All Forum Posts by: Joshua Burke

Many Thanks Ryan,

It's a great site, and a great city for investing. I hope my schedule will allow me to join one of your upcoming meetings. All the very best,

JB

Greetings and Happy New Year from Chicago!

I’m a new BP member from Chicago, and have been investing in Real Estate for almost ten years. I’ve been a BP Voyeur for the last several months – listening to the podcasts, watching the videos, and reading the great posts. Finally I’ve found the time to complete my profile and publish this quick intro.

Our company focuses on Multifamily residential in the Chicago area. We've done several rehab projects, including SFH flips, and we recently completed a broken condo deal. While flipping is not our primary business, we will do it fund our multifamily acquisitions. One flip, then one or two 3-5 unit deals. Rinse and Repeat.

BP is a fantastic resource, I wish I found this sooner, and I look forward to joining the conversations and connecting with many of you.

Cheers,

Josh

@Michael Smith

Brianna is exactly right - RT4 allows for more units, but I bet at least one is illegal. The city most likely won't 'catch' you, but no bank will finance illegal units.

Reducing to 4 Units will require a permit and plans, but will not require a zoning change. You will need an architect, GC, and permit expediter to navigate the Byzantine permitting process.

I'm doing something similar now. We just bought a 6 unit, which included 1 illegal unit. I will duplex down the first floor to combine the basement apartment and first floor - thereby making it legal. I get more legal rent and the bank will then count the income from the basement towards my refi.

You've probably seen this, but take a look at the pdf linked below:

www.clvn.org/pdf/zoningCodeSummary.pdf?

Good Luck!

Josh

@Michael Smith

Brianna is exactly right - RT4 allows for more units, but I bet at least one is illegal. The city most likely won't 'catch' you, but no bank will finance illegal units.

Reducing to 4 Units will require a permit and plans, but will not require a zoning change. You will need an architect, GC, and permit expediter to navigate the Byzantine permitting process.

I'm doing something similar now. We just bought a 6 unit, which included 1 illegal unit. I will duplex down the first floor to combine the basement apartment and first floor - thereby making it legal. I get more legal rent and the bank will then count the income from the basement towards my refi.

You've probably seen this, but take a look at the pdf linked below:

www.clvn.org/pdf/zoningCodeSummary.pdf?

Good Luck!

Josh

Hi George,

Welcome to BP! I've been in RE for nearly 10 years, and wish I found this site sooner.

My company owns several multifamily buildings, and I have an MBA as well. Also I've have spent a lot of time in STL - I really like the South Grand, Shaw Park, areas for multifamily. Soulard is already too hot. I have a good RE broker if needed. I may be back there frequently over the coming months.

I'll be writing an article soon about my preferred multifamily tactic: (The 3R Approach - Rehab, Rent, Refi).

Best,

Josh