All Forum Posts by: Suduk N.

The large gas oven is broken at my rental. The replacement cost is very high because it is an old small size wall oven and not many manufacturers make that size anymore. 

Can I provide a countertop oven instead lawfully?

Or Am I legally obligated to have the large oven appliance working?

Hey guys, I applied for a Heloc for a large remodel (extension and 2nd floor add on) (HCOL area, high remodel cost). The Heloc took so long so we started the remodel demo the house. The Bank said they cannot provide the Heloc loan for houses already in the progress of a construction. We can sell stocks to cover the costs but prefer not to and trying to take advantage of the low rate before the Fed increases it. 

What would be other options for us to get a loan? Personal loan and 401k loan are not enough to cover the remodel. How do construction loan and any other loan work for my case? Thank you

I’m in the process applying for a Heloc for my house remodel. The heloc took a long time (months) just to find a banker to talk to so we started the remodel gutting almost everything inside (including the kitchen) but a bathroom and a master bed. We did let the underwriter know 3 weeks in advance before we started the remodel.

now we are told they will do an appraisal based on the current condition of the house and there may be some complication without the kitchen. 

Has anyone been in similar situation before? How would the bank proceed with the heloc app in this case and anything I should do to get the loan finalized? 

Same here, 1 building with 2 vacant units and 1 with 1 vacant garden unit. Your area is better than mine so I'm surprised the demand there is also low. Are people moving out of Chicago or is there any reason why? 

Sounds like my PM is not making thing up. How long have your units been on the market? What's your plan to fill them with the winter coming up?

How long were your unit vacant before you find the tenant? I have 3 units sitting vacant in the Kimball brownline station area and Irving Park blue line station area for 3 months.

My PM said the market is slow atm and many units are unfilled for months around. I'm out of state so don't have a good sense of the market condition other than what my PM told me.

My garden unit has been on the market for 2,3 months with only 2 applications so far. The demand has been tepid during this time according to my PM. I have a single mom with 2 kids applicant whose income is barely 2x rent but can provide a good credit score with good income although they are friends not family. She also has low credit score of 500 and a collection for medical bill. 

How is everyone doing in Chicago market during this time? I normally would reject this type of applicant because they don't meet my criteria but the market has not been so good and winter is coming so I may sit on an empty unit for months. What would you guys do in this case?

Thanks guys, I'm aware of the STR and it depends on the building and areas. It's more for parents to retire so I dont bank on cashflow but more on appreciation in the future (like NorCal market). I'm thinking to rent just to cover enough for HOA.

Has anyone here bought condos in Honolulu, Waikiki, Ala Moana areas to use for vacation and rent out for the rest of the year? How is HI condo investment over time? I'm thinking to buy one for parents to live 3-4 months a year and rent out when they are not there to cover HOA and other maintenance.

I’d love to hear your numbers for yearly cost and appreciation value. Thanks

How are the condos in Waikiki area? I’m also in the Bay Are and looking to see if buying a vacation rental in Waikiki can have cash flow positive or break even with 1 month a year self occupancy. I saw some condo building 1 bed goes for $400-$500k and can be rented for $5k/month on vrbo or captaincook. That is almost $3k cash before expenses per month. Are there more hidden costs am I not seeing? How is the occupancy of those condos in Waikiki pre covid? Thanks