All Forum Posts by: Frank S.

 All electrical appliances are prone to create a fire. In this case, you are mixing storage with an electrical appliance. Is this a 4kw dual element unit? What happens if there is a spark in a tight closet?  A fire. It's likely a code- compliant installation, however.  

The tenants won't care if there is a heater in a closet. Some will not even know what that cylinder is.  Some units in Chicago have them in the kitchen, like Shameless TV show. 

The vent on the wall is simply to get some of the heat (and smoke) out; it's not required but that closet may get hot and damaged clothes (or not...).   Add a smoke detector in that closet or immediately in front.

I'm glad you have a drain.  If the heater fails or the T&P valve goes off, you will be glad you had a drain. Relocating the heater will require to relocate the drain,  that's extra money. 

Good luck,

Frank

Leave it alone.  Although electrical,  it's a fire hazard and you are missing a floor drain anyway.  If older than 5 years,  replace it.

Create a removable durock or fire proof enclosure within the closet,  ad a vent grill.

Find better information.  Robert Kiyosaki is a fairytale.

The image posted indicates daily requests.  Come on, give him time to catch up, daily nags are annoying. 

He is a great guy and knows the area very well.  I bought a property though him and he was amazing.  This is not how he handles business. 

I think there is more to this than what is being shared.

Is half the rent his commission,  for instance? 

Is this a may lease? 

Heck,  go to Villareal on 26th, and you will be "surprised" of the results. 

Frank

Buy the expandable ones at HD. One size fits all. They sell the parts to build fitted ones,  too.

Only listen to the Chicago responses on this one because we have a large number of non-conforming units. That number may be close to 20%.

At 3k income and 3k expenses it's not a good deal. The none conforming unit sort of saves it. Did you account for all expenses? Repairs, CapEx, future management, maintenance, water, etc.

Is it ready to be rented? Kitchen,  gas, appliances, etc.

More risk more proffit.

Don't write a lease for the unit. Make sure you have smoke and CO detectors.  Provide fire extinguishers. Non smoking.  Look for the best tenant, nurse working overnight,  single person, etc. Children are noisy, but you can't discriminate. No pets.  Take over utilities,  if shared. 

Better option,  turn it to a duplex.

Good luck

Insect screens are a code requirement in Chicago.  You can buy the frames, connectors, mesh, mesh fitting tool, and build them in 30 minutes each.

Any window guy or handyman should be able to build them.

Frank 

Thanks,  I reached out to them. 

Frank

Hi there,

While doing tuck-pointing, the contractors found a corroded sheet metal. This is the building facade and I would like to get it redone. 

Can you recommend someone in Chicago north side?

Thanks, 

Frank

Go with a medium lender, maybe.  Big banks may give you more trouble. 

I was very happy with Blueleaf lending,  Mike Coyne. Ask for Crystal, great attorney. It was a much better experience than my previous Citi mortgages. 

Good luck