All Forum Posts by: Jerry N.

Look up HUD and service animals on the internet. State or local laws may be more or less restrictive. In the case of less restrictive, HUD rules apply.

We allow pets in some older buildings and do not allow pets in recent rehabs.  Service animals are not considered pets.  This can be tricky so it is important to know the applicable laws.

@Jeremy W. We've heard Farmer's offers it but haven't verified.  They insure one of our properties so we'll be looking into it.  Will check out the others - thanks for the info.

@Mary Aviles Sent you a PM.

@Account Closed A PP mentioned in passing Redfin.  Look to see if they operate in your market.  You can find everything you need on there including a lot of history.  You can also set up alerts.

Everyone on here was a noob once and you learn as you go.  If you were upfront with the agent(s) to begin with, they should have decided at that time if they wanted to deal with your requirements.  So we disagree with the posters who say you aren't respecting the agent's time.  Too many agents will just agree to work with you and think eventually they'll sell you something else.  They usually think they know better.    Not big fans of them, maybe you can tell.  Over the years we've met many, some decent and others not so much.  We even actually have some friends who are agents.  We prefer to look for off market deals ourselves. 

SFH not listed on MLS in Buffalo Grove, IL

Very typical Chicago suburban split level on a quiet street in a very family friendly area. Upper level 3 bedrooms up with full bath, ground level kitchen/living/dining room, lower level with family room, 4th bedroom (closet/window), and bath/shower. Full unfinished sub-basement with tons of storage, shelves, mechanicals and sump pump. The house is solid but not modernized. One owner – my parents. Low property taxes (2017 taxes $5,211.63, senior exemption inc) based on only two (of four) levels being above grade. Actual square footage of the property is closer to 2000.

This is ideal for someone looking to do work themselves and earn sweat equity as a flip or while living in the house. If you are putting sweat equity your rehab costs would be even lower than our estimates. For a flipper outsourcing all the work, the margin is tight.

House being sold AS-IS, no repairs, no credits. We are looking for near asking. All cash or a quick close isn’t going to matter. We have an estate sale scheduled for the end of August and closing won’t happen until after that.

If you are an agent and you bring a buyer for the full ask we will pay you a 2.5% buyers commission. We will be listing the house on the MLS with our Redfin agent in a few weeks if we don't sell it here.

Recent comps of the basic same model of house;

884 Sussex Ct (low # days on market) sold 5/9/18 $310,000, went contingent in 5 days, sold just above full ask

222 Selwyn Lane (super quick flip, no sub basement) sold 7/18/18 $325,000, flipped in less than 3 months, contingent in two days

Asking price: $245k

Estimated rehab, basic, not high end $35k (kitchen, 2 baths, AC, other cosmetic)

Total investment $280k 

We own two apartment buildings in Chicago and have done quite a bit of cosmetic work/kitchens/baths. We did the kitchen pictured below for under $6,500 (cabinets, quartz counters and SS appliances) using outside contractors so we know the rehab estimate is realistic.

Sales price based on comps $315k

Commission using Redfin (3.5%) + transfer tax $12k (Buffalo Grove Real Estate transfer tax $3/$1000)

Net proceeds after sale $303k - $280 invested = $23k on a quick flip.

We are not listing the exact address at this time because we don’t want people bothering my parents. Please look at your numbers before asking for the address. (See above – We are looking for near asking.) The house in is the same subdivision of the comps.

There are a lot of different people/investors here on BP and this could be a great opportunity for someone just starting out. Someone could buy this, live in it while working on it and after two years, get all the profit tax free under your home sale tax exclusion.  Timing for the project won’t work for us with other projects we’ve personally got going on and there are family issues. This is also almost 40 miles away from where we live. We are happy to share our material sources and advice for ‘how to’ if you want it.

Thanks for your input @Matthew Olszak.  We always float the 'please let us know as you finalize your moving plans...' This time this particular tenant is not so cooperative and forthcoming which is part of the reason for the concern.  

Wondering if anyone has ever had a problem with a tenant hold over at the end of a lease and what they've done about it.  This isn't a situation where we think the tenant intends to stay but our lease expirations are all at 5PM on the last day of the month.  We are thinking this tenant (1 of 3) intends to stay until the 1st because they can't move in their new place until then.  It also seems like they place isn't going to be clean either.  Unfortunately because of the CTLRO we didn't take security deposit (1st time ever) and opted for a very nominal move in fee.  Also curios what others do about their 'administrative' or 'move in' fees in lieu of security deposit. 

We are looking for specific feedback on two items. 

1. Has anyone ever had this happen and if so what did you do?

2. Any suggestions to keep this from happening as we come to the end of the month?  

Standard language in City of Chicago lease;

16. Holding Over. Tenant shall be liable for double the Monthly Rent in the event that Tenant retains possession of all or any part of the Premises after the Ending Date of this Lease. Landlord may at its sole option, upon written notice to Tenant, create a month to month tenancy between Landlord and Tenant under the same terms and conditions of this Lease. Additionally, if Tenant retains possession of all or any part of the Premises after the Ending Date of this Lease and pays less than double the Monthly Rent and Landlord accepts payment, this shall become a month to month tenancy, and not a year to year tenancy, between Landlord and Tenant under the same terms and conditions of this Lease.

Thanks for reading and any insights.

We are in the same boat.  We keep hoping for contractors we'd like to use again after their first or second job. We found one good one and now he's always booked months in advance.  We are still hoping to find a plumber and electrician that we like enough for a big job.

@Calvin Lipscomb

Same advice as in your similar thread;

https://www.biggerpockets.com/forums/664/topics/57...

No way that 3 hours is enough time, 8 may be a little much if the units are the same and/or if any of the mechanicals are centralized.  Agents will tell you a lot of things.  Who knows who the real objector is?  Could be the owner, could be seller's agent or it could be your own agent.  Typically both agents would stick around for the inspection.  

I like the post from @Roy N. who stated that you could offer to remove the contingency and offer 30% less.

@John Clark did you need a bigger size line for larger service or was it going to stay the same?  I'm wondering if that may have been the difference.

Thanks @Ann Folan, the street isn't under moratorium thankfully.  Both are 100+ yo properties and we fully expect we'll have to get the new service at both properties (eventually), which is why we are hoping to economize.

Thanks @Joe H..  Who did you use or did you have a GC?  A contractor who was working on our block last year doing a street cut told my partner that if there was a common area in the basement where the meter could be placed you didn't have to have the vault in the parkway saving $$$.  We have a common mechanical area planned for both specifically for that reason.  Don't know if that information is factual but it has guided our design.  

Thanks too @John Clark.  We didn't think the city would let you go just from the B Box inside.  Any insights how you were able to?  

My partner's dad is an old timer retired union plumber who worked mainly in the city his entire career.  He jokes that everyone he used to work with is dead so we don't have too many contacts from him.  But he has exactly the same gripes about the lead pipes with Chicago.