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All Forum Posts by: Chris P.

Chris P. has started 4 posts and replied 12 times.

Post: [Calc Review] Help me analyze this deal

Chris P.
Pro Member
Posted
  • Posts 12
  • Votes 5

Paul,

Yes! For all the work we'd want done would come out to about $30k. Not sure what the ARV would be, but would look to do a cash out refi at some point.

Post: [Calc Review] Help me analyze this deal

Chris P.
Pro Member
Posted
  • Posts 12
  • Votes 5

Hey Paul,


Yes, this is a SFH. Property is in Orland Hills and the Utilities to be paid by tenant. We were locked in at a 4.75% rate.

Post: [Calc Review] Help me analyze this deal

Chris P.
Pro Member
Posted
  • Posts 12
  • Votes 5

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Post: HELOC vs Cash Out Refi

Chris P.
Pro Member
Posted
  • Posts 12
  • Votes 5

Parker,

I'm closing on my 1st property soon and find myself asking the same question (Cashout vs HELOC). I plan to live there for 1-2 years then buy another property as my primary. What is the minimum equity required for both? 20%? Also, do you plan to have another appraisal done prior to refinancing or HELOC?

Post: Architect in Orland Park

Chris P.
Pro Member
Posted
  • Posts 12
  • Votes 5

Hey David,

Do you have any recs for Orland? I'm closing on a house in1 month in Orland Hills and was looking for an architect as well as a GC to do some remodeling.

Post: Basement ADU in Flood Zone

Chris P.
Pro Member
Posted
  • Posts 12
  • Votes 5
Quote from @Robert Murphy:

Hi @Chris P. how exciting on your potential purchase. If the property is in a high-risk flood zone (one that will require flood insurance) and it has a basement that isn't passing coding I am guessing it is because in the flood zones lenders will require coverage. Our federal government doesn't want us to put living areas in the basement. That being said some things to consider. 1) there is very limited coverage for flooding in any subgrade area on a structure. 

As for you flood insurance options you only have really two categories the government called the NFIP or FEMA and the private flood insurance market.

Below is the list of things the NFIP or government option will cover in a basement or any subgrade foundation again it is limited to only these things. 

The following items are covered under building coverage as long as they are connected to a power source and/or installed in their functioning location:

  • Sump pumps
  • Well water tanks and pumps, cisterns and the water in them
  • Oil tanks and the oil in them, natural gas tanks and the gas in them
  • Pumps and/or tanks used in conjunction with solar energy
  • Furnaces, hot water heaters, air conditioners and heat pumps
  • Electrical junction and circuit breaker boxes and required utility connections
  • Foundation elements
  • Stairways, staircases, elevators and dumbwaiters
  • Unpainted dry wall and ceilings, including fiberglass insulation
  • Cleanup

The following items are covered under contents coverage:

  • Clothes washers and dryers
  • Food freezers and the food in them
  • Flood insurance does not cover basement improvements or items not necessary to make the home safe, sanitary and functional -- such as carpeting, finished walls, paint, floors, ceilings, furniture or personal belongings that may be kept in the basement. Necessary items are included under building coverage and some under contents coverage. The NFIP encourages people to purchase both building and contents coverage for the broadest protection.

    The private flood policies are very similar however a few just simply say they will cover up to $15,000 or $20,000 so with my math it is kinda the same coverage with the NFIP and a finished living area will likely cost more to replace if you take that into consideration and build in a way that you can mitigate loss as much as possible then it might make sense as a flood insurance agent I would have to suggest to you that you do not finish anything subgrade unless you are taking on the risk of insuring whatever is not covered. 


Thanks Robert! Great info here. 

Post: Basement ADU in Flood Zone

Chris P.
Pro Member
Posted
  • Posts 12
  • Votes 5

I'm looking at purchasing a Duplex and turning the basement into a 1-2 bedroom, 1 bath unit. It already has a kitchen area and bathroom built out, but unfortunately it never passed coding for a legal 3rd unit. (I think this was mostly due to egress and possibly being in a flood zone) Does anyone have any experience with turning a basement into an ADU? What kind of costs am I looking at for adding an egress window and water proofing the basement? Are there any other things I should know or be worried about before taking this on. Thanks!

Post: 6-12 Unit Multifamily Investment Locations In Illinois

Chris P.
Pro Member
Posted
  • Posts 12
  • Votes 5
Quote from @Linh Khuc:
Quote from @Chris P.:

I’ve also been looking for some multi family units and they hardly ever come up. What’s everyones thoughts on Westmont, Darien and Willowbrook?

How long you've been looking ? I think they are just like anywhere else in the western surburbs, hard to find multi family but they'll pop up here and there. 

I’ve been looking hard for the last 1-2 months. Made an offer on a 4plex in Westmont last weekend, but didn’t get it. It’s tough finding one, nonetheless finding one where the numbers work. 

Post: 6-12 Unit Multifamily Investment Locations In Illinois

Chris P.
Pro Member
Posted
  • Posts 12
  • Votes 5

I’ve also been looking for some multi family units and they hardly ever come up. What’s everyones thoughts on Westmont, Darien and Willowbrook?

Post: Factoring PMI in COC-ROI

Chris P.
Pro Member
Posted
  • Posts 12
  • Votes 5

@Malcomb Stapel My PMI for the 4-unit is $400/month and our interest rate is 3.475%. Is it me or does seem very high for the PMI? I plan on doing some renovations and will hopefully have enough equity built up in 1-2 years (20%) to do a cash out refi. This should allow us to dump the PMI, but I'm not sure if we'll be able to get a better interest rate.