Things are looking good for the Illinois housing market as we start 2018. More and more people are buying homes and it is expected that the average monthly home sales will increase from -0.1% to +16.4%.
Let us help you sell your current home and purchase your dream home!
Published by: Bradford Miller Law, P.C.
10 S. LaSalle, Suite 2920
Chicago, IL 60603
312-238-9298
Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago Landlord Attorney, Chicago eviction attorney, Estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate attorney fees, Chicago estate planning attorney. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Tuesday, January 16, 2018
Thursday, January 11, 2018
What is REIT?
There is a type of investment that can put you into the real estate arena without buying a fixer-upper or searching for decent tenants...
It's called a real estate investment trust, or REIT for short.
A REIT is a company that owns and manages income-producing real estate.
REITs were created by an act of Congress in 1960 to enable large and small investors to enjoy the rental income from commercial property.
REITs are governed by many regulations, the most important being that they must distribute at least 90% of their taxable income to shareholders each year as dividends. That’s why they’re so popular with investors seeking steady income.
Published by: Bradford Miller Law, P.C.
10 S. LaSalle, Suite 2920
Chicago, IL 60603
312-238-9298
Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago Landlord Attorney, Chicago eviction attorney, Estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate attorney fees, Chicago estate planning attorney. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
It's called a real estate investment trust, or REIT for short.
A REIT is a company that owns and manages income-producing real estate.
REITs were created by an act of Congress in 1960 to enable large and small investors to enjoy the rental income from commercial property.
REITs are governed by many regulations, the most important being that they must distribute at least 90% of their taxable income to shareholders each year as dividends. That’s why they’re so popular with investors seeking steady income.
Published by: Bradford Miller Law, P.C.
10 S. LaSalle, Suite 2920
Chicago, IL 60603
312-238-9298
Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago Landlord Attorney, Chicago eviction attorney, Estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate attorney fees, Chicago estate planning attorney. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Tuesday, January 2, 2018
How much are you paying on debt for housing?
The back-end ratio is the bankers’ way of assessing how much of your monthly income is committed to debt payments. The higher the percentage, the tougher it will be to qualify for a sizable mortgage.
You don’t need a master’s in banking to calculate your own back-end ratio. Simply start with PITI, as above. Add in any recurring credit card bills, car payments, consumer loans, and other regular monthly obligations. Then, take that amount and divide it by the gross monthly income. The maximum percentage you can have to qualify for an FHA loan is 41 percent, according to the Federal Housing Authority.
Example: Suppose you and your spouse both earn $60,000 per year. If both of you are on the mortgage application, your monthly income is $10,000 ($120,000/12) and your total monthly debt payments are $4,000, your back-end ratio is 0.40 or 40 percent. Most of the time, lenders prefer to see a back-end ratio of 36 percent or lower. But those with good credit can borrow more – and at better interest rates – and still qualify for an FHA loan with back-end numbers of up to 41 percent. Guidelines for Veterans Administration loans are similar.
Bradford Miller Law, P.C. can assist you with all your real estate needs at a very reasonable rate. We are adept at saving our clients time and expense while rigorously protecting their interests.Whether you are buying, selling, renting a property or need assistance with a building code violation we can help. Our experienced Real Estate Attorneys have been representing real estate clients for several years and have earned membership in the Better Business Bureau and we have great reviews on Yelp.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
10 S. LaSalle, Suite 2920
Chicago, IL 60603
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Estate Planning Lawyer, Chicago Leases, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate closings, Chicago building code violations, Short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
You don’t need a master’s in banking to calculate your own back-end ratio. Simply start with PITI, as above. Add in any recurring credit card bills, car payments, consumer loans, and other regular monthly obligations. Then, take that amount and divide it by the gross monthly income. The maximum percentage you can have to qualify for an FHA loan is 41 percent, according to the Federal Housing Authority.
Example: Suppose you and your spouse both earn $60,000 per year. If both of you are on the mortgage application, your monthly income is $10,000 ($120,000/12) and your total monthly debt payments are $4,000, your back-end ratio is 0.40 or 40 percent. Most of the time, lenders prefer to see a back-end ratio of 36 percent or lower. But those with good credit can borrow more – and at better interest rates – and still qualify for an FHA loan with back-end numbers of up to 41 percent. Guidelines for Veterans Administration loans are similar.
Bradford Miller Law, P.C. can assist you with all your real estate needs at a very reasonable rate. We are adept at saving our clients time and expense while rigorously protecting their interests.Whether you are buying, selling, renting a property or need assistance with a building code violation we can help. Our experienced Real Estate Attorneys have been representing real estate clients for several years and have earned membership in the Better Business Bureau and we have great reviews on Yelp.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
10 S. LaSalle, Suite 2920
Chicago, IL 60603
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Estate Planning Lawyer, Chicago Leases, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate closings, Chicago building code violations, Short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Tuesday, December 19, 2017
There are 3 reasons to purchase a condo over a house
For those who don't know, a condominium is like a hybrid between an apartment and a house. Like a house, you buy a condo and own it outright. But some elements of condo living are similar to apartment living. For starters, many condos are adjacent to others, so owners often share a wall and live in close proximity. And if you live in a high-rise building, your condo may be located above or below someone else’s.
If you talk to friends or family members who live in condominiums, you'll quickly find out that many people love the condo life, while some people wish they bought a house instead.
- No yard to mow
- It’s cheaper than buying a comparable house
- There is a sense of community
Published by: Bradford Miller Law, P.C.
10 S. LaSalle, Suite 2920
Chicago, IL 60603
312-238-9298
Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago Landlord Attorney, Chicago eviction attorney, Estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate attorney fees, Chicago estate planning attorney. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Tuesday, December 12, 2017
Choosing the right Property Manager
Choosing the right property management company from among the dozens in your area can seem like a daunting task. But with some careful planning and good interview techniques, you'll be well on your way to turning the complex, time-consuming job of managing your rental property into a passive (for you) revenue stream.
Before deciding which companies to put on your short list, sit down and identify your needs and goals for the property in question. Do you need full property management services, or do you want help with only certain aspects of your business, such as leasing? Do you need a manager to live on-site? Would you prefer to work with a large company that has multiple locations and lots of resources, or would you rather work with a more boutique business, where you'll likely receive more personal attention?
Once you've decided on your criteria and narrowed your search, there are some other suggestions that you need to know about the final cut:
Before deciding which companies to put on your short list, sit down and identify your needs and goals for the property in question. Do you need full property management services, or do you want help with only certain aspects of your business, such as leasing? Do you need a manager to live on-site? Would you prefer to work with a large company that has multiple locations and lots of resources, or would you rather work with a more boutique business, where you'll likely receive more personal attention?
Once you've decided on your criteria and narrowed your search, there are some other suggestions that you need to know about the final cut:
- Company focus
- Management systems
- Cost Structure
- Availability
- Customer service
Published by: Bradford Miller Law, P.C.
10 S. LaSalle, Suite 2920
Chicago, IL 60603
312-238-9298
Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago Landlord Attorney, Chicago eviction attorney, Estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate attorney fees, Chicago estate planning attorney. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
10 S. LaSalle, Suite 2920
Chicago, IL 60603
312-238-9298
Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago Landlord Attorney, Chicago eviction attorney, Estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate attorney fees, Chicago estate planning attorney. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Tuesday, December 5, 2017
When does a landlord have the right to enter the tenants unit?
Why Can the Landlord Enter?
The landlord is permitted to enter the tenant’s unit for matters related to the maintenance of the property, the sale or rental of the property, for other matters that could pose safety or health concerns or when granted the legal right to by a court of law.
Examples of situations where a landlord has a legal right to enter a tenant’s dwelling include:
To Inspect the Unit- Prior to a tenant’s move-out, the landlord has the right to inspect the unit to determine the condition of the unit.
Make Repairs- This includes making ordinary repairs, necessary repairs and repairs that have been requested specifically by the tenant.
Decorations, Alterations or Improvements- A landlord has a right to enter a tenant’s unit in for the purposes of making aesthetic changes or improvements to the unit. Adding a washer and dryer to a unit which did not previously have one would be an example of an improvement.
To Deliver Large Packages- If the tenant has received a package that is too large to fit in the tenant’s normal mailbox, the landlord has the right to deliver the package to the tenant him or herself.
To Provide Services- This includes necessary services or those that have been agreed to or requested by the tenant.
To Show the Apartment- The landlord has the right to enter the tenant’s unit to show the dwelling to prospective tenants, actual tenants who will be living in the unit once the current tenant leaves, prospective buyers, actual buyers, appraisers, mortgagees, repairmen or contractors.
Under Court Orders- A landlord can enter the unit if granted access by a court of law.
If the Tenant Has Abandoned the Premises- If the tenant has abandoned the unit, the landlord has the right to enter.
If the Tenant Has Violated Health or Safety Codes- In situations where the tenant is violating health or safety codes, the landlord has the right to enter the unit to remedy the situation.
To Issue Eviction or Ejection Notice- A landlord can enter the unit when accompanied by a law enforcement officer to issue a service of process order regarding the eviction.
The landlord must never abuse the privilege to enter the tenant’s dwelling or attempt to enter the unit to harass the tenant.
Published by: Bradford Miller Law, P.C.
10 S. LaSalle, Suite 2920
Chicago, IL 60603
312-238-9298
Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago Landlord Attorney, Chicago eviction attorney, Estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate attorney fees, Chicago estate planning attorney. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
The landlord is permitted to enter the tenant’s unit for matters related to the maintenance of the property, the sale or rental of the property, for other matters that could pose safety or health concerns or when granted the legal right to by a court of law.
Examples of situations where a landlord has a legal right to enter a tenant’s dwelling include:
To Inspect the Unit- Prior to a tenant’s move-out, the landlord has the right to inspect the unit to determine the condition of the unit.
Make Repairs- This includes making ordinary repairs, necessary repairs and repairs that have been requested specifically by the tenant.
Decorations, Alterations or Improvements- A landlord has a right to enter a tenant’s unit in for the purposes of making aesthetic changes or improvements to the unit. Adding a washer and dryer to a unit which did not previously have one would be an example of an improvement.
To Deliver Large Packages- If the tenant has received a package that is too large to fit in the tenant’s normal mailbox, the landlord has the right to deliver the package to the tenant him or herself.
To Provide Services- This includes necessary services or those that have been agreed to or requested by the tenant.
To Show the Apartment- The landlord has the right to enter the tenant’s unit to show the dwelling to prospective tenants, actual tenants who will be living in the unit once the current tenant leaves, prospective buyers, actual buyers, appraisers, mortgagees, repairmen or contractors.
Under Court Orders- A landlord can enter the unit if granted access by a court of law.
If the Tenant Has Abandoned the Premises- If the tenant has abandoned the unit, the landlord has the right to enter.
If the Tenant Has Violated Health or Safety Codes- In situations where the tenant is violating health or safety codes, the landlord has the right to enter the unit to remedy the situation.
To Issue Eviction or Ejection Notice- A landlord can enter the unit when accompanied by a law enforcement officer to issue a service of process order regarding the eviction.
The landlord must never abuse the privilege to enter the tenant’s dwelling or attempt to enter the unit to harass the tenant.
Published by: Bradford Miller Law, P.C.
10 S. LaSalle, Suite 2920
Chicago, IL 60603
312-238-9298
Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago Landlord Attorney, Chicago eviction attorney, Estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate attorney fees, Chicago estate planning attorney. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
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