All Forum Posts by: Esteban Ibarra

Hello!

Looking at a sheriff sale opportunity in Illinois and had a couple questions. 

1. From the sales I have attended, there always seems to be what looks like an attorney bidding on a house and offering more than what an investor would pay. Is this the bank buying back the house?

2. Will order a title search before making an offer, but the house I plan to bid on has a second mortgage from the Illinois Housing Development Authority for $7,500 recorded in 2018 and a subsidy from an affordable housing program of $6,000. Do any of these stay with the property and therefore be my responsibility?

3. Who should I ask for professional help (i.e. attorney, agent, title company) and what should I possibly ask?

Thanks for the help!

Hi @Chaits J. I am in very similar situation right now. What did you end up doing with the MIL suite? Get it rezoned? Rent as is?

Thanks!

@Mark Ainley

Would probably be getting around $400 more by splitting with the highlight being able to live in the smaller MIL & renting the larger space. Break down:

     Unit 1: $900

     Unit 2: $1,600

SFR: $2100

I however understand the dynamics with a city like Aurora and will proceed with Caution. 

Thanks!

I am looking to buy my first house, a single family and convert it to a possible non-conforming duplex. It has a large enough MIL suite with own kitchen, BA, BR, and own entrance but all under one meter. My question would be

1. If city of Aurora would allow this to be done and make it conforming? Across the street are townhomes that in total SF equal the SF of the subject property if not less.(submitted a land use inquiry & waiting for answer)

2. If I decided to purchase and end up separating into a duplex w/o city's approval, will I have to attain Aurora city rental license and/or will it raise any questions if a rental inspector comes inspect?

Thanks for the help.

@Mark Ainley

@Chad Goldenberg

@Chad Goldenberg@Chad Goldenberg@Chad Goldenberg

Hello and hoping to leverage your experience here!

I am looking to buy my first house, a single family and convert it to a possible non-conforming duplex. It has a large enough MIL suite with own kitchen, BA, BR, and own entrance but all under one meter. My question would be 

1. If city of Aurora would allow this to be done and make it conforming? Across the street are townhomes that in total SF equal the SF of the subject property if not less.(submitted a land use inquiry & waiting for answer)

2. If I decided to purchase and end up separating  into a duplex w/o city's approval, will I have to attain Aurora city rental license and/or will it raise any questions if a rental inspector comes inspect?

Thanks for the help. 

Anybody know of any list list providers in the Illinois area other than ListSource? I used to use public-record.com but has been down for awhile. 

Hello!

For those that have run comps, how do you go about estimating the amount of the adjustment for a feature that your property has or doesn't have such as below within your relative market?

• Bedroom = $8,500
• Bathroom = $11,000
• Dining Room = $5,500
• Garage = $6,500
• Many Thanks!
  

Looking for research regarding sale price/sqft, and listing price/sqft in various zip codes within the United States. I believe Trulia had a map that had this information but no longer a functionality. Anyone have useful site/tools to attain this information?

Thanks!

@Peter J. I know this post is a year old, but did you ever find overlay maps functionality? I'm seeing videos where they are using this but having the same problem as you. My guess is that it's no longer available. 

So I did a high-level overview analysis for multifamily and believe the next step would be to verify estimates. What estimates do you guys often find verifying in your analysis and how do you do so? Right now I am thinking about vacancy, insurance, and taxes as major estimates that I will need to verify.