All Forum Posts by: Glen Fernandes

@Jaycee - I don't believe it will, the scope increases are mostly bringing the property up to code. The current LTV is around 63% and is expected to now be around 72%.

I recently purchased a triplex under a HML. We recently received approved permits / drawings, which has resulted in scope increases (e.g. masonry, deck repair, framing) and cost over-runs by 20-25%.

How should I navigate a loan increase converstion with the HML? I can also cover the variance out-of-pocket if necessary.

For what it is worth, I have passed multiple CHA Section 8 inspections for non-conforming garden units that are up to city code (e.g. ceiling height requirements)

Thanks for the responses. Somebody also recommended the below thermostat to 'hard-wire' temperature ranges.

https://www.amazon.com/ControlTemp-Thermostats-Thermostat-5-...

I am covering utilities for the 1st floor and garden unit (for a 3-unit MFH rental)

Any recommendations for a programmable thermostat where I can lock appropriate temperature ranges? (to prevent excess costs) We don’t have access to WiFi in those units.

I am working on my 1st rehab, which also includes purchasing construction material from Home Depot. Is there a way to automatically allocate individual SKUs to broader categories? (e.g. drywall, framing). I am trying to reconcile actual material spend per category vs. what was initially allocated, and it's getting cumbersome going through 100s of line items.

If there is a different way to go about material budget reconciliation, happy to consider that as well

@Bruce Woodruff Yes, liability, umbrella and workers compensation insured. 

Thanks again for the feedback everyone. General consensus seems to be my price is more oriented towards a homeowner on a one-off job (retail) but not to a GC who is expecting wholesale prices (assuming I have the effort correct)

Is there a playbook to achieve wholesale prices but maintaining profitability? I don't have that scale yet but will be good to understand what investments need to be made to be price competitive

Thanks everyone for the great feedback. Below is a breakdown of the estimated effort (in hours) across each of the scope items; I would not be surprised if we need to be more efficient in certain areas.
The other price gap is that the GC might be expecting 'construction industry' rates vs. retail pricing.

@Jonathan Klemm You are correct; the 18 x26 is simply the grass area. The property is a smaller multi-family building in Near West Side and zoned RM-5 on a ~2,020 square foot lot. Thanks for the link to the zoning map; also pointing to this thread's followers to Chicago Cityscape - Community & real estate information platform (great paid resource aggregating relevant data)

@Samuel Pavolvcik Thanks for all the valuable input; I will reach out to your office offline on best ways to engage pre-and-post contract.