All Forum Posts by: Desalina G.

@Jonathan Klemm about 1400 sq feet.  Let me know if you are interested in discussing further.  Thanks!

@Matthew Swanson north Chicago (lakeview). Thank you!

Hello!

Is anyone willing to share/recommend a demo crew + a floor contractor who can fix my squeeky floors/repair sub floor/place insulation between floors/lay LVP?  

Thank you!

Looking to price out a remodel of a 1300 sq foot 3 bed 1 bath.   replace flooring throughout with engineered hardwood, re-do bath and kitchen.  Below is what I'm putting together in research on materials and after getting some quotes.  

Does this seem right? ~50K for nice but rental quality?  No electrical or plumbing expected. 

Hi All,

Thanks for the feedback.  I did quick calls with a few eviction attorneys and can confirm that it shouldn't take 12 months.  They said worst case 6-9.  The cost of eviction is pretty standard unless the tenant shows up and contests in court.  In this case I assume the tenant would as they have a history of litigation from what I can tell.  I also found out the individual is a hoarder and has items in all 3 units.  That definitely changes the calculus on this...basically we could not move in to any of the units and who knows what the level of damage is.  I think a 100K discount is about right in terms of price, but doesn't account for stress and uncertainty of building condition.  From what I was told we could not touch/move any items in any of the units.  I also don't know if we could really start the eviction process pre-close as it's unclear if the proceedings are transferrable.  

I think we are going to wait on this one.  The multi-family inventory in our preferred area is extremely limited...you really do have to pick your catch -- crazy price, gut reno, or something like this.  Rates are at 6% right now too so I'm going to re-visit in a few weeks and see where the seller is at.

Thanks, all.  Not sure if it matters but the "tenant" is actually a former owner so there isn't a lease.  I appreciate the thoughts and resources.  Because we are owner occupying and looking for a "forever" home we are picky and this one fits the bill...even if not as discounted as we'd like.  Will keep the group updated.

Hi experts...

I'm looking at a 3 unit in Chicago with a tenant that, according to the seller, refuses to leave.  I looked and can see the tenant has a long history in small claims court and at least one other eviction.  Seller is saying he doesn't want to deal and buyer has to take possession with tenant.  I assume cash for keys has already been attempted. 

My question is...what's the worst case here?  We are looking to owner occupy.  Does that change anything about the eviction process?  

I spoke to an attorney who said to assume worst case 12-18 months of no payment while we wait to evict.  Also, any damages to the property would be an issue.  

Anything else to add as we decide whether or not to pursue this property?  What should we consider?

In terms of price...how would you "discount" the market value of the property?  My attorney said lost rent * 18 months * any assumed damages.... we could be talking 50K - 60K plus time and stress.  How much would you discount your offer?  

Thank you!

Hi BP community.  We are a looking at a few 2 unit properties on the north side. I would owner occupy one unit.  Many of these buildings already have tenants.  I'm hoping you can help me answer a few questions that have come up for me -- In particular a property that has one unit vacant and the other with tenants. 

1.  What can I ask for to ensure there are good tenants in the building? I will work with my agent, but given the Covid eviction moratorium I'm a little weary.  

2. I know I need to notify the tenants in writing that I am the new owner.  Anything else you would suggest to ensure a smooth transition?

3. We would want to renovate and then move into the vacant unit. This would include re-doing the roof, replacing windows, some demo/replacement of kitchen/bath but no "major" plumbing/electrical.  What are the risks of doing this while we have tenants in the building? How would you notify them? Would you offer a rent discount?  My contractor said there would be noise during demo and possibly some periods without water while they replaced bathroom fixtures, etc.

4. How do you proactively address any potential issues in the tenant occupied unit?  The current owners have been cited by the city a few times for lack of smoke detectors and some electrical issues (cover of an outlet missing, etc.).  This was 4-5 years ago so I'm not sure if it was current tenants.  Would you do a walk through with the RTLO or another checklist to ensure compliance? 

5.  Should I just offer cash for keys or cash to break their lease?  Wondering if this is the less stressful route.  We could then move into that unit while the other was being rehabbed and have more time to check it out and address any issues, make minor fixes etc. 

Thanks everyone! 

Thanks @Henry Lazerow ...would you just suggest getting referrals for contractors? Why are those on Yelp so much higher?