All Forum Posts by: Ashley Pimsner

Hello BP,

I am in negotiations to purchase a 3 flat which has squatters and I was hoping that someone could recommend a great Chicago attorney who specializes in evictions.

I cannot proceed with rehab until illegal occupants removed...it would also be helpful to understand time frame and ballpark cost to complete process.

Any feedback and attorney recommendations would be greatly appreciated.

My experience says that you should be on top floor so that you are not bothered by the noise of your tenants walking/talking etc.

Another plus for leasing downstairs unit is that tenants usually prefer not to hike up stairs with furniture when moving in and hauling up groceries...it is also easier to let out the pets, if you allow them, in a ground floor unit.

@Jameson Sullivan,

If you are qualified in first two respects I can't imagine that you couldn't get a loan as long as the loan amount isn't outrageous and you had the 3.5% down payment...which can also be gifted by family members.

What is the expected purchase price of 4 flat and corresponding rents? 

Call a mortgage broker asap!

@Jameson Sullivan.

Do your have 2 years of W-2 income and do you have any landlord experience?

As I understand it FHA would allow you to use 100% of rents if filed on schedule E, otherwise you can use 75% of rents on lease/s.

Do yourself a favor and stop talking to the banks, but rather call licensed mortgage loans originators/brokers in your area and have them walk you through the process and your options, I think you will be encouraged.

Finally, I think that your decision to house hack a 4 unit will be one of the smartest choices you have ever made and if you buy right you should be able to live for free or almost free and help you create financial freedom

Best of luck!

Ashley

Thanks @ Dawa Sherpa, I so wanted the new BP Android app to work, but it is still FUBAR and will not allow me to login.

The BP app for Android doesn't reorganize my username aka email address.

I had 10+emails from tech support and eventually they just ran out of answers and gave up??

@Ashley Proctor for what it's worth I use www.spotcrime.com

There are many useful suggestions in this post and a few I might utilize myself, so if you employ a couple of the suggestions above you should get a pretry accurate assessment of crime.

Thanks @Robert Leach I was hoping you would chime in. 

I have you in a file I have been compiling on GC's based on your thoughtful comments and active participation in BP forums.

I will be in touch when I find my next project.

Thanks @Jerry Tunzil can I assume 30-40k for a gut rehab?

Extra income potential for landlord in rents so contractor pads costs or am I hearing you wrong?

Hello BP community.

I have been looking at several 3 and 4 flats on South side of Chicago and was wondering if some local contractors could give us a general rule of thumb for costs to gut rehab each unit?

Light rehab, medium rehab, and full gut rehab...approximate costs with permits and work that can pass all city inspections and codes.

I realize there are many unknown varaiables, but hoped that this might be beneficial to both rehabbers/flippers and contractors. 

For example, If a rehabber thinks costs 30k a floor for a gut rehab in a 3 flat and contractor has to spend time driving to subject and preparing a scope of work that is 50k a unit...that is all in 90k estimated by rehabber vs 150k from contractor so this probably isn't a deal for either party.

It would be great if rehabbers had a rule of thumb for 3 levels of costs so they don't waste time pursuing a deal that isn't a deal and contractors don't waste time preparing a SOW.