All Forum Posts by: Svend W.

Hello, everybody

Do people have HVAC contractor recommendations for Evanston, IL? 

Thanks in advance.

Thank you, everyone, for the very helpful responses! I ended up accepting their offer, so we will see.

BTW, given that an inspection revealed no concerns other than it being at end of life, is there any argument for getting work done now as opposed to when the weather improves in a few months? 

I figure that it will be a lot more expensive to get work done during the Chicago winter. And it's probably unnecessary--if there is a hidden problem that both the general and the roof inspections missed, it probably won't be worsened much by waiting 2 months.

Hi BPers

I'm looking at buying a house in Chicago whose roof is intact and without leaks but very near end of life according to both the general inspection and a roofing spection. 

The roof is 1250 square feet and is quite flat

I initially requested a $10K credit and the seller (a flipper who recently rehabbed the house) countered with $5K.

$5K strikes me as a bit on the low side, but I don't know about these things. We got an estimate to replace it for under $5K, but the guy didn't strike me as terribly competent, so I am nervous about relying on that. (And Chicago is covered with deep snow right now, so getting a second opinion isn't easy right now.)

Assuming there are no other issues, does that that number sound overly optimistic? I realize you have to roll the dice a bit in these situations, but I'm wondering what the worst case scenario probably is cost-wise (again, assuming no other problems).

Thanks in advance.

Hi Jim

I can't imagine living like that long term, but *temporarily*--while those 2 missing fixtures were getting installed--it might well be doable and worth it, assuming, again, it's legal to do so.  

More importantly, while I get your skepticism, I don' t think you can universalize it. Having lived in developing countries and seen some pretty rough living conditions even here in the States, I don't don't find the idea of washing with a sponge all that hard to imagine. It would depend on what I'm getting for that sacrifice. We all make different trade-offs. 

Not to make this into a philosophical discussion, but I don't see a big difference, qualitatively speaking, between the scenario you described and the way many people live (e.g., sharing small overcrowded apartments, being perpetually on the road and away from their families). Nor do I see a big difference between such a choice and choosing to work really long hours on the job (e.g., for a startup). The main difference here, as I see it, is that would be voluntary and temporary. 

Also, I would push back on the idea that there's anything unethical about figuring out what the minimum required in this situation would be. If "occupying" a property for legal purposes is--for the sake of conversation--sleeping there 51% of the time, there's nothing wrong doing that and spending the other 49% elsewhere, whatever one's motivation. 

In any case, it's a moot point since I forgot that both co-signers will have to live there. And there's no way my wife would go for this!

Dennis, 

for the same reason some people rent minuscule studio apartments and cook on hot plates, and others rent out most of their homes to boarders, and yet others live in properties gutted down to the studs while they do rehabs, etc.   If it is legal, works economically  and is tolerable for the person doing it, I don’t see the problem. 

I’ve read accounts by RE investors boasting about living in the cellar (not even the basement) as a  strategy for rapidly paying down a mortgage.  Obviously it’s not for everybody. And hopefully they weren’t breaking the law.

Thanks

Hi, Brie. 

To be clear, I'm not looking to do anything illegal. I'm not talking about faking residency for the purposes of enrolling a child in a school, either.  If I were, posting here under my own name would pretty crazy.

I merely want to know if there is any flexibility in this particular situation, where the basement is reasonably habitable. 

People subdivide homes in all sorts of ways and divide their time between different places. I know this wouldn't be legal for renting out to a tenant-- I'm wondering if this might be kosher when you're the owner and given the lack of safety concerns.

Thanks.

I'm considering purchasing a 2 flat property in a suburb of Chicago but the timing isn't great for the family to move--I would rather not pull our child out of middle school during the last year--so I'm wondering if there are any limitations on me making the basement my legal residence while the family continues to live elsewhere. 

The basement is finished and has a toilet and sink, but no shower or kitchen. It has a carpeted floor, 2 means of egress, a normal-height ceiling and a good-sized normal window in the front room and a glass block windows elsewhere.

Are there likely to be any limitations on a landlord choosing to make in such a basement their legal residence? And could it be shared with a tenant (e.g., just one room reserved for me)?

Thanks in advance.

Hi Tyler

Thanks very much for the analysis and great suggestions.  

I did make a  mistake with the combined rental income, which is $2900 rather than $3300.  I was trying to incorporate the higher rent that I'm currently paying as renter but which wouldn't be paid if I moved into one of those units into the equation.  I wanted to revise the report and update the post but didn't have time.

The taxes are from the MLS listing, but it may be out of date or just wrong. So that's a great idea to check on the county appraiser website. 

You're probably right about the insurance being off since this is a relatively expensive area (Evanston, on the north shore of Chicago). I was spit-balling after I wasn't able to get a quote quickly from an insurance company.

Thanks.

Hi everyone

I'm new to this site and REI in general.

Wondering what you think about this property. It's a two-flat home, in which I'd be living in one of the units. 

This would be my first home. I want to finally take the plunge and buy, but would prefer a property that also has a tenant.

BTW, if anyone has tips on how to use this calculator in this situation (partially owner occupied multifamily home ), I'd love to hear them. 

Thanks in advance.

Svend

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