All Forum Posts by: George Bailey

@Jennifer Hyman thanks for the reply Jennifer! I’m all set at the moment but me be in touch in the future! Thanks again!

@David Schroeder thanks for your reply David! I have someone on the job now but will keep you in mind for the future. Thanks!

Ha ha! I did not know that! They seemed interchangeable but we are on a national platform.

Hi everyone,

Sorry for the additional post on a GC search but I am in need of a GC/Handy Man to do some work at a newly acquired triplex in the Wicker Park/Humboldt Park area. If you know anyone, I am all ears! I am looking for someone available in March.

Thanks all! 

@John Warren Hi John, I an in the process of updating a few of the kitchens in my rentals. Do you mind sharing your cabinet/countertop guy via PM please?! Thank you!

Hi Amir, 

I have a 3 unit on the edge of Wicker Park/Humboldt Park area. Our basement is completely unfinished but empty. We have had some GCs coming out to have a look and now just waiting for the quotes to come back but first estimates are expensive. For a 1000ft space, looks like its going to cost ~$100k to dig down, adjust plumbing, electrics etc. (that's without finishing, which you don't need to do by the sounds of it) This estimate also includes permits, architect and structural engineer fees. 

I can message you once I get some more detailed quotes back but each job is independent (could be cheaper/more expensive depending on a number of factors e.g. access -can they get machinery down there etc.) 

Another thing to consider is Mayor Emanuel's recent 5 year Housing plan which is looking at legalizing ADUs i.e. in-law basements. Sounds like there could some rental caps or some sort of fair housing rental condition attached to this though! 

Feel free to reach out and let me know if I can help some more!

George    

@Brian N. awesome job man!! You deserve it. Looking forward to seeing what you get up to next. Keep me in the loop and hopefully see you soon!

@Scott Passman Welcome to BP! 

Hi Kris and welcome! Don't forget to factor in the 1.75% upfront charge for the FHA loan, which could be a problem if you are a little tight for cash upfront. I agree with @John Warren, you can still get a low money down conventional loan (in the process of using one myself for my first deal) which will most likely be at a slightly higher rate than an FHA loan but more flexibility when it comes to what you can buy and where. You have to also bear in mind that FHA have loan limits. In cook county its 

for a single, 2 unit, 3 unit and 4 unit complex respectively. You can find all the limits here at https://entp.hud.gov/idapp/html/hicost1.cfm

I can put you in touch with a great local loan broker who can tell you whats available for a low money down conventional if you wish. Either way, good luck and let me know how you get on!