All Forum Posts by: Elsa M.

@Jeff Burdick Thank you!

Does anyone know of a reputable site where I can learn about Chicago landlord-tenant laws?

Thank you!

Great advice, thanks!

I want to convert a basement into a legal bedroom. Does anyone know what the requirements are? Does the ceiling have to be a certain height? 

Thanks!

@Peter M. For my very first property I don't really want to go through the  203k process.    Would you happen to know what are the requirements for turning a room into a legal bedroom? I ask because just in case I cannot turn my basement into a legal unit, maybe I can duplex it with the first floor for added bedrooms. Right now it has 2 escape windows and one entrance.  

@Scott Weaner  The total rent for the two units is $2,400, and the basement where I will be living has the potential to be converted to a legal unit that would rent for $700.  So the total would be $3,100.   The purchase price is $315,000, maybe I can offer $306,000. The property taxes are $5,700.   

@Federico Gutierrez, my other option would be to purchase a condo and pay for the mortgage, which I can do. And I don't have the funds to buy a fixer upper and renovate it, if I did that I know my ROI would be higher. An investor did the math for me on this property and I would only be pocketing maybe $200-300 a month (I would charge for parking and there's coin washer and dryers) So I would be paying little to no rent.

Hi everyone, I need your advice. I'm making an offer on a 2 unit with a finished basement that is ready for me to occupy (house hack) The property is brick, very well maintained, move in ready,  newer heater, water tanks and roof placed 2009. The previous owners had it as a single family and took very good care of the building. Also has newer plumbing.  The purchase price $314,000. each unit has 2 bedrooms, 1 bath.  The basement where I will be staying has a kitchen and bath as well. BTW I'm currently living with a family member.   

Ballpark rents in that area are 1,100-1,300.

My mortgage will be around 2,100.

2nd floor pays for heat electricity and gas

1st floor and basement will share utilities.

The area is decent, not to far from the metra.

I'm not expecting cashflow, but it would be nice to live in a nice basement for free.

Should I purchase this property? It's about 25min to downtown Chicago, safe area, family oriented. When I plug the numbers into the BP rental calc. its negative cashflow and negative ROI, does this mean I should not purchase it? PLEASE HELP! = )

I will, thank you!

Thanks, I was thinking, what about termites in A frame homes.