Skip to content

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
Followed Discussions Followed Categories Followed People Followed Locations
Multi-Family and Apartment Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 7 months ago on . Most recent reply

User Stats

1
Posts
2
Votes
Miguel Gonzalez
2
Votes |
1
Posts

Chicago Basement Dig Out Concerns

Miguel Gonzalez
Posted

I'm thinking about purchasing my first legal 2-flat in Chicago from someone I used to work with. He personally walked me through the property and mentioned that about 20 years ago, he dug out the basement—originally a dirt floor—by about 10 inches to reach a ceiling height of 7.5 feet. Before pouring a 4-inch concrete slab, he had the space piped for a bathroom and kitchen, just in case. Currently, the basement is not a legal unit nor is it being used as such.

I haven’t submitted an offer yet. If I move forward, I plan to hire a top-tier inspector and specifically flag the basement work as a concern. I’m unsure if this is even worth pursuing, but maybe at the right price. What would be some things that scream red flag?

Most Popular Reply

User Stats

2,154
Posts
1,095
Votes
Aaron Zimmerman
#1 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • Chicago, IL
1,095
Votes |
2,154
Posts
Aaron Zimmerman
#1 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • Chicago, IL
Replied

@Tom Shallcross@Jonathan Klemm would be two excellent people to comment on this matter. Tom has done many dig outs and Jonathan is a general contractor 

business profile image
Brick House CPAs
5.0 stars
3 Reviews

Loading replies...