All Forum Posts by: Francis Rusnak

They have verbiage in the city inspection report that says 'If homeowner completes plumbing - Property can't transfer for 6 months from date of completion'. This seems like a big impediment for anyone doing a flip there. Anyone have direct experience with this?  

Innago

On the Straight up Investor Podcast they recommend to go to the annual inspections. The issue with this is there's a 3-hour window of waiting that is killed for you/your contractor/handyman. That's a lot of potential wait time.

If the house is well-kept, you respond to maintenance issues, is this something it's still best to attend? They don't charge you a fee until you've failed the inspection a second time; so it seems like the play for efficiency is to not waste time out there and if you do get flagged you go back separately and fix the issue(s)? 

How do individuals and management companies handle these annual inspections? 

Note: This is on a single-family house. On a multi-unit, you need to have someone there for access to utility room. 

Water/Sewer/Garbage I'm at an average of 75/m per house/unit. 

If you're getting quotes add Arcana into the mix. Been very happy with them. 

I thought you were saying it is already in the LLC now. If it's in your personal name then just keep it there, get the good rates and QCD it after you close.

You only need the 6 month seasoning if it was in the LLC now and you have to have it in your personal name for 6 months prior before bank will go through with personal financing.

Everything I've ever read/heard says the banks never enact the due-on-sale clause. However, I know someone personally who had his loan called due so it's a gamble you have to be comfortable with. 

If you're not in a rush for the money Quit Claim Deed back into your name, let it season for 6 months then refinance with the better rates ... QCD it back into LLC after the refi if you want.

I'm about to do a refi as well on 2/3 unit and seeing the same mid-low 3s. Unreal these rates. 

In episode 85 of Straight Up Chicago Investor podcasts, @Mark Ainley talks about how in the last few years you are required to not pull credit/background check until the initial screening is approved. He said he'd put more info in the show notes, which I didn't see. Hoping you could post some info here. Thanks, and great show guys. 

Counties assessed value is all that matters. I'd love to know how they come up with the state equalizer number. 

Also of note is your homeowner's exemption isn't on there for this year. I'm guessing it was only on the first one because it was from previous owner living there and you have it as a straight rental?

And to take it one step further off Dan's suggestion; you can contact Latchel directly if you didn't want to go on the RentRedi platform. They do have a minimum number of doors they require which is probably close to where you're at now.