All Forum Posts by: Ronan M.

If you are good at selling cars would your employer not allow you to go part time ?

If you can sell cars and I was your boss I would prefer to have you some of the time if not all of the time.

Your 12-16K nest egg might not be enough to sustain you in the first few years. And then does that 12-16K have to support your investing as well as living or you have more set aside for that ?

I don't know how much you make selling cars. But if you could go part time and keep maybe 50% of that income so you are not on the bread line..it would free some time to start in real estate while not putting too much pressure on yourself.

Plus...as a newbie banks/lenders tend to take some comfort that you have a steady reliable income of some sort until you can prove yourself in fix & flips etc.

Best of luck to you.

Where on the Southside ?

If the City is trying to make changes its usually because its a really really bad place that needs drastic change. There must be a reason for that. And do you really want to be investing or engaged in a place like that for a couple of years ??  

"The rumor is that they want to put in luxury condos"   Since when is the City in the luxury condo business ?

Get much more information if I were you. If the city does have a particular initiative going on it will be will publicized in print, online on their website etc.  

@Susan Capeta

Depending on the lender and the HELOC amount you want its highly unlikely the bank will actually send an appraiser out to you. I am not a banker but they are doing so many of these loans they crunch numbers, use software and maybe have someone do a drive by.

If there is good equity in the property based on your remaining mortgage and if they have any doubts they may restrict your LTV but I don't think all HELOC's come with a detailed inspection of the property. I have done 2 in the last 3 yrs. No one ever came to appraise my house.

Welcome to BP.

Yes you did well if you bought in Logan Sq a few years ago. That will be a nice nest egg. Congrats.

Your property tax seems low ($9660) for a Lincoln Park property. Are you sure that is correct ? When was the building last assessed ?

You say you will do much of the work yourself (which is good) and you ask about permits. You mention further down plumbing & electric will be needed. Yes you will need permits for that and that will involve licensed contractors.

Now I also see the number you have in for Insurance ( $1819) for a 100 yr old 3 flat in Lincoln Park. Way too low I think. If you can insure it for that price I need the name of your broker please !!

Check our this forum for good info on the subject.

https://www.biggerpockets.com/forums/311/topics/224274-turn-your-house-hack-into-an-airbnb-product-to-sell-to-investor

As it pertains to investment properties, any tax hike will just have to be gradually passed on to tenants. Nothing ever goes DOWN. Just like utilities, insurance, your landscape guy, the garbage removal. It all goes up. And we as landlords generally have to pass on those increases or be prepared to settle for smaller margins. Why do landlords have rent increase ? Because we have to.

Tenants/Renters think they don't pay Property Tax. Of course they do !! 

@Beau Garrett

Welcome to BP.

What exactly does a Sustainability Consultant do ?

Can you save us any money !!!! 

The Capital Grille (in Rosemont) is an excellent restaurant with awesome steaks. Its right by OHare.  Cant go wrong with anything they have there.

Nicks Fish Market (also in Rosemont) if you like seafood.

Also check out MB Financial Park in Rosemont. Its like a small village for dining and shopping with a bunch of great bars restaurants all grouped together.

All of the above are about 5 mins from OHare as is a relatively new casino if you are into that.

Enjoy !!

Congrats Tawanna. Go get 'em !!