All Forum Posts by: Clarence Bell

@Aqeelah Muhammad

When I was looking to invest in Bmore I thought the same thing. I live closer to DC so was able to drive the blocks with the 5k homes and understand why they were that price. You pretty much didn't even want to stay on the street for too long because of the safety concerns associated with the blocks where homes may look abandoned but there are people living in them.

The blocks like that could get turned around when someone or a group of investors purchased all the abandoned homes on a street and rehabbed them at the same time. That way you attract tenants that don't feel concerned with living in the only home not boarded up on the block.

@Bob Floss II Thanks for the information. The notice is for the Daley Center and its good to know about the inspection portion.  

@Ray Harrell The estimate was to have all the violations completed.  There violations on the front and rear porch of the brownstone, and the coach house has a deck that they cited for needing permits.

@Chris Schu I'm aware of the safety concerns with the deck, but the city went overboard on the violations.  The reason for the inspector coming out was because of a bad relationship with a tenant.  Otherwise, this would not be a problem.  But that's water over the bridge now so I've got to address the problems!

@Account Closed, I do have a copy of the complaint.  I'm hoping the quotes I received from contractors will be a sufficient show of progress but I realize that if I can complete some of the smaller items ahead of the date, that's also a good idea.  

@Vincent Incopero, Thanks.

@Ray Harrell , Thanks for sharing your experiences.  There are a few violations that are low hanging fruit that I can have repaired before the court date, but some of the more costly ones will take more time. And I'm definitely not trying to fight it, although I feel like the city came to my building in the first place because of an unhappy tenant who made a complaint.

Originally posted by @Chris Turner:

What code did you allegedly violate?

They cited me for about 12 violations, mostly around roofing and siding, but the main one I'm particularly concerned about is the rear porch where they cited multiple things that were defective about it like deck joist, etc.  I have a few quotes already but they're on the order of $20-$40k for the repairs! 

Hi everyone,

I just recently received a building code violation summons from the city of Chicago and had a question.  Do I have to appear in person or if I can have a family member represent me on my behalf and/or just the attorney represent me on my behalf.

Thanks!

Clarence

Hey i had been looking in DC for awhile before a realized the gem that Baltimore is for good returns. I purchased a 3 unit in reservoir hill, but was also looking in Bolton hill, Charles village, and federal hill.

Hi everyone!

I need a GC to look at a property with my real estate agent in Woodlawn.  I haven't had a chance to make it back to Chicago so was hoping people had recommendations of who they've used for walkthroughs.

Thanks in advance!

@Dmitriy Fomichenko Thanks for the info in the link.  That gave me a really good picture on who's disqualified from partnering with on a real estate transaction.  Could I pool retirement accounts from different people together as long as they're not a disqualified person? 

@George Blower The transaction would involve debt financing as I want to leverage as much money as I can on the deal.  I was considering the use of borrowing from my 401k with my existing employer as part of the non-retirement since I can't move that money but was hoping it could be combined with the self-directed.  It sounds like I might be able to move my old retirement account into a solo 401k and borrow from that, as long as there aren't restrictions on borrowing from two 401k accounts at the same time.

@Brian Eastman You're correct that I won't be able to fund the deal without using both funds. My retirement money has not been moved over into a self-directed IRA yet, so I'm open to other retirement options like the solo401k or 401(a) if they offer any flexibility.

@Jonathan R McLaughlin The partnership arrangement was more of what I was thinking where the property is purchased under the LLC but it still goes back to both of the funds coming from me, which seems to be the deal-breaker.