All Forum Posts by: Amir K.

hey all,

did anyone here called for an electrical inspection lately?

how long did it take to hear back from them?

thanks

@Jeff Prow whats the all in one?

the property has no mortgage on it right now, and i dont want to cash-out refi before finishing the remodeling.

any specific names of lenders/banks that you know are giving helocs on renal properties? 

Hi all,

did anyone have any success closing a heloc on an investment property lately? i own a condo thats worth about 170K outright and id like to utilize that equity.

so far everyone is telling me they will only do it on a primary residence or a second home (with a minimum distance range from the primary residence)

thanks!

Hello,

looking to see if anyone can recommend a good contractor for a water line replacement in Chicago (Logan square)

thanks 

when you guys say new construction cost is $X per sqft, is this for the total sqft of the built area or times the number of floors?

for example if a new construction is built on 1000 sqft area, with 3 floors, is this $200 x 1000sqft or $200 x 3000sqft?

hi all,

Can anyone recommend a company for a house foundations inspection? I’m looking for someone who specialize in foundations and not just a regular inspection company that will take a look around the house.

today I went to see an old duplex and almost fell through the floor downstairs. Could be just rotting subfloor but I don’t want to take any chances 

thanks!

hi all,

I'm starting to look into my next deal and i want this one to be a SFH. so far I've done only condos (2) and I have done all the work myself (minus electrical).

my question to you experienced contractors and developers is, how much will it cost to turn something like this (only exterior work)

to something like these

i understand there are many variables, i'm just looking for a rough number, 10s? 100s of thousands?

do you have to tear down an old house and build a new one to achieve this? because all of the new houses i see still have the sidings like older homes, only the front is modernize. what makes me believe they built it over the old frame.

i should point out I'm in Chicago.

thanks in advance!

so i have read Alex Felice's article about how to work with lenders,

https://www.biggerpockets.com/blog/work-with-lenders-brrrr-method

and contrary to what i have read on the forums and seen on YouTube, he doesn't mention anything about applying a GC's scope of work and quotes to your lender before closing in order to add it to the purchase price, he simply adds it as a "settlement charges to buyer" and collect it back at closing.

looks pretty simple and convenient, is this really how it works?

does anyone have any experience with this method?

thanks

thanks everyone,

is it possible to to add the projected rehab costs to the purchase price and have the seller give it back to me as closing credit?

is this a legal way to to bypass this rule instead of showing improvement receipts later on? 

Hi all,

a few days ago i sign my first lease on my first rental

A little background,1 bedroom unit in a top Chicago neighborhood. beat down unit purchased for 140K cash, I did a gut rehab almost all by myself and was able to get the place looking amazing for the reasonable price of about 25K.

all in all with closing and carrying costs I'm 170K in

annual expenses: $8250, annual income: (with 5% vacancy) $22250. cap rate a little over 8%, not bad...

however, im looking into my next one and i cant let a substantial chunk of my money sitting there.

i spoke with my mortgage broker and he said that i can cash-out refi any time i want. but, as long as its under 6 months from purchase date, the bank will only appraise it for the purchase price, 140K. if i want to get it apprised for ARV of say 180K and pull more money out, i have to wait for those 6 months to pass.

anyone had any success by-passing this somehow? any banks that doesn't require to wait? or maybe private mortgage lenders that are a bit more lenient in the Chicago area?

any help would be appreciated

thanks!