All Forum Posts by: Joseph Konney

@Account Closed - If you're savvy, there are some mighty affordable cash cows in the Chicago market! For being the 3rd largest MSA, real estate prices are relatively moderate. If played correctly, every unit is one step closer to being able to walk away from that W2 job. If you project being able to replace your current income within the next year, maybe it's time to jump ship?

Aha, I see you camouflaged the grout lines on me! DIY kit from a big box store? 

@Jacob Michal - I believe you are referring to some laxity regarding fair housing only for owner occupied 2-4 unit multifamily, not for pure investment property.

@Tim Bradley - Looks great! 

I'm curious about your first bathroom pic, maybe I am missing it from the photo, but it appears that there is only painted drywall for the tub/shower walls. I would imagine this will be an issue without having tile or some waterproof material. Do you have some waterproofing going on here? 

@Greg M. - The law here now says source of income is a protected class. One could possibly make the argument that by not accepting the voucher income that they are being discriminated against.

@Kevin Allen - I recommend treading lightly and consulting an attorney for your local on this matter if things get heated. 

@Kevin Allen - These are for Chicago, but likely very similar for other local housing authorities...

MOST COMMON FAIL ITEMS

1. Inoperable light fixtures and improperly wired electrical outlets (reverse polarity, open ground, hot neutral reverse, etc.)
2. Deteriorated and unstable paint on surfaces (peeling, cracking, chipping, etc.) in units built prior to 1978 where children under the age of six reside or will reside
3. Missing, inoperable or incorrectly mounted smoke and carbon monoxide detectors
4. Broken or inoperable windows (cracked glass panes, broken locks, drafty frames, etc.)
5. Exposed electrical wires/connections (light fixtures missing globes, electrical junction boxes missing cover plates or knockout plugs, breaker boxes with open sockets, etc.)
6. Broken/faulty door locks and drafty doors
7. Cutting hazards, including protruding sharp nails pipes/metals objects with jagged edges,deteriorated sheet metal, cracked glass blocks on windows,etc.
8. Gaps/holes around heating system flue pipes and gas utility not in service
9. Evidence of rodent and/or bug infestation
10. Holes and large gaps (more than a quarter inch) on walls/ceilings/floors of living space areas

See also MINOR HQS DEFICIENCIES ELIGIBLE FOR SELF-CERTIFICATION: 
https://cha-assets.s3.us-east-2.amazonaws.com/s3fs-public/Minor%20Fail%20Items.pdf

See also CHA INSPECTION GUIDEBOOK:
https://cha-assets.s3.us-east-2.amazonaws.com/s3fs-public/2020-01/HQS%20Inspection%20Guidebook_2020_January_web.pdf

@Louis A.

I have not used it personally, but this service will do the appeal for a flat rate which typically ends up being a small fraction of what the typical tax appeal attorneys cost. Great reviews on Google. Currently $149 flat fee. 10% off code LOWERTAXES: 

TaxProper

I have personally used and had success with these (typically charging half of amount of first year tax savings):

ProTaxAppeal

Richard Shapiro Law

I plan to try tax proper on my next straight forward appeal. Richard Shapiro staff are very knowledgeable and is who I would use for non-cookie-cutter appeals.

Additionally, if the prospective tenant insists on applying knowing that the building is not approved, let them know an estimated timetable of how long the inspection/repair/re-inspection process will take and that there is no guarantee - it may take longer. Talk to your local housing authority for a timeline in your area.

A clear rubric with acceptance criteria will likely weed out a lot of section 8 applicants for one reason or another too.

@Brie Schmidt is correct. The HUD website I linked to reflects $707,700 for a 4-unit as well. Sorry!

@Rachel Hertel - you can see current FHA loan limits by county here: https://entp.hud.gov/idapp/htm...

If, for example, the loan limit for a 2-flat is $471,100 and you want to purchase a $500,000 property at 5% down. You would need to put down at little more than 5% as 95% of $495,894 is $471,100 is the maximum loan limit. 5% plus ~$4K may work. I'd recommend talking to a loan officer about your specific situation.