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Rental Basics in 60636 : Real Estate Advice

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  • Home Buying2
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Activity 51
Sat Jun 23, 2012
Gemini Tamondong answered:
Yes, it might be too early to look. Some rentals that are available now might be gone by that time. I can start emailing you rentals next month. Feel free to contact me if you need assistance. ... more
0 votes 8 answers Share Flag
Sun Jul 15, 2012
Bill J Deligiannis answered:
It may be a bit to early for a 9/1 start date but there are a handful of rentals that meet your criteria.

Feel free to contact me if you need any assistance:

Bill J Deligiannis
Charles Rutenberg Realty
630-788-5288
... more
0 votes 5 answers Share Flag
Mon Oct 2, 2017
David Wisneski answered:
In the City of Chicago, a "legal" apartment is required to have two forms of egress. Essentially, it means a front and rear exit.
0 votes 11 answers Share Flag
Sun May 6, 2012
Helen Beller answered:
This is a question that has to be determined building by building. There are more and more condo buildings in the city that are creating rental caps to restrict the number of rentals in the building.
Helen Beller, Koenig and Strey, 773.314.3444
... more
0 votes 9 answers Share Flag
Sun Jul 15, 2012
Bill J Deligiannis answered:
Using a Realtor will aid your search process immensely.

If you need any help, feel free to contact me directly.

Bill J Deligiannis
Charles Rutenberg Realty
630-788-5288
billjdeligiannis@yahoo.com ... more
0 votes 10 answers Share Flag
Sat Apr 14, 2012
Deborah Smith answered:
Have a real estate attorney review the lease and also go into the property's records to see that if there are a
foreclosure or short sale proceeding that is going to happen within the time of your lease. Check out the property
for flooding problems and mold, there should be smoke and carbon moxide detectors installed on the premise.
Debbie Bergthold-Smith Classic Real Estate
... more
0 votes 7 answers Share Flag
Sat Apr 14, 2012
Terry Bell answered:
Everything is negotiable in Real Estate, it never hurts to try! It depends on the area I'm sure and how competitive that area is.
0 votes 15 answers Share Flag
Tue Mar 6, 2012
Mark Malave answered:
I would say that as long as you live there, then it should be fine.
0 votes 10 answers Share Flag
Sat Oct 15, 2011
Margaret Goss answered:
The condo board can indeed decide not to allow any more rentals - I know this because it happened at a condo building where I have a rental. I bought it to rent and, luckily for me, the board "grandfathered" me in and allowed me to rent it, but any purchases after that cannot be rented.
You would probably need to speak to an attorney regarding this status, but mortgage lenders are wary of condo buildings with too many rentals.
... more
0 votes 8 answers Share Flag
Thu May 26, 2011
David Burnham answered:
Are you asking specifically about the mortgage interest as a landlord versus a homeowner, or all your deductions?

As a homeowner, you are allowed to deduct interest on your primary and secondary residence. This is recorded on Schedule A as an itemized deduction and replaces your standard deduction.

As a landlord you can deduct your interest as an expense that offsets your rental income. It is important to know that most landlords are considered passive by the IRS, so that means that you can not claim a net loss for the rental property. So if your rental income is $12,000 and your interest is $10,000, takes are $3000, and depreciation is $2000, then you would have a net loss of $3000. Chances are good that unless you are a real estate agent, this will end up being limited at zero and you would have $3000 of losses that you essentially will lose.

So in both cases you can deduct the interest, but depending on your situation, you may end up losing a little.
... more
0 votes 1 answer Share Flag
Mon Apr 18, 2011
Philip Sencer answered:
Probably, but look at the lease. What does it say? Is it a legal, standard form lease or just something someone made up on a piece of paper? Either way you probably should review it with an attorney. ... more
0 votes 11 answers Share Flag
Sat Oct 27, 2012
Philip Sencer answered:
None, unless you want it or have the tenant get renters ins which would cost about $300/yr. You can get it from your insurance carrier also.
0 votes 3 answers Share Flag
Fri Feb 25, 2011
Anna M Brocco answered:
For accurate answers as they apply to your situation, you may wish to consult with an attorney who specializes in real estate--accurate information prevents any future problems.
0 votes 6 answers Share Flag
Thu Feb 24, 2011
Alan May answered:
Click on the third entry down... it will download a PDF of a basic Chicago lease
0 votes 1 answer Share Flag
Thu Feb 3, 2011
Marcin Talaga answered:
Georgestap,

Lots of renters in these two neighborhoods. Close to the train and usually cheaper rent then being closer to the inner city. You can also find some great multi-unit buildings for great prices in these neighborhoods. Plus Old Irving is going through a bit of a "beautification" process that should draw some more businesses to the neighborhood and keep people around.

I'm not sure if that helps. If you had a more specific question, I bet you'd get more responses.

Marcin
Marcin@ConlonRealEstate.com
... more
0 votes 0 Answers Share Flag
Tue Nov 9, 2010
Alan May answered:
Yes, of course they can. The association is in charge, and can make any rules they want (following the structure allowed by their bylaws).

Some rules require only a vote by the board. Some require a 51% majority vote of the residents, and some require a 2/3rd vote of the residents. I'm not sure which would be required for this one. Read your bylaws.

But, can they change it from rentable, to no rentals allowed? Yes they can. If you'd like to be involved in those decisions, take the next opportunity available to join the board.
... more
0 votes 9 answers Share Flag
Sat Nov 6, 2010
German Llanos answered:
Yes Marisa, we have section 8 units. Give me a call to help you out 847-962-0923
0 votes 2 answers Share Flag
Thu Jul 29, 2010
Anna M Brocco answered:
In order to best protect yourself, and for accurate advice as it relates to your specific situation, consider consulting with an attorney who specializes in real estate and have all related documentation reviewed--then go from there--he/she will be your best source of advice. ... more
0 votes 5 answers Share Flag
Fri May 7, 2010
Maureen Cody answered:
Dear Max,

I found one resource for you:
http://www.allpropertymanagement.com/propertylaw/property-management-law-in-illinois.html

I hope this helps.

Regards,
Maureen
0 votes 3 answers Share Flag
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