All Forum Posts by: Christian Silva

Thank you all so much for all the leads! I will be getting some bids soon and start the process! Looking to take advantage of the new ADU ordinance in Chicago.

I am looking for Architect and GC referrals with experience with full gut rehabs of a 2 flat with the possibility of turning it into a 3 flat, and possible rezoning.  I have an old 2 flat in Avondale/Logan Square area that was built in 1915.  Needs a lot of work, and would like to maximize the square footage.  All the neighbors directly around my building have 3+ units, and there are a few single family homes down the street.  Looking to live in one of the units and rent the rest.  Any recommendations would be greatly appreciated.

Thank you guys for all the feedback!  I think I will probably explore both routes and see which one makes most sense after running the numbers.  I definitely want to open up the floor plan a bit regardless on if I do a full rehab or a lighter renovation at least on the first floor unit.  I was thinking that adding a studio unit would generate more cash flow because that's another monthly rent to collect but maybe duplexing will make more sense with the initial cost.  Not sure at this time...and you are correct the house is in RS-3 zone so not use if it is even feasible to add a legal unit in the attic.

I'm getting the first bid this weekend.  Wish me luck!!!  Also does anyone have recommendations for contractors?  Any tips on finding contractors? @Jonathan Klemm do you do this type of rehab jobs?  If you do, lets connect.

Thank you so much for all the valuable advise! Learning so much already from your responses.

@Jonathan, I am definitely planning on doing a quality rehab and updating the layout since I plan to hold on to this property long term. What is the difference between adding a studio unit in the attick and duplexin up to the attic? Will certainly look at Helocs. Do you have any examples of what a bid form for a contractor would look like? Thanks again for your help!

@Andy, Thanks for the info! I was just looking at zillow for comparables right now and rentometer.com, MLS data would definitely help. I have a Mortgage broker that I worked with in the past (and will be doing more research as well), I will certainly will be asking that data to make sure the cashflow makes sense.

Thank you again for taking the time to answer my questions!

Hello, I am a newbie at real estate investing... I bought a 2 flat in Chicago in an up and coming neighborhood (Logan/Avondale area) about 10 yrs ago. Newbie because I bought it as a primary home at first, but now want to turn it into a 100% investment and rent it out fully.

I have lived in the property since then (just moved out), and was renting the garden unit to a friend for most of the time. During that time, the neighborhood has become a hot place to live however, the house is really old (over 100 yrs old) and recently had a flood in the garden unit that destroyed the kitchen. Anyways, over the years I have seen properties on my block get bought, tore down and rebuilt making the neighborhood look really nice. Currently there is a 2 bedroom garden unit, a 3 bedroom first floor unit, and an attic that I would like to turn into a studio if possible.

I was looking for some advice on how do I determine whether I should do a regular renovation, do a gut rehab, or do a full tear down and rebuild? Most newer places are open concept, while mine is not. I would like to add that the house has a lot of equity built in (doubled the price in 10yrs), but I want to refinance after I renovate so that I can purchase another real estate investment property, and increase my portfolio (BRRRR). I plan on using a combination of savings, and a rehab loan to get this project financed. Any advice would be greatly appreciated!