All Forum Posts by: Frank S.

 Brie, 

I am sorry you are going through this. Sorry, I didn't mean to confuse you. Below is more info and translation of the lingo. 

I hope you are getting reputable contractors; handymen could be a huge waste of time troubleshooting. 

Is this a typical Chicago bath arrangement?  If so, it should look very similar to the image below.  The stack ( main vertical pipe)  should be immediately behind the toilet and from there a branch picks up the sink and tub. 

Toilets have a 4 inch waste in Chicago, it could be 3", but certainly not 2". Why are they videotaping a 2", it makes no sense.  The California bend is the fitting that connects the toilet. 

Toilets have an internal trap, it may be full of paper towels. 

They should use an auger to clean your toilet's internal trap, or replace the toilet. 

They should use this machine, the K-400 is called, on your main sewer,  not the smaller ones.

They should use this on your 2" lines.  Don't use the hand ones. 

Here is a drum trap.  Note that is not a p-trap.   Sometimes they are buried or you can see a little round cover on the tile floor. They are hard to clean. 

I design hospital mech systems and know plumbing well.  If questions, pm me. 

Good luck 

Frank

@Maxwell Lee , Alright, point taken and good luck.  Chicago is very segregated, is a mix of everything you can possibly imagine. 

There are a few issues here. When the water closet backs up at the 4" sanitary T, waste goes upstream to your tub. Do you have an old drum trap? If so, that drum trap is full of paper towels, now. Can they remove the cover? It's almost impossible. The line to the tub is a 2" cast iron or galvanized, but a good contractor could rod it through the tub overflow, even with a drum trap.

A professional contractor should rod your tub and lavatory as well. Have them remove the toilet, clean toilet trap, and rod through the California bend down the stack. Then, they should rod your main sewer. There are different heads they can use. Always keep water running.  If your toilet is old, use this chance to get a new one. 

Call Fettes, Lobe and Sieben on Lincoln, they are very expensive but do a good job. The president's name is Scott, say hi to him from me.

 You need to do your own research.

First part

Hypothetically you have a construction loan allowing you to purchase and rehab one property all-in at 120k, what is the best rent/return you can expect in your market for a B neighborhood or C+ neighborhood that's transitioning. You can reduce that all-in number to as low as 80k, I'd just like to find the best % ROI for this price range. 

In Chicago, you will be at CAP 8, maybe CAP 12 with non conforming units at C- ( not C+). Your price for MF is more like $140K at C- for 2 flat 2/1s.

You can't buy anything good at B areas for $120.  B areas MF are $350K and up, cap 4 or cap 6 if you are lucky. Otherwise, no cash flow. 

Second Part

I'll really only be considering Houston, Dallas, Chicago, Atlanta, Jacksonville, Orlando, Tampa, South Florida.

Dude, how many miles are in between those cities?

 It shows you haven't done your research. Keep it up, it's hard work, but do your own due diligence.

Here is a good cabinet guy I found.  I had seem some asking for cabinets. 

http://www.crjcabinet.com/contact.html

Roberto Rodriguez

Call the office and ask for Maria, tell them I refered you.  

His prices are fair and he has a shop in the south of Chicago.

Now, RTACabinetstore.com prices may be better, but he delivers assembled.  Also, RTACabinetstore chargers a high delivery charge.  

What other sites do you use to buy cabinets?

He also does general construction.

If you have another contact or reference, please share below. 

Anyway, good luck. 

Frank

"I'm a novice to this and would like to possible purchase 2 rental properties this year by the summer. "

Don't even think about doing that.  

Do you have what it takes to rehab them? Do you have a team? Do you know about construction costs? How about areas and markets?  What cap rates do you want? You don'tn even know where to buy? That takes a very long time. 

Don't jump into buying a property without doing proper research.  Forget about that rich dad crap, it's a fairy tale.  This is hard work, but it will pay if you study first. 

Read NOLO for tax and landlords. Great book. 

Hi, 

Do any of you have references to similar programs? I have a property coming up in the south of Chicago, 2/1, 750 S.F. and I would like to explore this option. I read that it could be a pain, but that sounds great to me. The harder it is, the better options there are to set up systems.  ( I may regret my words in a few months!!!)

Thanks, 

 I may need some, soon.