All Forum Posts by: Sujith Kakulamarri

They did not.

Chemical Bank

My rental property in Chicago was vacant and got on fire.  I discovered that bank did not pay insurance premium  from Escrow account. And insurance expired. They accepted the mistake.  Bank and its adjuster conveniently came up with estimate amount close to principal balance.  

Market value for the property range between  60,000 and 185,000

Appraisal while financing was around 57,000

Improvements after financing 30,000

Replacement insurance that bank allowed to lapse was 156,000

Bank adjuster estimate repair to be 35,000

Public adjuster estimated to be 300,000

Bank is only trying to settle the amount close to 35,000.  Bank is not willing to negotiate. I requested for replacement cost that insurance would have paid. Bank asked me to go head and file a law suite. Does anybody know attorney  would can take up this case in Chicago, IL. 

Anyway suggestions will be appreciated. 

My property manager referred

Greenawalt Geoffrey B  

9- KY  9-IN 4-IL

I own properties in KY and IN. Eviction process and time it takes is about the same in both states. It is dependent on the county court judge.  I think deals in IN are better.

I am a small real estate investor now looking for primary residence. I have 2 loan product options wondering which one is better.  Please advice. 

We waited till closing and than had to go through eviction process. It took about 6 weeks. 

I have situation and need suggestions.  I have my first investment property (4 units in Frankfort, KY) under contract due to close in 10 days. Now

Seller realtor sent message to my realtor: "Seller said units 3 & 4 haven't paid January rent yet. How does your client want him to handle that? Evict them or just keep trying to collect? With Christmas last month, I'd say they're just broke and maybe they could get caught up... IDK.."

My reply: "I would act based on, what they are saying. Are they planning to pay along with FEB rent ? or with in a week ? Get something in writing with a set date after which they have to evict."

Seller  realtor response : "He said he doesn't think they're going to pay for January. The problem is, if he starts the eviction process and then we close on the property, the property is yours. MAYBE they'll pay for February after we close when you let them know who to make the checks out to. My client just wanted to let all parties know what was going on and will do whatever you want him to do."

In my initial offer, I requested to allow me to survey current tenants but seller denied under pretext not to disturb tenants. I still went ahead and signed contract, as I knew all units we occupied. Deal is not very great but better then the comparative sales. 

I am lost, any suggestion please ? 

I am buying 4 investment properties in IN and KY. Is there any good title company which can close in both states ?