All Forum Posts by: Account Closed

@Chris Ellis

That would be much appreciated if you could 

Hi BP community 

Im looking for recommendations for contractors for significant rehab on a duplex in Chicago's Avondale neighborhood (possible structural work, concrete, new garage, etc). Both my tenants decided not to renew their lease, so I have a good opportunity to get work done now. 

Thanks for your help!

@Lauren Speidel @Dave Foster Thank you for your replies and the information. 

I should clarify that this property is not my personal residence. I purchased the duplex in Dec 2013 and lived in one of the units until May 2015 (not quite 2 years). I've rented out both units since May 2015 (just over 2 years). At this point, I want to sell the property and avoid the tax hit. It appears 1031 exchange is a good option for me.

@Bill Exeter at what amount of profit in your opinion does using the 1031 exchange strategy becomes useful. Im new to this strategy. I dont satisfy the 2 of the last 5 years residency requirement on my duplex. Due to appreciation, Im concerned about the tax hit. Thanks for your help.    

Hi 

Requesting recommendations for RE broker/agent for duplex in Avondale. I'm hoping to trade up for another multi-family which will be owner-occupied. I listed with my PM last year but was deeply disappointed in their efforts so I'm reaching out to the BP community for recommendations. 

Thanks for your help.  

I have two flat in Avondale and had the same problem. Teenagers sitting on the steps leading to the 2nd floor. They weren't tenants nor were they guests of the tenants. I had a gate installed. That fixed the problem. Not sure if you have that option but that's what worked for me. If they are guests of the tenants there isn't much you can do as others have said.

Hi Imran Hussain Ever since our embattled mayor snuck this enormous tax increase through the city council I've been concerned. I've appealed my property taxes. I'm anticipating increasing the rent when the leases come up for renewal. My tenants have leases thru May. I have read that Chicago still has lower property taxes compared to the surrounding suburbs despite the increase. However i will factor the increase into my future investments.

@Bob Ewoldt from all the construction I see I'm assuming there is an increasing demand for SFH in the city. As @Lumi Ispaswrote, the neighborhood is just NW of a super hot area in Chicago, its close to the train, I-90 highway, and bars/restuarants/coffee shops. Its been a good investment but I figured it wouldnt hurt to get more input on new SFH construction/conversion. 

I bought my first property a few years ago with a FHA mortgage. Since then I've noticed a new construction boom in the neighborhood. A block south of my 2 flat are row homes/town homes which were sold out before construction completed, several new multi-family and SFH have also been built/being built now in the neighborhood.

I'm thinking maybe my 2 flat is a good candidate for a new SFH. Would I be able to take out a construction loan to build a new SFH with an existing loan? I'm thinking Wells Fargo wouldn't be too happy with that. I figured I would put it out here and see the response from more experienced investors.