All Forum Posts by: Ibn Abney

@Ian Kibbe nice! All down hill from here! Definitely install backup flaps and valves for all floor drains and the main line. Best way to prevent flooding. Sump pump is ideal as well!!

I found humidity to be an issue in the garden so a humidifier as well!

good luck! 

@Ian Kibbe @Aaron Frances

just sold.. final photo of garden unit addition 

@Tom Shallcross Thanks for the share!

@Alleia James I definitely didn't expect this crisis to turn into what has occurred over the past few weeks. However, we are adjusting and putting together a few series in coming weeks!! Please follow the group for live updates!!

Always feel free to reach out to the group or my self directly with questions regarding the area or trade referrals if ever needed!

Best regards!

@Kevin Lefeuvre

Most important impact is good from China. building materials prices are going to sky rocket if people can’t get to work.

Large apartments may have an issue too, more people to contain.

All in all, media!! Very over hyped!

@Shaoqing Xu I would drop the sale price now while the spring market is starting up. Hopefully, you can get it sold near breakeven or slightly higher. Too much new construction inventory coming on-line soon.

or does your building allow you to rent short-term 1-6 months at a time? Airbnb can have longer rental limits. Some people confuse nightly rentals with "short term rentals". I found these tenants want the unit furnished due to the shorter rental time and usually demands higher rents. You can get $3000/month if furnished.

Side note, what location, what floor, and do you have a lake view? Helps set the value. Are the comps mentioned on higher floors than your unit? What about this unit commands the price?

Good Luck !

@Caleb Dryden electric setup is very important. The lights are HPS and require nearly 1000watts. Needs a dedicated circuit just for the lights.

Besides insuring that is properly installed, just ask for a higher security deposit and accept the higher rents. 

Will be hard for him to find that elsewhere and if the background/credit check is good,you should have yourself a long term tenant. They won’t move out soon.

Also, many tenants do it without the landlord permission so take the upfront request  as a positive.

@Kevin Coleman reach out to 2nd city. They do my masonry.

Second City Construction Co., Inc. 3006 W. Diversey Ave.Chicago, IL 60647 Phone: 773/384-6300Fax: 773/384-4561www.secondcityconstruction.com

Good luck 

@Aaron Frances yep got it done. About to drywall now. Basement was actually  7.6ft so we had to dig. Legal height 8ft.

Had to add public access to electric disconnects as well.made me add two window in the basement too.

Really just need to get an architect who is self certified. After few hundred dollars in permits and drawings, submitted to the city, got  approval to move forward in a week :-). 

Pictures:

hope that helps! Good luck

@Nida Hussaini

In regards to cash flow in Chicago, the South and west sides of the city are the place to be in my opinion.

However, your question is very relative and broad. Depends on several factors including tenant class preference, risk tolerance, comfortability in urban areas, and your preferred return.

Regardless of location, using the Cash on cash return formula is a great way to compare properties. In addition, caprate, breakeven point in dollars/time, debt-coverage ratio, and IRR should sway your decision in choosing to invest in one asset or another.

Educate, Learn the areas, educate some more, network with successful folks in your field, THEN invest!! 

Best of luck!!

Yea ran into this issue with my 3flat. 

City requires public access as well, not through a dwelling unit. Therefore we had to reduce our basement garden unit to accomdate a electric room with public accessibility.

Also, the disconnects and public must be within 5ft from the meters. My architect missed this, so hoping this post will help someone!!

Good luck