All Forum Posts by: Danny Duran

@Derek Martin thanks for the suggestion. I found my remediation companies on Angie's List. I'm having them walk through the property on Friday to get me estimates for the work. I'm going to be posting an update soon on where this stands. Lots of drama. Stay tuned!

Thanks everyone for your input on this topic so far! @Travis West what's your opinion of the mold inspection report? I've spoken with a number of remediators about it and they all say there's an alarming amount of Stachybotrys in the air.

Thanks to everyone who has commented so far! @Brie Schmidt  pulled those numbers from the mold inspection report found here: https://drive.google.com/file/d/0BySbvdlebHlhYkVGd...

Here are screen shots of the relevant pages:

I'm worried about the stachybotrys density. The inspector told me that the density in the 1st floor kitchen is of concern. I plan to renovate all floors of this 4-flat. My research tells me that it's critical to remediate mold prior to renovation so that you don't kick up the mold spores and cause them to spread around the property. I would really appreciate BP community input. Thanks, all!

@Brie Schmidt I can't be there. I'm starting my Founder's Institute program on 10/7/14 and will be committed every Tuesday night through 1/27/15. :(

@Arthur Banks I am considering doing a 203K loan for a 4-flat (currently under contract). It would be a full blown one as the renovation costs would be greater than the streamline limit of $35K. I have a call with a loan officer, his 203K specialist, and @Brie Schmidt tomorrow morning to discuss the particulars of the loan and run a bunch of scenarios by them. The rigorous number of references (credit and previous work) didn't occur to me. I will certainly bring that up on the phone.

I like the idea of having an FHA consultant to project manage and help certify proper contractor work. I also like that they release payments in milestones after approval and adhere to the strict budget.

I sense that there are very few contractors who can meet the demands of FHA 203K and, therefore, can get away with charging more in their bids. Do you believe this is the case?

Thanks for sharing your experience. It's a great help.

BP community--I went under contract on a north side Chicago multifamily property (4-flat) this week (thanks @Brie Schmidt  ). Basic inspection (thanks @George Foster ) and mold inspection occurred on Wednesday. There was mold found in several places. Not just in typical moist areas like bathrooms--but in the corners of closets, under sinks, under a staircase and around garden unit windows and some walls. 

The mold inspection results, which include air analysis for airborne mold, won't be ready until 9/30/14.

The inspector wasn't too worried about the garden unit mold because it's common in basements. A dehumidifier is a must there and would prevent future mold from forming (after the current mold is re-mediated). The under-staircase, under-sink, closet corner, was of concern. If remediation is required, I would need to hire a special team to seal off mold areas of the units with plastic and execute the removal. 

I've never had to deal with mold in a building, let alone one I may purchase. I'm looking for guidance from the BP community on mold issues, what I need to know, and what to consider if I decide to move forward with the purchase. I plan to rehab these out of date units and can't risk kicking up mold and spreading it around the property. Does anyone have stories (good or bad) to share about mold issues in properties?

My first thought is to go on Angie's List for remediation providers. However, I want to crowdsource from the Chicago BP community as well. Please recommend mold remediation companies that did a good job for you. 

Another note, this property is sold "as-is." I need to quantify the re-mediation costs so I can request a justifiable credit from the seller. You're insight is greatly appreciated!

@Kelly M. great idea to post your research! Perhaps some BP'ers will leave comments on their experiences with these providers. 

I suggest you take a screen shot of your table and save it as a JPEG file. Then, you can upload that to this post. Look forward to reviewing it. 

@Jean Bolger Thanks for sending that link! These lightweight carports are in line with my thinking. The space in the back of the property fits five cars and would need an L-shape carport. This picture is the closest thing that would work. I'd probably need a custom design. 

@John Weidner thanks. I don't want to put up a traditional garage. I'm interested in some kind of lighter weight cover structure that would shelter all 5 parking spots. Likely a custom job, I know.

@Jon Holdman good tips, thank you. Two units are on leases and the other two are M/M. Market rent is $1600. Unit 1 is M/M at $1100 (I will likely occupy this unit). Unit 2 is M/M at $1200. I want to get Unit 2 to market rent, but, if the tenant decides to leave, I'll be faced with finding a new tenant in the Fall (tough time to get new tenants). By building a canopy, raising the rent on unit 2 may make the pill easier to swallow and get them to lease up through the Spring. That's my thought process.

I may also need to get an architect to draw up plans for a canopy or cover. Not sure.

Would love to get the opinion of any contractors out there.

BP Community--I'm under contract on a 4-flat property here in Chicago (thanks for all your help @Brie Schmidt !) The rents are under market on all units (which I intend to re-mediate ASAP).

Behind this property, there is a concrete parking area with 5 spaces. 

I intend to owner occupy this 4-flat and want to reduce the hassle of brushing snow off my car every day in the winter. 

I am interested in installing a canopy-type structure over the parking spots for two reasons: 1) personal convenience while I owner-occupy; and 2) provide something that will differentiate the units to tenants (covered parking is nearly non-existent in the area). I've done a rent analysis and most units of similar quality offer street parking only. 

I believe it'll be easier to command market rent (or slightly higher) with covered parking.

What are your thoughts on this strategy?

Does anyone have recommendations for Chicago contractors that can help me with something like this? It's got to be able to withstand heavy snowfall and the Chicago elements. 

Any permitting issues I need to be conscious of? 

Thanks, all!