All Forum Posts by: Frank Woodin

Depends on the loan vehicle you are using and the loan appraisal of the property.  Last year I bought a property and asked for a $10,000 redecorating credit back at close.  Since I was using a commercial loan for the property and I ran it by my commercial portfolio lender (he had no problem with it), and the property appraised for more than what my offer was I walked away from the closing table with a check for $1900.00

Another good resource that could be helpful or at least give you some questions to ask your CPA and attorney (which I suggest you consult) is Bigger Pockets Podcast 109 - Gives you some ideas and gets you thinking.  Worth a listen.

The best toilet that I have found that doesn't clog pretty much at all is the Eljer Titan series toilet.  I have used them in pretty much all my rentals and have cut down any dreaded "clogged toilets" almost to nothing.

I agree with all the above and would add from my personal experience that as a Wholesale buyer I would not "steal the deal" because if I did I would burn that bridge with that wholesaler and then would only get one deal out of them instead of a partnership and pipeline that I like to build over time.

I would grab both of J Scott's books if you don't already have them - "The book on flipping houses" and "The book on estimating rehab costs" - I read a lot of rehabbing books before these two and I learned more in these two books than all the others combined.

For me it has been $2,000 deposit and close in 30 days in Chicago and the suburbs.

Every area has different costs for repairs - Even Chicago (where you are) and the Chicago suburbs (where I am).  If you want a book that does a great job of helping estimate this cost I would pick up J Scott's Book : The book on estimating rehab costs ( you can get it on amazon).  I found it to be pretty awesome as well as his book on flipping houses.  Another idea that I have used is to get a contractor that you would use and have him walk you through a potential house that is for sale to give you an idea of what the cost would be.  That way you can get an idea on an actual contractors cost.  

It probably is not knob and tube since that was phased out in the 1940's.  I bet the system is ungrounded (look at the outlets if they don't have the third hole in the plug they are not grounded).  Even if they have the third hole I would get a tester to verify that they are in fact a grounded outlet (can buy at any big box home improvement store).    If you want to know what you might have to do if you were to switch it over I would call the local inspector (permit office) for your township or city and they are usually (not always) very helpful in letting you know what would have to be done.   I have done this in the past and usually get good information that I can then plan on the expenses needed to get the house up to code.  I just told them I was looking at buying a house and wanted to know what would be required if the system was ungrounded and on fuses.

Hope this helps!  Good Luck

My experience in the Northwest Suburbs is that there are always renters in all areas you can invest in.  Obviously there are some better areas with bigger pools of renters in those areas but I have places in DeKalb, Palatine and McHenry and all areas have renters available.  Like stated before it is sometimes difficult to find multis in the suburbs but they are there.   I routinely see two-plex up to four-plexes out there.  If you are planning on managing it yourself I would keep it closer to make it easier with your hands on learning. 

I had a knock in a wall of a SFR a few years back and it turned out to be the hot water pipes knocking in the wall because a pipe strap (holds the pipe to the stud) had come loose. Just a thought...... I also like Roberto Andrade's idea, that has also happened to another one of my houses in the past.