All Forum Posts by: Samantha Meyer

We are looking for a multifamily in a strong school district along the brown line to owner occupy. Lakeview, Roscoe Village, Ravenswood, Ravenswood Manor, etc.  We do, however, want something that would cover expenses if we decided to move.  Is there anything right now on the market or recently sold that you think was a good opportunity in the areas mentioned?  I'm trying to learn how to better evaluate options and would appreciate some help!  It seems like there are some possibilities because of low rates but I've heard time and again that the numbers don't work so wondering what I'm missing?  Should I strive for better numbers even if we are planning to owner occupy?

For example:

@Henry Lazerow  thanks - was hoping you would chime in :)

@Forrest Williams -- thanks.  When you ask if it is a legal duplex, what do you mean?  They duplexed down to a basement at some point but didn't add any units to the building.  Is there such thing as an illegal basement on a legal unit?

We are in negotiation on a 2 flat in Chicagoland and are really nervous! I have a few questions for the community.  Thanks in advance for your help! 

- The first floor unit is duplex down but the Cook county assessor's site doesn't have basement as livable space. Does this mean they didn't pull permits? Is this an issue if we eventually would move a bedroom downstairs in the basement and open up the upstairs living space? The current downstairs bedroom is counted in the bedroom count on the MLS.

- We would want (need?) to add a window in the basement area where we want the new bedroom to go (there is already one bedroom with window). What do you think that would cost? I looked online for egress windows and it seems like 5-6K is the norm.  

- The two story deck needs to be fixed upstairs in the unit that would be our rental...the agent/seller said it is not safe.  It looks to need some new floor boards and railing.  My loan officer cautioned that it may get noted in the appraisal process and thus they'd require it fixed by close for underwriting. Sellers trying to offer a credit instead of fixing - this could help in our negotiation as they don't want to go through the hassle to fix.  Should we negotiate this or push to have it fixed by close?

@Crystal Smith - thank you! 

Thanks @John Warren - and I'm in Chicago :) 

Hi wise real estate experts.  Long time reader...first time commenter (do people say that type of thing here)?

My husband and I are looking to move from our small condo to a two unit property.  The purpose of the move is to (eventually) have more living space, a yard and a garage while having a rental offset some of the mortgage. We've identified one we like - it's a pretty standard 2 flat. We'd live on the main level and eventually duplex down/finish the basement) and rent the upstairs unit.  The building has a little yard and garage in the back. The upstairs unit has little balcony and there is an interior staircase that goes out to the backyard from both units.  This is on the north side in a good area but a bit far from the el/metra (20 min walk). I would assume the area and location would attract someone who has a car and we are obviously going to be picky as we will be sharing a roof.  

If we don't get this one, we'll probably find something similar.  We've never been landlords before so I have a few questions:

- What should we expect trying to rent out something in Dec/Jan...do you think we'll need to price lower?  Would you offer a short term lease or a 15-17 month lease to ensure the lease ends in the spring/summer? OR would you wait until spring and take some time to add upgrades to the rental (thinking an in unit laundry even though there is a shared one in the basement), possibly painting the kitchen white, etc.

- Is it expected that we will share the backyard?  What if we don't want to?  Would that have a significant impact on the rent?  How would we even phrase this in the lease/conversations?  I'd be open to periodic usage if they had a special event, etc. but really want this to be ours primarily. 

- I'm considering not including garage parking in the deal (or not offering it as an add on) for the specific purpose above.  If someone is parking in the garage and thus walking through the backyard I feel they would just assume the backyard is shared.  I'm not opposed to offering a garage spot but I feel I'd then need to clarify about the backyard.  To be clear, I understand someone may be walking through the backyard to exit the building.  There is street parking available.

Overall, I am fine pricing the rental unit a little lower.  The purpose of this purchase is not as an "investment" -- it's to keep our monthly housing costs more reasonable while getting some additional features (yard, garage, space).  

Thanks in advance for your thoughts and assistance.