All Forum Posts by: Rishi B.

When I was in the market for a HELOC in 2015 I came across a few that were doing 100% LTV if it wasn't a condo, I believe US Bank was one as well as some CUs that had easy ways of becoming a member

I ended up going with First Midwest because I do have a condo, but now that it's Huntington I'm not sure if they're still in that game

interesting you say that @Joe Splitrock, my contractor also advised me to get a 2" drain line but even the most powerful sump pumps at HD were 1 1/4 to 1 1/2";  only sewage pumps were compatible with 2"

@Andy D. thanks, yes I see a number of items of this nature on Amazon but many seem to be focused on being able to turn on/off an outlet remotely, whereas my main need is to know during what times the outlet is supplying power, because of how a sump pump activates only when the bobber is at that certain level.  Some devices only seem to tell you how much usage it gets during a certain day, which for my purposes isn't ideal since the pump also pumps the drainage from two washing machines I've got down there.  I want to be able to check at 2am during a rainstorm that the pump went for 10 minutes each of the last 3 hours, for example.  It seems there are some that have this ability, and am reading through the specs of the products currently, but was just seeing if anyone had a specific recommendation :).  

@Chris T. wow, didn't even know these existed, but am definitely getting a set as a plan B if the pump monitoring solution I end up with fails!  @Aaron McKeehan are you developing something similar?

@Deanna McCormick @Kelly N. generator arriving this week, parging starts next Tuesday!

@Jeff Sprunger definitely thanks for the caution, this is on the same level as the garden unit but outside the actual unit and tenants were notified :)  @Colleen F. am on red alert if the power/internet goes out because my phone would explode with notifications :)

Thanks all for the help!

Thanks in advance for your help!

Situation: Got water in the garden unit of a 3-flat investment property about a week ago, got a new cast iron 3/4 hp sump pump, confirmed that it worked.  Got more water yesterday, checked on sump pump today, unplugged/plugged it back in and it went for a straight hour, pumping everything that it should have been draining during the entire evening's storm.  Circuit didn't seem to trip, maybe it just stalled?  

Currently I have a Nest cam on it so if we get any rain, I can monitor it from my phone and listen in/watch to make sure it's starting.  This is a stopgap obviously, and for a permanent solution I was wondering if anyone had any suggestions for a device that connects to wifi that could monitor outlet-specific usage, so during a rainstorm I could check on my phone and be reassured that this specific outlet the pump is plugged into has been active for 20 minutes in the past hour, for example.  

Please relieve me of the constant running back and forth to the property and please help me stop wasting buckets of water i've been pouring down the drain to test the pump :)

Hey Dave, good question - I've mulled over this one in the past as well when considering purchasing another spot in my building in the West Loop with similar numbers - while the cap rate does look good (8ish if you assume $30/mo HOA and $32.5k in your scenario) ultimately the main I invest in RE is because of how much leverage I can employ and the extraordinary impact that has on IRR/cash-on-cash. I'm almost positive you'd have to purchase an additional parking spot with cash and wouldn't be able to get a mortgage for it, so your return would be equal to your cap rate. Personally, I'd prefer to use $35k of liquidity for a down payment on a $130k-ish property at a 6 cap that might get me 15% IRR with today's financing terms.

If your situation was different and you were going through the condo purchase process and had the option to purchase 1 or 2 spots with the numbers you mentioned, I'd probably get the spots because I believe they'd be able to be bundled in with the mortgage.

Hope this is helpful!

@Steven W. this is a situation which can absolutely be a win-win for both parties – there are actually a few large businesses executing on this exact strategy (check out Sonder on Airbnb, 400+ listings). Before jumping in though here are a few things I’d look out for:

• Seems like Charlotte STRs are taxed like hotels – make sure there is some clause in the agreement that the “renter” stays current on tax payments, otherwise you’re the likely party the gvt will contact
• One point of @Natalie Schanne's post mentioned “he’ll email you for non-urgent repair requests” – you likely will want to detail these types of requests and who is responsible because “non urgent” is very different for a 12 month renter vs. a hotel guest paying $200/night. The individual you make an agreement with may get a frantic call from one of his guests regarding a water heater on vacation mode that he’ll try to put on you and say you’re responsible for a $100 refund to a guest because they didn’t have hot showers for one day. To me, some common culprits that come to mind that an enterprising but not handy individual may attempt to claim is your responsibility would be issues with the dishwasher, garbage disposal, clogged toilets, shower water pressure, keys/locks & anything requiring a circuit breaker reset.
• I'll echo that you shouldn't have the utilities in your name, and for good measure state that internet/cable tv should also absolutely be in the other party's name – this is one of the most common source of complaints by STR guests and you will not want to be contacted every time there is a Comcast outage.

Good luck!

I recently did a small kitchen with similar dimensions and the star of the show turned out to be the 24" Empava walloven we went with.  It was cheap, fit nicely/easily into a 24" base cabinet (where the door would normally go), preserved the drawer functionality of the cabinet, and is a gorgeous deep red.  Best of all, it's 110v so no need to run an additional gas line or 220v line.  We put a two burner cooktop we got from amazon (again 110v) for the countertop which can be moved if additional counter space is needed for big meal prep, etc.  

I'd recommend a big, deep 30" apron sink that can be a showpiece over a dishwasher as well. 

Go with open shelving instead of upper cabinets to make it feel bigger/open.  

Good luck and please post pictures!

@Daniel Patton probably around 4-5% dependent on your credit (loans are personal recourse), RE experience, and plans to grow your business and relationship with the bank.   The few that I know that do/have done these types of loans in Chicago will do 3-5 yr fixed term amortized on a 20-25 yr schedule.

@Daniel Patton I recently transitioned away from mortgages in my personal name to borrowing in an LLC and can connect you to my lender if you PM me. In my experience, while these types of banks are commonly referred to as "portfolio" lenders, many think they need a portfolio of properties in order to qualify, but the term "portfolio" is actually in reference to the fact that these loans are held on the bank's balance sheet as their portfolio and aren't sold off. You can in fact get an LLC loan for just one property.

Hi all - I'm beginning the process of a remodel of a condo - specifically removing the drop/suspended ceiling to convert it into having more of a loft feel with exposed pipes, vents, etc.  The process involves hiring an architect for plan submissions to the board.   Would appreciate any referrals here and guidance on the process from others who have had experience.  Thank you!

-Rishi