All Forum Posts by: Daniel C.

@Jonathan Klemm sounds great, I can check youtube after I'm back or send you a note.

I was using the Bronzeville Multi-Family Renovation 7/5 post as my guinea pig. It looks like this in the Past Events where you can see the Watch Now button

Hit Watch Now and the next page opens with a Registration form

Close out of the form and you're only left with a Register Now option. Didn't see a link or another way to get to the video recording

@Brie Schmidt Thanks for writing that out and sharing the recap. That new info on the DOH and authority to certify compliance is rough. This all sounds significantly worse than where things stood during the last webinar a few months ago

@Jonathan Klemm Do these get recorded? Going to be out of town this weekend but want to watch this one. I saw Past Events on your website and clicked on one to see what would happen, there's a Watch Now button but then it takes you to a Registration window and couldn't find a way to see a recording after that.

Thanks

@Brie Schmidt Okay thanks that's unfortunate.

If anyone following this thread was on the call and is willing to post some notes on how the conversations with the Aldermen went and related to these points below that would be super appreciated. I'm familiar with what the ordinance requires and have been on other webinars for it so was interested in the current state of affairs. From the last call I was on it sounded like things were going okay with the DOH but appears that has changed

"We are seeing significant challenges with title, lending, and the DOH"

@Brie Schmidt Hey Brie - is there a recording available from the webinar? I registered ahead of time knowing I wouldn't be able to attend but was thinking I might get another email afterwards saying a recording was available. I hadn't seen anything so wanted to ask here

Thanks again!

I saw this one come up for sale/get re-listed recently and looked through the listing each time. It's cool that it was one of yours

@tom shallcross summarized this well in another post and just inflate your numbers up for a $665k purchase price and $2300/mo per unit for rent.

Borrow 80% which is like $3700/mo for Principal, Interest, Taxes, and Insurance. Subtract $2300 for one unit and they're paying $1400+expenses to live in a $2300 month apartment and area. Now let's say one or both people making the purchase owned a condo previously where they roll over the proceeds/equity into the new purchase and put 40% down. Then it's even cheaper. Or maybe the units aren't equal and one rents for $2800 covering most of the cost of living there. From the sentiment of your post it seems like you're viewing the buyers as strictly investors when they may lean more towards traditional homeowners looking for a quality of life improvement or an improvement on their current financial situation today.

Let's say the buyer pays 465k and has a 5% interest rate. That's a 2,2500/m pmnt assuming 10% down. If tenant below is paying 1,500/m he's living in area he wants for roughly 750/m P/I payment. You obviously won't find anything ifor 750/m P/I payment in the area and you won't even find rent for double that amount if you want to keep renting. And that's just a 2 unit, obviously the numbers creep closer to actual investor-numbers with a 3 or 4 unit pumping in more rent.

I'm not saying "wow, what a deal" or to copy this I'm just saying when compared to SFH or continuing to rent, the 2-4 unit househack is very appealing and thus demand is strong.

@Henry Lazerow @Kevin Sobilo @John Warren Thanks guys I think have my plan set now and that was all really helpful. The other thing I thought of that I might do is have multiple listings for it as both a 3 bed and 2 bed and then cover that in the description too. Appreciate the input!

Hi Chicago BP – I have a question on marketing a unit for rent in terms of the number of bedrooms to list it as. Building is a typical frame building in Logan Square with the unit on the first floor. I think it would technically be considered a 3 bedroom unit but I think it’s better as a 2 bed + office or even 1 bed + 2 office/bonus room which is how I currently use it. I was looking at other active listings but was having trouble finding comparisons. Because the larger of the other two bedrooms doesn’t have a closet and the one with the closet has the stairway intrusion I’m not quite sure how to best list/market it and describe it in the listing.

I’m sure there are plenty of other local landlords with a similar building so I was hoping to find out how you have or would list to get a better response out of the tenant pool and rental price.

Bedroom 2:

• 9’ 2” x 7’ 2”
• No closet
• Currently used as my office

Bedroom 3:

• 8’ 8” x 7’ 2”
• 46” x 46” closet
• Partial intrusion from the stairwell for the 2nd floor entrance
• Currently used as bonus storage room

Property is located in this area and what I would consider rental comps

@Crystal Smith Thanks for confirming! I have a similar building to the OP where I have an attic with enough space for duplex up or add third unit as part of the ADU ordinance and doing some initial investigation if either option is worth it in terms of the cost/work involved

Assuming the work to run the new water line is another 20 - 40k from a few older comments on BP I remember reading through? I think one person had called out what side of the street you were on would dictate a portion of the cost because it would be significantly more expensive if you had to dig up and replace that as well.

The water line in the basement is about in the middle of the lot, not sure if that varies much across Chicago properties and some come in through the front of the basement/building