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All Forum Posts by: Shao Ya Xu

Shao Ya Xu has started 3 posts and replied 10 times.

Post: Homestead Exemption for rental properties in Champaign/Urbana IL

Shao Ya XuPosted
  • Rental Property Investor
  • Champaign, IL
  • Posts 10
  • Votes 1

Hi, I was recently advised by my lawyer that I can include this Real Estate Tax Liability section in my lease to get the Homestead Exemption for my rental properties in Champaign/Urbana. I am on the fence of should I include it in my lease or not. Do anyone have success claiming the exemption? What do you need to bring to the City to file for the exemption? Just the signed lease or do you need some other form(s) signed by the tenant as well? Also, how do you explain clearly to the tenant to ease their concerns?

Thank you in advance!

Below are the section my lawyer advised me to include in my lease:

    1. REAL ESTATE TAX LIABILITY. Notwithstanding anything herein to the contrary, Tenant shall be liable for the payment of real estate taxes with respect to the residence in accordance with the terms and conditions of Section 15-175 of the Property Tax Code (35 ILCS 200/15-175). The permanent real estate index number for the premises is (insert number), and, according to the most recent property tax bill, the current amount of real estate taxes associated with the premises is (insert amount) per year. The parties agree that the monthly rent set forth above shall be increased or decreased pro rata (effective January 1 of each calendar year) to reflect any increase or decrease in real estate taxes. Tenant shall be deemed to be satisfying Tenant's liability for the above mentioned real estate taxes with the monthly rent payments as set forth above (or increased or decreased as set forth herein).

Post: Illinois Homestead Act - Property Tax Section in Lease - Champaign

Shao Ya XuPosted
  • Rental Property Investor
  • Champaign, IL
  • Posts 10
  • Votes 1

Hi, I was recently advised by my lawyer that I can include this Real Estate Tax Liability section in my lease to get the Homestead Exemption for my rental properties in Champaign/Urbana. I am on the fence of should I include it in my lease or not. Do you guys have success claiming the exemption? What do you need to bring to the City to file for the exemption? Just the signed lease or do you need some other form(s) signed by the tenant as well? Also, how do you explain clearly to the tenant to ease their concern? 

Thank you in advance!

Below are the section my lawyer advised me to include in my lease:

    1. REAL ESTATE TAX LIABILITY. Notwithstanding anything herein to the contrary, Tenant shall be liable for the payment of real estate taxes with respect to the residence in accordance with the terms and conditions of Section 15-175 of the Property Tax Code (35 ILCS 200/15-175). The permanent real estate index number for the premises is (insert number), and, according to the most recent property tax bill, the current amount of real estate taxes associated with the premises is (insert amount) per year. The parties agree that the monthly rent set forth above shall be increased or decreased pro rata (effective January 1 of each calendar year) to reflect any increase or decrease in real estate taxes. Tenant shall be deemed to be satisfying Tenant's liability for the above mentioned real estate taxes with the monthly rent payments as set forth above (or increased or decreased as set forth herein).

Post: Accountant recommendation in Champaign Urbana IL

Shao Ya XuPosted
  • Rental Property Investor
  • Champaign, IL
  • Posts 10
  • Votes 1

Hi, 

I currently have a small portfolio of rentals in Champaign/Urbana IL.  Looking for a knowledgeable accountant in the area, any recommendations? Thank you in advance.


Post: Bulging drywall, should I still buy? My 1st rental

Shao Ya XuPosted
  • Rental Property Investor
  • Champaign, IL
  • Posts 10
  • Votes 1

Thank you all so much for your help! I decided to go ahead with the purchase!

Post: Bulging drywall, should I still buy? My 1st rental

Shao Ya XuPosted
  • Rental Property Investor
  • Champaign, IL
  • Posts 10
  • Votes 1

@Kevin Dong

Thank you, I think its a pretty good deal, good location and the numbers work out. 

Post: Bulging drywall, should I still buy? My 1st rental

Shao Ya XuPosted
  • Rental Property Investor
  • Champaign, IL
  • Posts 10
  • Votes 1

picture of window 

Post: Bulging drywall, should I still buy? My 1st rental

Shao Ya XuPosted
  • Rental Property Investor
  • Champaign, IL
  • Posts 10
  • Votes 1

@Bryan Devitt

Thank you for the detailed explanation, now I have a better idea of what I am dealing with. 

Post: Bulging drywall, should I still buy? My 1st rental

Shao Ya XuPosted
  • Rental Property Investor
  • Champaign, IL
  • Posts 10
  • Votes 1

@Michael Kistner

I did let my agent ask the seller about the leak, still waiting for their response. Since I agree to buy as is condition, can I still ask for a credit toward closing? Thank you so much for your help!

Post: Bulging drywall, should I still buy? My 1st rental

Shao Ya XuPosted
  • Rental Property Investor
  • Champaign, IL
  • Posts 10
  • Votes 1

@Jonathan Smith

Thank you such much for your response!

The house is about 60 years old.

Post: Bulging drywall, should I still buy? My 1st rental

Shao Ya XuPosted
  • Rental Property Investor
  • Champaign, IL
  • Posts 10
  • Votes 1

Hi everyone, I am in the process of buying my 1st rental property and just finished with home inspection. The only thing that worries me are bulges on the drywall at three different spots cause by leaks. Two spots are near the window and might be cause by a gap between the aluminum trim and window outside. The other might be due to a clogged gutter that cause water to overflow back to the roof and down the wall. According to my contractor, the fix to prevent further damage seem to be simple, seal the gap between the trim and window, clean the gutter, and replace the drywall on those areas if needed. But I don't know how much damage the leak has done , such as possibility of mold (but I didn't notice any musty smell). The property is sold as is. Below is a snapshot from the inspection report. 

So how worry should I be? Anyone encounter a similar problem before? How much did it cost you? Thank you so much for your feedbacks!