You WILL NOT get more than market value, no matter what upgrades you put in it, but it will rent before the other units if it is nicely upgraded. Renters do not care as much about crown moldings as buyers.
If the tenant had credit issues and you have a mortgage, their credit issues could become your credit issues.
Read and understand the Chicago Landlord Tenant Ordinance and give them a copy and get a signature that you gave it to them. The security deposit it not yours, put it in a separate interest bearing account.
Get on repairs right away, or the tenant will punish you when the lease is up and you want to do showings.
I have worked in the area for the past 15 years and work with several quality realtors in Chicago. Our company works directly with Fannie Mae and Ginnie Mae and fund the loans in our name. We aren't waiting around on the big banks to approve the deal. We staff our own underwriting department and get things done quickly. You can call me at (630) 639-1081 and I can give you a preapproval the same day and help you find a quality realtor in the area.
We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (630) 639-1081.
Sr. Loan Officer
Mobile Phone: (630) 639-1081
3130 Finley Rd. Suite 510C
Downers Grove, IL 60515
I suggest that you conduct your due diligence and make sure that you can rent according to the Condo Association By-Laws, look at the cash flow from the investment and compare it to alternate investment opportunuties in today's Market, and try to find a condo building that is FHA allowable to give you more flexibility when liquidating your investment.
What is the building's rental policy?
Is the board anti-renters?
What is the financial health of the building?
History of special assessments?
Condition of common elements....
Work with a broker familiar with the area!
You also need to make sure that they maintain a healthy association. Are there, have there been , or will there be any anticipated special assessments. Who was the developer - do they have any pending litigations with this assocaiton or any of their other projects for that matter.
If you are financing the property you need to be aware of how many rentals are already present as this can create an issue with obtaining a new loan.
If you need any help with you financing please feel free to reach out at anytime - my team has a lot of experience financing investments properties.
Senior Vice President of Mortgage Lending
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o: 773.290.0455 / m: 312.217.4030 / f: 773.516.6056
3940 North Ravenswood , Chicago, IL 60613
NMLS ID: 224518
There are a lot of biuldings in Downtown now that allo rents in 2013-2014 but proposal to be voting to dont allow after 2015 in milenium park and gold coast
Also, find out what fees there are to you and to your potential tenant ( move in / out, rekeying, pet deposits, administrative, etc.).
Now, do the numbers. If you are cash flowing a couple hundred a month after all expenses, then you are in a good spot. Don't expect to make a landslide amount of money monthly. Expect to get your bills paid and make money in equity and growth over time.
I hope this helps. Fell free to call me at 773 972 5333 or email email@example.com to discuss further.
You will find that it is almost impossible to find a condo that can even break even cash flow because the taxes and assessments are very high unless you put more than 20% down. The days for getting a good rental deal in the downtown are ended on 2012