlo. I have a couple properties in Cicero and was hoping it would blow over. It’s definitely upsetting and looks more punitive than the Chicago version. Did they outright ban move in fees or can you still charge less than 1/2 months rent. Some of the language is vague.

@Ricardo Delgado thanks for the pointers. What criteria seems to work best for you?

@Brie Schmidt - that is perfect. Thanks for the link.

@John Warren and @Brie Schmidt- thanks to you both! I would have never thought about that. I’ll definitely have my lawyer look at any lease. There’s clearly a lot of ways to go wrong in Chicago.

Hello Everyone!

I’m closing on a 4 unit in Little Village next week. I have rentals in Cicero and always charge security deposits. However I’m leery to do so in Chicago. It seems too risky with the current laws.  I’m definitely leaning towards move in fees. I’d like to charge 300 to 375. Little Village might be a little less than that. However I definitely would prefer to charge as much as possible.

What do you charge? Or do you stick to security deposits?