Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Alan Dunlap

Alan Dunlap has started 2 posts and replied 88 times.

Post: Looking to purchase a second two-unit in Chicago and need financi

Alan DunlapPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 89
  • Votes 77

@Lewis Sutton

Why can’t the previous lender provide this?

My understanding is only one FHA loan open at a time. But if you refi the first to conventional or sell property you should be able to FHA the second at low down payment

Post: I took over a mortgage

Alan DunlapPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 89
  • Votes 77

@Melissa Salinas

Was there any paperwork when you “took over” the mortgage?

Post: Water in the basement.

Alan DunlapPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 89
  • Votes 77

@Maimouna Sow

To piggyback on @Nicole Heasley -

May want to get more than one specialist to look at it. One may see you’re a new homebuyer and start chasing $$$$

Post: Clayton Morris seeks over $7 Million from James Wise for Film

Alan DunlapPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 89
  • Votes 77

@Jay Hinrichs

Whether Morris is deposed in person or by video,he can be asked questions that he probably doesn’t want on record.

Plus I would think some district attorneys would like to get their hands on that deposition.

Post: Clayton Morris seeks over $7 Million from James Wise for Film

Alan DunlapPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 89
  • Votes 77

@James Wise

Not a lawyer but if this moves forward won’t depositions have to take place? If so, doesn’t Morris have to come back to US to be deposed?

Post: Being Discouraged by Family

Alan DunlapPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 89
  • Votes 77

@Jeff Byrne

Maybe, just maybe, they’re not being negative. Maybe they can’t envision it and don’t know what to say. Or you don’t have any track record on which they can form a positive opinion.

Either way take it as an opportunity to change hearts and minds. It can be educational-you can explain to them this isn’t get rich quick, it’s buy/sell/hold assets that can increase in value over time. Every repair/replacement is a potential business expense, not just lost dollars.

Most people do more research on where to get a good chicken sandwich than on their personal finances or how to accumulate appreciating assets. They don’t understand someone doing the opposite. Just be humble,stay focused, and willing to learn and embrace the opportunity.

Post: Hello from Chicago, excited to be part of this community

Alan DunlapPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 89
  • Votes 77

@Daniel De Lima

Hello welcome to BiggerPockets

Post: 4 Unit Gut Rehab Chicago

Alan DunlapPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 89
  • Votes 77

Looking at the photos -

-If these are recent (big if) someone may have started working on it but never finished. In one of the units, the doors and cabinets look newer than the other photos.  Some of the exposed pipe looks newer and someone bought new windows.  If usable that may help decrease your rental costs.

-You mentioned adding a bathroom and an island?  Are you going to live in one of the units?  If not, second bath and island may be great if you intend to flip.  If you are buy/hold, that may be over improvement, and won't drive up your rent.

-As others said, get GC in for legitimate estimate. Your financing may require it anyway.  Get multiple bids if possible.

Post: 4 Unit Gut Rehab Chicago

Alan DunlapPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 89
  • Votes 77

@Harry Durden

Adding smoke/CO detector are straightforward.  If you want full gut, #3 and #4 should be addressed as part of this.  Inside city basement ceilings have to be a certain height so you may have to add that to your scope of work.

The add says zip 60637 so I'll assume Woodlawn area?  Still some good block/bad block areas but lots of investment into neighborhood lately.  

Do you have financing on the property?  Will rehab be included?

Post: 4 Unit Gut Rehab Chicago

Alan DunlapPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 89
  • Votes 77

@Harry Durden

Have to gone to City of Chicago website to review violations? As previously stated, they could be minor, or it could be thousands paid out before your contractor gets to pull a permit and swing a hammer