All Forum Posts by: Grant Viola

Hey Frank, 

Thank you for your reply! Do you mean submit for permits on the day of closing? Or submit permits after the inspection. 

Should I find a contractor before or after I submit the permits. And yes, I can imagine if I was in a pinch and needed to sell but didn't have permits, that would not be a fun time. 

Thank you for your help! Any info/advice is very welcomed here. 

The original bedroom is 10.8X 7.5!

Hey Chicago Investors,

So good news, I have closed on my first property here in Chicago. I couldn't have done this without the bigger pockets community, and supplemental materials provided to me by this site and its members. So thank you!
I have my inspection on Tuesday, and official closing day in November if all goes well. This is a spacious 1 bed 1 bath, and I am looking to turn this into a 2 bed 1 bath. The dining room is very large, so I am planning to add a bedroom and create the remaining space as a hallway for both bedrooms. I will live in one room, and rent out the other. 

If any of you know the legality around this, HOA regulations, any helpful documents, advice, pricing estimates, or contractors you recommend for a job like this, I would love any advice I can get. Since there are no windows in this room, I will be making sure there is a gap from the ceiling to wall. Should I make this a "legal" 2nd bedroom. Or just get it built and call it a den. What is the best route for this project?

Thank you in advance! 

More Info--

3 story building
Part of HOA
Dining room is 11x15.2
Hallway will be 3 feet
Cook County (Near Wrigley)
I am willing to help contractors in any way to reduce price. 

JB Pritzker just signed a bill limiting 2 properties for every wholesaler here in IL. 

At ILGA.gov you can read the letter of the new law in SB1872 - as amended - Section 1-10 (5)

"(5) Whether for another or themselves, engages in a pattern of business of buying, selling, offering to buy or sell, marketing for sale, exchanging, or otherwise dealing in contracts, including assignable contracts for the purchase or sale of, or options on real estate or improvements thereon. For purposes of this definition, an individual or entity will be found to have engaged in a pattern of business if the individual or entity by itself or with any combination of other individuals or entities,

whether as partners or common owners in another entity, has

engaged in one or more of these practices on 2 or more occasions in any 12-month period."

Thank you guys so much for all of this great advice! So very much appreciated. 

Hey Chicago Investors, 

I am a new investor in Chicago, looking to buy a multi-family investment. I plan to live in one unit, and rent out the other. 

As I am only 23, my price point is pretty low. I have found some great units under $500k (great for multi-family in Bucktown). With this unit, I feel like it was a diamond in the rough. 

Only issue is they were built in the late 1800’s and most of the floors seem to be uneven. I have looked at over 5 properties in this price point in my favorite West Side locations. My question is, how big of a deal are uneven floors. Most rooms dip in certain areas, as well as angle up a bit before the doorways. I know that I will be able to do some cosmetic changes, paint, drywall, finish the basement, etc. in order to increase overall value of the property (also increasing rent).  Will these uneven floors affect my ability to sell down the road? Are there any newly invented, affordable ways to even out these floors without adding carpet? 

I just simply cannot afford to buy a place to gut, and rebuilt foundation. 

Any advice around this is greatly appreciated! 

Thank you all for the great feedback! I think my main goal right now is to just get my investment started. The areas I would love to live in are definitely too high of pricing by now. Lakeview, Lincoln Park, etc. I am thinking now around Logan Square, Palmer Square, Avondale, Humbolt, etc. 

Have any of you made investments in towns JUST outside of the main areas like these? Do you see Lincoln Yards affecting rent/gentrification of western areas as well? 

Hey Bigger Pockets Members. My name is Grant, and I am 22 living in the city of Chicago. I am originally from the suburbs, and have been around Chicago for my entire life. My dream investment would be to purchase at least 2 units, live in one, and rent out the other. I am very anxious to begin my real estate investment, and have been on the search for a deal that makes sense for the last year. This would be much easier if I had any sort of desire to live in the suburbs, as city prices are extremely high.

Any advice on people that know the market well? Any hypothesis on the next area to blow up? Has anybody made a similar investment?

Any advice here would be greatly appreciated!