All Forum Posts by: Alexander Chavez

In Chicago, is there a certain height a finished basement needs to be in order for it to count as square footage. Is it different for an appraiser than when listing on the MLS?

I am asking because I know of plenty of houses that do not have tall basements(less than 7 feet), but when they are listed to be sold, the agent has included the finished basement as square footage, which should potentially help increase the price of the home.

I have a potential property that has a basement that is about 6'9" that I plan to finish and put a bedroom in as well. When it comes time to sell what limits me from including it as part of the square footage so that it is considered in the ARV?

Also when running comps on similar sold properties, how does one know that the square footage is accurate on the listing?

Any Chicago based agents willing to run a CMA for a potential property. I am trying to determine ARV for a major rehab project in the Portage Park neighborhood, so an agent who knows that area would be great!

Thanks,

Alex

Looking to get some bids on a project in the Portage Park neighborhood of Chicago.  This will be a 203k rehab loan, so would like a contractor who is familiar with the 203k process and willing to follow their rules/guidelines.  This will be a major rehab with a 2nd floor addition and open concept floorplan (guessing rehab total around $200K).  If you are interested or can recommend a contractor please contact me.

Thanks,

Alex

Currently have a property under contract in the Portage Park neighborhood of Chicago. I am doing a Homestyle 203k rehab loan, leveraging my existing owner occupied 2 unit (HELOC), for the down payment on the 203K loan. This project will require a major rehab (around $200k rehab). I am looking into options for refinancing after the work has been completed. Was thinking of doing a "Cash out refinance" to pay back the 203k lender as well as the HELOC (combined total of around $428K, for a property with ARV around $525k)

Can anyone recommend a lender who offers competitive rates and LTV?

Are there typically any restrictions with doing a cash out refinance, ex: had to have owned or lived in the property for a specified amount of time?

Any help would be appreciated. 

Thanks,

Alex

Making offers on rehab projects in Chicago.  Need to get Builders Insurance/ Property insurance lined up. Anyone have recommendations or advice they can give me on this would be greatly appreciated?

Looking for contractors to work with long term for rehab projects in Chicago.  Currently putting in offers on properties.  I have a general scope of work already defined that would be very similar for the properties I am putting offers on.  Hoping to find a contractor who has great carpentry resources and has a relationship with a good architect/structural engineer as these projects will be gut rehabs with second floor additions.  I need someone who can be available quickly to look at properties once I put offers on them so that I can get accurate estimates and bids.

@Frank S.

Was looking through some old posts, did you end up obtaining your RE license?  If so what did you end up using?  Lets chat sometime! 

I am looking for a CPA Real Estate Accountant to help me with my Real Estate Business.  Preferably someone local to the city of Chicago that I can sit down and meet with.  Any recommendations would be appreciated

Looking for a home inspector with experience to join my flipping team in Chicago, would hope to build a solid business relationship to use for every home purchase we do and to recommend to others.  If you are or can recommend anyone let me know!

Looking for an Accountant who has experience in dealing with Real Estate Accounting.  It would be mostly for fix and flip business but also for some rentals that I would need assistance with.  I am located in Chicago and would prefer someone local who I can meet face to face.  Any one here who does this or can recommend someone who does?