All Forum Posts by: Ravi P.

@Robert Gunther RTA are also known as Modular Cabinets. and the savings can really add up. The price difference can easily cover the cost of Cabinet install and countertops (depending on features). I plan on using these on my next kithcen rehab. FYI, for anyone using Home Depot's vendor American Woodmark, these are RTA cabinets that already come assembled and are way overpriced, find a local or online vendor.

sorry I ment $75.00/ box

@Ryan Bodenhorn Around Chicagoland I have come across $25.00/box, 15%of purchase price, or what I did was find a handyman that charges by the day. $150-250/day. A small kitchen like you described maybe a 1 day job.

@Chou Yang before getting into your questions. I would be more concerned with the PP of the property, how is it relevent to other STR's and LTR's. What is the Int. Rate on the loan? The cynic in me is asking why would the Seller be so generous in offering seller financing? What are you really buying? Are you paying a premium because this is an STR? keep in mind the barriers to enter the STR market are really low. So long as you are compliant with your municipalities requirements. Can you try and develop your own STR and list it on Airbnb or other Online distribution channels? you may be able to build up some equity in the property. Not trying to through you a curve ball but something you should consider. I often question why folks would buy an existing STR, and the only thing I can think of is convenience.

@Molly Pincente reach out to the Real Estate Institute in Niles, IL. I beleive their site is www.InstituteOnline.com. call them up and ask a rep. they are pretty helpful with the process to get licensed. they have a self study, online, and live classes.

@Eric La Pratt I have been looking into this for a while. I am in the process of developing a multi unit corporate housing facility in the NW Burbs. I anticipate to break groud at the end of the year or possibly next Spring. But when I was exploring this in the City of Chicago. A collegue informed me that the City has or soon will be allowing on 1 unit of a multi unit building to be approved as a STR. In addition Cook County has set up few new classification for properties that are converted to STRs. you can visit the assessors website to find oit more. Please note this is all here say.

@Cory Iannacone Awesome job! the house looks like you ripped some stock photos from a magazine FYI. Can't beleive you put Silestone-Quartz countertops in a Rental. Thats a pretty big chunk of change to drop on countertops. Next time I would like to suggest considering a no name quartz brand, of course it would not be from Spain like Silestone. You can easily save 30-60%. Nonetheless, the house is amazing. I feel sorry for the comps in your neighborhood.

@David S. Your statement about Commercial Mortgages are harder to get is completely nonsense. I feel Comm. Loans are actually easier. Underwriters focus on the properties and cash flow. As long as the numbers look good, you should jot have a problem. Unless you are looking for a loan on a hotel or restaurant, which would require some experience in operations and management, you shouldn't have a problem. Even then, you can always hire a management company to address this rule.

@Grant Anderson a PFS and copy of current leases will be required as well. even if you provide a PFS they may require to complete one on their template.

@Taylor Witt @Roger Sandmann From my experience Menards and Floor and Decor tends to have the best retail prices for flooring. Followed by Home Depot, Lowes is always expensive. The big box stores all have a commercial division that similar to Home Depot's ProDesk. The BidRoom can bring the price down based on volume and margin of purchase. Your not going to get the products for half off retail, so don't kid youself. You can expect anywhere from 5-15% off. Another option is to see if they can price match an item or meet and beat by 10% off. The problem is Menards tends to use no name or private label brands, so it is difficult to price match. If you can coordinate your purchase with the Menards 11% off Rebate Match that is tour best bet. HD and Lowes both honor this rebate as well. taking all this into consideration, using the Bidroom in conjunction with the 11% Rebate Match will get you the best deal. Another kicker is to create a Tax Exempt account (if eligible).