All Forum Posts by: Jon Mulholland

@Henry Lazerow Great post. I bought my first 3-flat in Albany Park 2 years ago, lived in one of the units and recently moved out and now rent all 3 units. I can attest that virtually everything you wrote applies. 

Looking back at the renovations I made before moving in and while living there, I wish I had added in-unit washer/dryer. I don't think it is a HUGE downfall not having them since we make a nice chunk of change from coin laundry in basement, but over time I think it would help grow with the market, and I wish I had just done it at the time. Oh well, you live and learn with each deal.

Any thoughts on RUBS/separately water and utilities?  I know it int the norm on the north side, but I'm getting killed on the Water/Gas bills, curious what others have done when you have boiler heating through the older chicago 2 and 2 flats?

Hi all, does anyone use/used Fulton Grace for property management in Chicago?  They have been easy to work with and professional on the leasing side, and looking for any insight on their PM work?  Any and all info appreciated!

I would second what @Patricia Steiner and @Joe Sadusky have said here.  I was a long term renter, mostly because I moved a lot.  My first purchase was a 3-unit building, and we lived in one.  It has already opened up a lot of opportunities, and now my only regret is not starting earlier.

My two cents, if the basement isn't a "legal" unit, you need to make it legal in order to live there/satisfy the FHA requirement. The odds of you getting it converted AND zoned out in that timeframe is almost non-existent.

That means you need to move into one of the legal units. Even if you have leases, you can normally break the lease with proper notification, it just depends on the terms of the lease and local laws. Also, while the FHA requirement is 60 days, if you are actively trying to fulfill the obligation but there is something holding that up such as a tenant not leaving, I doubt you would have too much trouble with FHA if they investigated. Just my opinion, a lawyer may say otherwise....and I am not a lawyer.

Hi all, I had two different bathrooms in my rental units re-glazed about a year and a half ago.  We used Cutting Edge.  Keep in mind this was not just tub, we also had the full tile, which went up to the ceiling, and wrapped around 3/4 of the bathroom, so our cost was approx $900 per bathroom, or $1800 total.  This was in line with the other quote I got, looked great when done, and they were easy to work with and quick.  I can probably find some pictures if you want to DM me.  Hope this helps.

Hello, similar to other on here, I have a 3-flat in Albany Park and my water bill is ~$200 every two months.

@Brie Schmidt and @Peter Halliday  Thanks!

Always helpful resources here on BP!  

And @Maria Bocanegra I've been using Cozy for background checks and rent collection, interested to hear how they may differ, advantages/disadvantages...

I would love an updated copy of the CAR lease as well, if anyone has an updated link.  Thanks!

Hi all, I know there is a lot more needed for a real estimate, but wondering if anyone has experience splitting one “zone” of radiators that runs through two floors into two separate zones?

My situation is, I have two units (one on each floor) both with radiator heat, but the same thermostat controls both floors, and is located on the 2nd floor (top unit).

I would love to give tenants in each unit the ability to control their own heat.  Anyone have experience with this, and have a high level ballpark of what I’m looking at?  My gut says it would be expensive, and possibly not worth it in the end, but thought I’d ask the forum.  Thanks! 

I don't think I necessarily agree, since your opinion of the real estate cycle might differ, just like banks risk profiles and desired portfolio components will vary, and it is up to them what type of risk they want to assume.  

Also not a very open discussion when you qualify it with "If you're honest, don't you agree?..."

Also didn't really address the original question.