All Forum Posts by: Hope N.

You might be able to find those numbers in Cicero or Little Village. But personally I'd pay a little more, take out a loan, and that will open up other neighborhoods for you.

Looking to get more information about a 1,000 sq ft property I own that's currently a one bedroom. Does anyone have experience building a wall in a high-rise condo to create an extra bedroom, specifically in Chicago? I know NYC has cracked down on building codes, but if there's already a closet, window, ventilation, and a light switch, and I want to build a 3/4 wall in the enormously large living room...is there anything else I should consider? Examples: Is it considered a structural change? Do condo associations usually have a problem changing the floorpan? Would the city have to issue a permit? 

Thank you! I'd love to get better informed.

PS I know some people feel strongly against investing in condo buildings for valid reasons. Personally, I invest in condos that don't have rental caps and where the HOA fees cover most of the maintenance. I like to invest as a supplement to my full time job and have enjoyed renting out condos so far.

Thank you for your responses! The bank included a mold disclosure form in the final contract. If I remediate the problem, will I have to disclose to future tenants? Or future buyers? Im concerned about both liability and home value.

The bank accepted an offer on an REO condo in Chicago, but the inspector found a small patch of mold (probably the size of a fist) on the bathroom ceiling. I know 5-7 years ago the HOA paid to patch the roof because there were some leaks, but I don't know if this is related. The unit has been unoccupied for 2 years and the AC/heat was completely turned off.

I know I can remove the mold easily, but am concerned about future value and legal ramifications should the mold grow back. I'm planning on renting it out, and am wondering if it's worth the risk. What do you think?

You have three options: buy an affordable one bedroom in Lakeview and rent it out when you're done living there, buy a multifamily in another neighborhood and rent out the other units, or buy a 2 bedroom in Avondale, Albany Park, Irving Park, Uptown etc where you'll still be close to the action but have a roommate that will help pay the mortgage.

When I moved to Chicago and was 23, I did the last one. Now I rent that condo out for nice cash flow. It was a great place to start.

I'm in a similar situation. I've found that most of the tenants in those neighborhoods are paying WAY under market rents anyway, so having vacant units is actually not terrible. Granted, buying now would mean you'd have to find tenants in the winter and that's not ideal. But if you have the capital to make renovations during the colder months so it's rent-ready in the spring, you'll be golden. 

I'm in the same boat and have found that in general it's hard to be competitive with FHA. However there are plenty of fixer uppers in Albany Park and Irving Park that would be great candidates for a 203k renovation loan. Since they're not move in ready, it's a nice option if you're willing to put in a bit more effort.

Has anyone had experience with Prairie Shores Management? Or Advantage? I read reviews but take them with a grain of salt. Anyone have personal experiences?

Hi Dustin, my friend has an extra room in Logan Square. Two young professional guys in a 3 bed + office and 2 bath with private rooftop deck. Just street parking though. Not sure what they'd want for rent but PM if interested. He's looking to do some work on the place (replace the deck, install recessed lighting, etc) so maybe you could barter services. 

Ugh what an unprofessional way to do (or not do) business. I've been through 5 real estate agents in Chicago until I finally found one I'm working with now. It's pretty ridiculous how unresponsive they can be. 

One showed up 30 minutes late to a showing and then when we went inside, she looked at one bedroom and walked out because she didn't realize it was listed as a two bedroom. One was super pushy and insisted I "could afford more." Another wouldn't return my texts or emails for a week at a time so it was impossible to schedule showings. The next one said I "didn't need to worry" about the condo bylaws that we still didn't have two weeks before close. Turned out they passed a bunch of rental caps so I had to pull out of the deal. Yikes.