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All Forum Posts by: Eric La Pratt

Eric La Pratt has started 43 posts and replied 161 times.

Post: GC Referral in Fenton

Eric La PrattPosted
  • Investor
  • Chicago, IL
  • Posts 166
  • Votes 67

Hi all,

I am looking for General Contractor recommendations to bid on a small/medium remodel of a personal residence in Fenton, MI (asking for a friend... for real!). He is looking to do:

Gut rehab of 2 bathrooms to include:

  • Relocating 1 toilet
  • Installation of steam shower
  • Tile
  • Sink/vanities
  • Install window where there isn't one

Install, prime and paint drywall ceiling in 1400 sq/ft unfinished basement (9' high ceilings)

Build 10x12 bedroom in basement w/closet (large window present already), keeping current flooring (carpet)

Build full bathroom in basement (shower only)

Any GC on BP or recommendations I can forward to him? He is looking to have the project completed this winter, in January/February. This is not a rental but a personal residence, so keep in mind what that typically means for quality. Thanks in advance.

Tags: Genesee, Oakland, Livingston, rehab, Michigan, 48430

Hi @David Klaas! Welcome to BP!

Your top end certainly allows for a larger range. Get in contact with @Brie Schmidt. She's an investment-only realtor on the north side who focuses on folks just like you, who are in a similar position with similar wants.

Post: Comparing cashflow in Michigan and Florida

Eric La PrattPosted
  • Investor
  • Chicago, IL
  • Posts 166
  • Votes 67

@Nick Yates This is not typical Ferndale. And it's not technically Ferndale. I have apartments in typical Ferndale. While Ferndale and Royal Oak Township (not the same as Royal Oak, either) share the same zip code, they are in no way the same. This property is likely listed as being in Ferndale because of this shared zip code (48220). Nothing about ROT is poised for a comeback... but if it were, it wouldn't be coming back to much. Look at recent peak property values from 2007/2008. Nothing remotely close to Ferndale's peak or what you are seeing there now.

Don't be fooled/hooked by ROT... it's a rookie mistake I've made a few times myself. And now that you know it's not Ferndale, you won't make that mistake again.

Post: Comparing cashflow in Michigan and Florida

Eric La PrattPosted
  • Investor
  • Chicago, IL
  • Posts 166
  • Votes 67

@Ron Walraven I was just going to ask the same exact thing.

@Nick Yates What street? When you get west of Livernois/Ferndale High School, it is not comparable. Or even east of the tracks. If your property is within a few blocks of Woodward, no you're talking.

Post: Chicago - Multi Family 203k loan first purchase!

Eric La PrattPosted
  • Investor
  • Chicago, IL
  • Posts 166
  • Votes 67

Hi @Catherine Moran ,

To answer yours and @Kenneth Cowan 's inquiry regarding 203k in the city, I'm shoulder deep in my rehab now that I closed on in February and @Brie Schmidt was actually my realtor. Here are some things that have come up in my rehab that were unforeseen in the many walk throughs with our 203k consultant, 5 GC's and me:

  • Plumbing system had been frozen EVEN THOUGH the property was winterized. This required a replacement of the entire system. =$20k
  • City of Chicago plumbing inspector shows up and sees beautiful new plumbing all done perfectly and states: "Great work with the new plumbing! But now you're fancy new plumbing system won't be so good with the 1" water service line you have coming in to your house from the water main. So that needs to be upgraded to 1.5" now that you've done this beautiful new plumbing." If you are planning on doing plumbing work, adding in unit laundry or whatever, just plan on this. Next time you drive down the street, look for the recently rehabed or new construction properties and you can always see the replaced strip of asphalt going out from the property line at the street to wherever the city water main is. That's the city saying "Yup. Upgrade the water service line." There must be a dozen on Foster between Broadway and Lincoln. = $15-21k
  • Electrical system needed to be upgraded from 100 amp to 400 amp service even though no one managed to notice. While we were not called on our wiring (I pleaded with the electrical inspector stating his plumbing colleagues have already bled me dry), we were called on the entire wiring for 1 unit as there were electrical boxes hidden behind drywall for each and every fixture. =$5k for upgrade and $4k for wiring in one unit. Imagine getting called on wiring for all units and common areas!
  • City of Chicago inspection delays will cost you *months* of holding costs you are not planning on at the moment, regardless of what your GC says. The initial permit took 35 days to attain with the city. I had made my first mortgage payment before work could start. Then your GC will want to be careful about how they are scheduling inspections. God forbid your electrical inspector wants you to open walls and the next day the ventilation inspector sees bad venting behind those opened walls. So things might need to be done in a certain order to minimize this damage. However at some point you might be stealing from Peter to pay Paul. That is to say potentially saving money because the city inspector isn't seeing things that they want corrected but, at the same time, you now end up paying 3 months of mortgage payments you wouldn't have had to pay if you just plowed through the project.

The big unknown is what is behind the walls. You just never know! And Brie can attest: I did a crazy ton of due diligence... everything short of opening walls up myself.

Hope this helps!

Post: Cabinet for rentals: Stained or painted & where to buy in Chicago

Eric La PrattPosted
  • Investor
  • Chicago, IL
  • Posts 166
  • Votes 67
Makes sense Mags S. John Weidner my GC absolutely has recommended a cabinet maker and says he uses him all the time. I may land with his guy but I'd like to do my own research as well.

Post: Cabinet for rentals: Stained or painted & where to buy in Chicago

Eric La PrattPosted
  • Investor
  • Chicago, IL
  • Posts 166
  • Votes 67

Thanks everyone!

I have drawings my design+build GC made, so I've been firing those off to some of the places you've recommended. I'm interested in IKEA but the labor involved in "designing" is a major turn off. I have no desire to fiddle around with their design software, importing the drawings for 4 separate kitchens I have. I'd rather send it off to someone and they tell me what I need with a quote. That said, I'm super intrigued by the maintenance ease (getting a new door when needed), the 25 year warranty, the fact that I might be able to remove and reuse them and the aesthetic possibilities with IKEA. That and they are a safe bet when it comes to standing behind their product 10 years from now.

I'll be staying away from HD for sure. Also many thanks for the wow factors from @Jim Adrian. I'll consider those as I'm all about making a small investment in the wow factors to help make finding renters easier.

Post: Cabinet for rentals: Stained or painted & where to buy in Chicago

Eric La PrattPosted
  • Investor
  • Chicago, IL
  • Posts 166
  • Votes 67

Hi @Ronan M.,

Thanks for the response. I don't care about the drive. If the price is right and the quality is good, why not? What do you recommend?

Post: Cabinet for rentals: Stained or painted & where to buy in Chicago

Eric La PrattPosted
  • Investor
  • Chicago, IL
  • Posts 166
  • Votes 67

I'm shopping for cabinets & vanities for 4 kitchens and 4 baths at the same time. I (currently) really love the look of the painted and frameless cabinets right now but I'm fearful that they will:

  1. Become dated sooner than later (the look, that is)
  2. Be more difficult to touch up (a ding/scratch is easier to fill when the product is stained solid wood versus a couple layers of paint)
  3. Frameless are more expensive and will break down sooner (sagging?)

I am curious to hear the opinions and experiences of those who have dealt with them.

Also where should I go to get a great builders grade product at a fantastic price? I'm hoping leveraging 4 kitchens worth will help in the price. I've got drawings.

Post: Chicago Water Service Upgrade

Eric La PrattPosted
  • Investor
  • Chicago, IL
  • Posts 166
  • Votes 67

I haven't seen any posts about this here on BP--- I've been told by the City of Chicago plumbing inspector that I need to upgrade water service from the water main in the street to the house to 1.5" at my rehab. Any referrals?