All Forum Posts by: Suduk N.

Thanks for the replies.

@Jaysen: do you mean install 2 additional gas hot water furnaces instead? I would rather just redo the whole thing and replace with forced air. 

I'm thinking to include heat in the rent. Even with heat expenses included, I can charge $50-$100 less than competitors offering central air and still make my expected CoC return %.

I'm about to close a MFH in Chicago. It is a 2 flats with a legal basement making it a 3 units property. It has 3 electrical boxes and 3 gas meters. Currently, there is only 1 huge old gas hot water furnace that services the whole house and 2 hot water boilers, 1 services the basement and first floor and the other one services the top floor.

I have been quoted $18k for a complete forced air, central air system for the 3 units. The contractor will run the gas, ductwork and take out the old radiants, pipes and furnace. The price includes 3 furnaces installed in each unit and 3 condensers installed on the roof. Each unit is about 1300 sf. I will have to get an electrician to run the wire for him. I don't know how much it will cost me for the electrician yet.

Questions:

1) What do you think of the $18k quote for the work I listed?

2) What is the rough cost for the electrician to run the wire for the furnaces and condensers?

About the hot water boiler, I'd like to separate all utilities.

Questions:

3) Do I just need to install another hot water boiler so each unit will have its own and rerun the gas and water pipes for the one boiler that is being shared by 2 units now?

4) What about common area like the garage and back yard? Do I need another electrical box or just put it on one of the boxes and refund a bit of money to the tenant? Anyone in similar situation?

5) How much is a rough estimate for this plumbing job?

Thank you,

I'm about to close a MFH in Chicago. It is a 2 flats with a legal basement making it a 3 units property. It has 3 electrical boxes and 3 gas meters. Currently, there is only 1 huge old gas hot water furnace that services the whole house and 2 hot water boilers, 1 services the basement and first floor and the other one services the top floor.

I have been quoted $18k for a complete forced air, central air system for the 3 units. The contractor will  run the gas, ductwork and take out the old radiants, pipes and furnace. The price includes 3 furnaces installed in each unit and 3 condensers installed on the roof. Each unit is about 1300 sf. I will have to get an electrician to run the wire for him. I don't know how much it will cost me for the electrician yet. 

Questions:

1) What do you think of the $18k quote for the work I listed?

2) What is the rough cost for the electrician to run the wire for the furnaces and condensers? 

About the hot water boiler, I'd like to separate all utilities. 

Questions:

3) Do I just need to install another hot water boiler so each unit will have its own and rerun the gas and water pipes for the one boiler that is being shared by 2 units now?

4) What about common area like the garage and back yard? Do I need another electrical box or just put it on one of the boxes and refund a bit of money to the tenant? Anyone in similar situation?

5) How much is a rough estimate for this plumbing job?

Thank you,

I have done research about delayed mortgage too. It won't work for me 

1) I don't have enough cash to buy the property in cash then do the delayed mortgage.

2) Most lenders won't do delayed mortgage on the AVR

Hey guys,

I have a couple of rental properties in the Mid West. I'm looking into buying a run down, Home Path MFH (300-400k) price range then fix it up using cash (around 100k) and my contractor who does good job at very competitive price. 

My finance is great and I have no problem securing the mortgage for the house and also have the cash to fix up the place. My questions are:

1) Can I get another 30 years conventional loan after the rehab at 80% of ARV? Can it be from the same lender?

2) How long do I have to wait after the rehab is done to refi (seasoned)? I have heard mixed stories, some say 1 years, some say right after rehab.

I have had 3 years of Landlord experience (with tax return to prove). I have searched the forum, it seems like most people go with a private lender to buy the place, then rehab and get a 30 yrs fixed mortgage to cash out. I don't want to go through a private lender.

I have also looked into HomeStyle Renovation Loan but it seems like it requires a lot more paperwork just to get approved and release the renovation payments. I also have to hire full licensed contractor which will increase the rehab cost substantially. 

Appreciate your insights.

Any Chicagoans here? I'm looking for another investment MFH property in Chicago in the price range up to $400k. What areas do you guys think are going or will go though gentrification and attract decent tenants with decent jobs?

I don't require electronic payment but push for it. Check is a pain in the behind. There are so many free and secured options for electronic payments. Why would anyone use a paid service? I mainly use Chase Quickpay. You don't need a Chase account to use Quickpay. I also use Cash app by Square (same founder of Twitter). There is also Venmo app but I dont use it. They also clearly show who makes what how much payment. You can also request the payment as a way to remind the tenants to pay instead of calling or texting them. I also use this mobile app called DIYLandlord to manage and keep track of all my retals. It works pretty well to replace excel. DIY LandLord - https://appsto.re/us/7QxiN.i Hope that helps.

I'm very close on closing a condo in downtown Chicago. The inspection went well but that was for the interior of the condo. I just walked by the condo building yesterday and noticed there are a lot of cracks on the building outside wall. The building was built in 2005 so it is relatively new for Chicago. I have already asked my agent to ask the management of the building about the cracks and plan/budget to fix them. Before this, my lawyer has checked the financial of the HOA, there has been no special assessment in the past and there won't be any in the next 2 years at least. They have $380k in fund reserve for about 100 units in the building.

Should I be concerned about this? Does that mean the building will have problems in the future?