All Forum Posts by: Account Closed

Hello! In the process of purchasing a multi family that has an illegal 3rd bedroom in the attic of one of the units. I'd like to make it legal so that we can rent it out but am struggling to determine if it is possible. Trying to interpret the inspection report below.

We need to install a baseboard or a radiator in order to make it legal. Does the text below indicate to you that it might not be possible?

VENTILATION OF ATTIC AND FOUNDATION AREAS
Inspected, CORRECTION NEEDED
Due to the design of living space in attic, correct attic ventilation may not be possible. Ice melt cable may be needed
to avoid ice buildup problems in the winter.
Finished ceilings on the bottom of the rafters won't allow needed room for insulation or ventilation. Expect ice
damming issues.

Any help is appreciated!

Hello! I just had an inspection done on a 2 unit home yesterday. During the walkthrough we noticed some issues with two of the staircases (pictured below). When you push on the red circle, there is noticeable movement. Obviously this isn't what you'd expect, but I'm frankly not sure what the risk is or how it would be fixed. When you walk up the stairs there wasn't any movement.

The inspection report reads: "Many older homes have stairs that don't meet current requirements for size of tread, height of steps, or head room clearance, guard rails and hand rails. These stairs can be a trip/fall hazard. The stairs in this house have some or all of these concerns."

Has anyone seen something like this before?

@Francis Rusnak thank you!

Hey all,

How do you estimate property taxes on Cook County properties? Typically taxes go up when a home is purchased at a higher value so I want to be able to estimate what the new taxes will be. Most likely going to be owner occupant multi (2-4 units).

In some counties I've seen simple calculators on the county website but have not found something similar for Cook County.

Thanks,

Bret

Hi All,

I'm looking to make an offer on my first investment property and recently came across a potential deal to fix & flip or BRRRR. It's a 3 bed/2 bath but I have a couple concerns.

1. The 2nd bathroom is in the basement and has no door. While it functions, it's not a legal bathroom.
2. The 3rd bedroom is above the bathroom on the main floor. It can ONLY be accessed by walking through the bathroom.

Has anyone encountered something like this before? I think after fixing the place up I could rent it for 1200-1500/month but am concerned that with this bedroom my rental pool (and buyer pool) will be greatly diminished. Here is a link to the property:

https://www.zillow.com/homedetails/2047-Lafayette-Ave-NE-Grand-Rapids-MI-49505/23795146_zpid/?

The asking price is definitely too high... but I want to see what people think of this.

Thanks,

Bret

@Sam Shueh the agents I've worked with are responsive but I haven't had one explicitly say here are 2-3 that could be good deals... let me know if you want to make an offer. The typical response is here's 15-20 in your price range in the area you're looking. Let me know if any are of interest to you. Do you think there will be a shift once I send them a pre-approval letter?

Hi All,

Curious about your process when working with an agent. Does your agent typically run preliminary numbers for you and determine if a property is/could be a good deal and send it to you or do they send you many properties that fit your range and let you do the rest.

I feel like I've heard people on the BiggerPodcasts say their agent will send them a specific property, outline repair costs, provide rent estimates, etc. Then the investor fact checks the numbers on their own and decides if s/he wants to make an offer.

Hi Lisa! I'd love to connect. I'll send you an email shortly.

-Bret

Hi All,

I'm a 2016 Calvin College alumni living and working in Chicago. I've been looking into the Grand Rapids market and would love to connect with any Calvin College Alumni who are personally investing in the area.

-Bret

Agree that it may be worthwhile to see if you can negotiate an earlier move out date from the current tenants.