All Forum Posts by: Daniel Cullen

I've had the same problem in the past. I considered installing a security camera in the laundry room in order to see if anyone was overloading the washer. The cameras are pretty cheap now. I don't think there would be a privacy problem as long as you posted a notice re the presence of the camera. 

If you think that his work to date is not properly performed and if you think you may have to go to court or arbitration eventually then you might consider hiring a local home inspector to document what he's done so far. An inspector with experience in the FHA 203k program should have the ability to determine if his pricing was fair and if the work was done per local and industry standards. Doing so could save you some headaches down the road.

Every deal is different but I did just what you are describing about 10 years ago. I took out a HELOC on my principal residence and bought a 4 unit bldg. nearby. It worked out fine for me and the new place is cash positive.

Any half-way decent home inspector would have noticed the missing head flashing over the windows and also would have pulled back the vinyl siding at a lap joint to look for the presence of the required Weather Resistant Barrier or WRB aka Tyvek. I would at the very least go after the inspector for a refund of your inspection fee. You also have the option of re-siding one wall at a time to phase in the costs....there shouldn't be much of a logistics upcharge for doing one wall at a time as your money comes in. Don't forget that vinyl siding is easily removed and reinstalled using a tool like the one shown. The 'bible' for vinyl siding installation can be found here: https://www.vinylsiding.org/

Ronan is right on target Kevin. You can scratch Bucktown and Logan Square off your list due to the high values there. Some of my clients have been buying single family homes in the Berwyn, Cicero, Stickney area for the good purchase/rent ratios. Taxes are going up, up, up in Chicago due to all the pension can-kicking that's been going on for decades; those chickens are coming home to roost and it won't make owning investment property in the city proper any easier or more remunerative. You might want to spread your search area to include the close-in 'burbs. 

I use ClearNow to process rent payments and it's worked great for the last several years. I haven't looked into its full functionality but I believe it does more than just serve as a rent check clearing service.

Warren....the crack in your photo is almost certainly 'structural' since it starts out narrow and becomes wider toward it's upper termination. That is the hallmark of a crack caused by underlying foundation movement. Did your inspector dig away some soil at the base of the crack in order to see if there was a corresponding crack at its bottom terminus? Did you or he/she look for a 'mirror crack' on the opposite wall? Be careful of wishful thinking! 

Hi Matt.....i've been an inspector for the last 22  years and an investor for quite some time prior to getting my inspector's license. I applaud your effort to increase your knowledge base vis a vis property condition assessments. You should keep in mind that, as in any profession, there is a big difference between getting your license and being competent. I say go for it and accumulate all the knowledge you can. 

Installing a series of upright columns against the wall that is bowing inward is the most common way to address this situation Jesse. The bottoms of the columns are inserted into the openings made into the concrete slab and the tops of the columns are secured to the ends of the floor joists. This is indeed a serious issue that will show it's ugly head in any future transaction unless it is addressed properly by a foundation repair company. I suggest you have a local, highly recommended, and experienced foundation repair contractor look it over instead of a structural engineer unless the seller will pay for the S.E.'s visit and report. Best of luck going forward. 

They say confession is good for the soul so here goes.....my CPA suggested that I could qualify as a 'real estate professional' and take advantage of the very favorable IRS tax treatment which accrue to investors with that designation. The rules for qualification as an R.E. professional are complex and I trusted my CPA so I told him to go ahead with it. He filed 3 amended returns and I rec'd 2 big refund checks. Instead of that 3rd refund check though I rec'd a letter from the IRS challenging my CPA's understanding of the IRS rules re R.E. professional status. Long story short is that I had to hire a tax attorney for $4k and I have to pay back those 2 refunds with interest but fortunately no penalties. Moral of the story is, if it sounds too good to be true.....well you know the rest.