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All Forum Posts by: Chris T.

Chris T. has started 67 posts and replied 1605 times.

Post: Washer/Dryer Combo for a 1 Bed rental?

Chris T.Posted
  • Investor
  • Downers Grove, IL
  • Posts 1,639
  • Votes 955

@Pat L.

https://www.appliancesconnection.com/vented-vs-ventless-dryers.html

I was surprised there're ventless dryers as well. And they're not cheap. 

@Chris Roche Check your comps in your area for 1 bedrooms. Do they have WD? if not, you can probably skip it if everything else is similar. 

Post: House on the market for 6 months

Chris T.Posted
  • Investor
  • Downers Grove, IL
  • Posts 1,639
  • Votes 955

How long is your contract for with this agent? I'm assuming it's coming up soon?

If so, I would interview several other agents. Have them come to you with their CMA, and ask those agents what ideas could help you sell the house.

Sometimes a fresh coat of paint and some flooring could be cheaper than a price reduction. Most buyers cannot see past what is in front of them. 

On the other hand, the right price will always sell the property. 

Post: Window units or Mini Split AC/Heat?

Chris T.Posted
  • Investor
  • Downers Grove, IL
  • Posts 1,639
  • Votes 955
Originally posted by @Brian Lepo:

I am budgeting out the renovation of a duplex property.  The units are 500sqft each and currently have no ac or heat installed.  Would you install window units or a mini split ac/heat system or neither (leaving it up to the tenant)?  Keeping in mind the property is in a coastal region where the average "feels like temp is 95+ 4 months out of the year.

 Have you check your comps?

If most of them have window units, that's what I would go with. 

If you're targeting the higher end rental, maybe a ac/heat system. 

Post: Whats the difference between cash offer and terms offer

Chris T.Posted
  • Investor
  • Downers Grove, IL
  • Posts 1,639
  • Votes 955
Originally posted by @Account Closed:

Whats a terms offer?

 anything other than price such as closing dates, financing etc. 

Post: Exit or wait? BRRR?

Chris T.Posted
  • Investor
  • Downers Grove, IL
  • Posts 1,639
  • Votes 955

If it was me, I would take out as much equity as I can. And reinvest it. 

But you also have to ask yourself if you want to keep this property as a rental. Sometimes, it might be easier to cut your losses, then to drag it longer. 

Post: Exit or wait? BRRR?

Chris T.Posted
  • Investor
  • Downers Grove, IL
  • Posts 1,639
  • Votes 955
Originally posted by @Kyle Glasgow:

@Chris T.

My lender requires the property to be off the market for 3 months

What should be my max cash out?

Depends on your lender, and the appraised value. Most cash out I have seen are around 75% ARV.

Post: Any know how I can sell my condo in Mexico?

Chris T.Posted
  • Investor
  • Downers Grove, IL
  • Posts 1,639
  • Votes 955

Use a local realtor? or possibly resell it back to the builder?

Post: Building a fence - Worth it?

Chris T.Posted
  • Investor
  • Downers Grove, IL
  • Posts 1,639
  • Votes 955

If the fence helps hide the unsightly neighbor's yard, and it doesn't cost you to much, I would do it.

Post: Exit or wait? BRRR?

Chris T.Posted
  • Investor
  • Downers Grove, IL
  • Posts 1,639
  • Votes 955

@Kyle Glasgow

Does your lender require a renter in the property, and a lease to calculate income as a qualification to cash out? 

If not, why don't you start the process of cashing out now? It's probably going to take some time. 

If you do decide to rent it, maybe you can market it to tenant buyers as well as regular tenants. That way, you might be able to save a little realtor cost to sell. 

Post: Hey Chicago! Any demo recommendations?

Chris T.Posted
  • Investor
  • Downers Grove, IL
  • Posts 1,639
  • Votes 955

@Michelle DeWoskin

I will PM you a couple of contacts