All Forum Posts by: Shaoqing Xu

I’m renting out my condo unit, and the condominium management requires the rental length to be 1 year at least per rule. She does say how I sign lease with tenant is up to me.

My potential tenant is trying to sign a lease of 6 month, at the end of lease I may consider to renew lease with him or sell. 

Any suggestions on how I deal with condo management, so I meet their 1 year requirements while do a 6 month rental lease? 

Thanks. 

Please help on how to construct a right lease for new tenant in below special situation:

I have a potential buyer of the condo, pending on his daughter admission into a local university. He won’t know the addmission result until end of Dec. If he don’t get admission, he will not purchase the condo unit. I’ll definitely go ahead for the sale if all goes smoothly.

In same time, I’m prepare to rent out the unit in case the sale fall apart, and have a good tenant ready to sign a lease now for Jan 20th move in. How to maybe put some right clause in lease, or right explanation to tenant so I can back out later Dec if needed without causing much trouble for tentant and I? 

Thanks.

the condo don’t allow Airbnb...

Chicago downtown 1 bed room luxury high rise, has been on market since 2019 July.

Looking for any other option other than sell or rent out?

$325,00 purchase cost.

For sale price lowered from $419,000 to $389,000.

5 other 1 bedroom on sale in same condo, lowest price $359,000.

There is 0 unit sold in this condo since city decide to raise property tax by 33% mid 2019, made $6000/year tax became $9000.

Family with one child and grandfather living in another 2 bedroom paid off.

If rent out: $2400 income. $2900 cost including mortgage tax insurance assessment.

Was plan to sell 1 bed to buy into 3 bedroom new condo / or rent.