All Forum Posts by: Matt M.

That is a crazy story. You need a lawyer involved tomorrow.

Out of curiosity what municipality has well water in Chicago? Best I can remember Metro water district extends pretty far.

I model inflation at 2%, while acknowledging that I could be substantially off with my estimate. Here is my reasoning why: If a water heater costs $1000 now, and ~$1250 in ten years I'm accounting for that in my capex projections. However, that water heater may last 12 years. In which case my capex budget number has a significant surplus. If I selected a higher inflation number I could see myself vastly overestimating capex. If I underestimate I should be able to stretch some capex using repairs to make up the future difference.

No, it shouldn't stick out. Wrong size or something is obstructing it if that was the previously installed size. I tape every seam on my electric units, helps slightly with efficiency, thus reducing bills for my tenants and improving the longevity of the units.

My first piece of advice is never get into an argument with an inspector. The reason being is that most older multi family construction will fall very short of modern code construction, and an irritated inspector could cost you thousands. My code books in storage and Cook municipalities are tough on local amendments, did the inspector state what the expected? A two flat with a shared basement is what I think your describing. That specific scenario is not addressed in the IRC but I would agree with the inspector that a 30 minute or hour door would be required. A 30-45 minute door is your typical steel exterior door at HD.

There is no real point to doing a half rehab in my opinion. If you're not committed or can't do the flip yourself put it on the MLS.

If the units supply lines can be split easily you could install your own meter in addition to the one the city provides. But you or your property manager would have to read the meter. If this was the case just make sure you already have adequate water pressure, and that the meter reads in the same units as the city supply. In my area the payback period is only about 15 months per city installed meter. In another area the payback is 60.

Spraying is all about selecting the correct tip, setting up the pressure correctly, using decent paint and preparation. If you've never sprayed before I would recommend an HVLP unit for the shelving. Behr makes an akyld enamel the performs really well for the price. You could use an airless but get a small tip ~413. You'll have a much larger chance of drips and runs on this than the ceiling. In either case start with spraying on cardboard, get the pressure right, then attempt 5x5' area, stop set the gun in a bucket of water and wait thirty minutes. You'll see your mistakes with a bright light. The ceiling is the same. If you have a lot of natural or bright light you'll probably end up doing two coats.

Something every landlord should know. The electric utilities will react very quickly when an open neutral is suspected. Potentially very dangerous.

I would talk to a lender, but I think with those numbers you could qualify. I would ask the seller for closing assistance though, and make sure deposits and prorated rents are included in the purchase agreement. Estoppel agreement as well, since realtors and landlords can provide written leases, but often fail to enforce with a tenant. Qualification and closing is nice, but I would strongly encourage that you make sure you personally can float this mortgage for six months 100% vacancy.