All Forum Posts by: Maria Bocanegra

@Nathan G.

I am in chicago and here the reality is that unpaid rents have soared and that is primarily for folks who are low-moderate income and/or already rent burdened. Those are the folks not paying and therefore raising that percentage. At least here. I am guessing here but I think that fact is at least in part attributable to lost income from lost work or lost work due to inability to find adequate childcare and therefore these families need to stay home, lost income from illness related to COVID. There are probably myriad of other reasons.

hi all can anyone recommend a specific 203k contractor? Project located in Chicago, Illinois. I am aware of the 203k website but I thought I would hear from you all too!

Thanks!

I am looking for information and recommendations for using a professional to do staged photos and virtual tours. i am currently rehabbing a 3-flat and its not finished. i would like someone to come in, take measurements, and do renderings or staged/computerized photos for marketing my units.

I am not sure what type of individual i am looking for! 

A photographer? Graphic designer? Something else?

TIA - i have never used one so I am not clear who to look for and where to look!

All  - i am rehabbing a 3-flat and would like to find out what stores are 'open' for shopping for materials like tile, flooring, etc. I do not want to shop places like Home Depot - I have had enough terrible experiences with them! They are an option of last resort. I am finding some places you can only shop their showrooms "online" but I need to get in there and see, feel and shop the actual inventory! 

With the pandemic and now the protests, I am finding it hard to find open showrooms.

Where are you guys finding open showrooms?

Are any of you traveling out of state, where the retail is more fully opened compared to Illinois' phase 3?

timely post. i am aware of this and my sources tell me this WILL pass at the June city hall meeting. i think the ADU ordinance presents a lot of opportunities for current owners and future owners. as will all transactions, careful consideration needs to be made for things like water/sewer upgrades but otherwise, as long as you keep that in mind, i see no reason to analyze current inventory as including an additional, future and now legal unit. My only gripe is the current language, as written, would require special permit for RS2 whereas RS3 is as a matter of right. Call your Aldermen! there are plenty of areas that are RS2 that could benefit by removing the hassle of having to go in for a special permit. keep in mind current existing units get grandfathered in so this issue would not apply.

Can you do a cash out refi out of your conventional loan from your investment property using a hard money lender? How does that work, generally?  What are your thoughts?  Has anyone ever done this?  If so, did you go back and refi into a conventional, sell the property or something else?

My first instinct is that this could be costly compared to a conventional cash out refi but I am also trying to explore all options here . . .  I would like to pull as much cash out as possible in order to purchase a multi-unit . . . 

TIA!

@Brandon Sturgill - Thanks this is helpful and sort of what i was thinking... I will DM you for those referrals. Not to complicate (potentially) matters worse but.... one of my potential offers to buyer was that I remain on property as their rental (she seeks ‘investment’ property) where i pay them monthly rent consistent with the terms (i think) of the purchase agreement. Here is my rationale - its a “win” for me b/c I free up cash w/o spending on closing, etc.; i don’t have to move (its close to where i need to be) and its a “win” for them b/c they get an investment property w/o traditional bank costs and they get a renter straight away. Any additional thoughts or comments welcome.

All,

I am hoping to get some feedback here w/ potential seller financing (I am the seller). I am a lawyer by trade and am generally not too good w/ understanding tax numbers, etc. I will try to keep it simple - any feedback or thoughts are much appreciated.

- Original purchase price $170k w/ 1031 money

- Assume I have lived in property last 2 of 5 years now

- Assume no depreciation taken (i am not certain of this i would have to check past tax returns but assume this for now)

- Current market value: $170k (unfortunately this property has not seen any gain)

- Buyer proposes the following terms:

- Purchase price: $170k (market)

- Interest Rate: TBD (any thoughts?)

- Monthly P&I: TBD (not sure on this either)

- 5 year “balloon” buyer to refi to traditional mortgage

My (seller) motives for selling: no longer want to own, want to free up cash and avoid traditional closing costs.

My questions center around (if this makes sense)

- Do i face any tax on the down payment in the assumed scenario above?

- Do i face tax on the monthly interest?

- Do i face tax on the principal payment?

- Do i do an “installment” plan versus something else?

- Have i successfully avoided any potential 1031 issues?

- Is there ideas to structure the deal to avoid as much tax as possible on any portions of this scenario?

I really appreciate all of you and welcome any feedback. BTW - also seeking lawyer referrals familiar with drafting these types of purchase agreements/contracts. Property is located in Chicago, IL.

Maria.

All,

I am hoping to get some feedback here w/ potential seller financing (I am the seller). I am a lawyer by trade and am generally not too good w/ understanding tax numbers, etc. I will try to keep it simple - any feedback or thoughts are much appreciated. 

- Original purchase price $170k w/ 1031 money

- Assume I have lived in property last 2 of 5 years now

- Assume no depreciation taken (i am not certain of this i would have to check past tax returns but assume this for now)

- Current market value: $170k (unfortunately this property has not seen any gain)

- Buyer proposes the following terms: 

            - Purchase price: $170k (market)

            - Interest Rate: TBD (any thoughts?)

             - Monthly P&I: TBD (not sure on this either)

             - 5 year “balloon” buyer to refi to traditional mortgage

My (seller) motives for selling: no longer want to own, want to free up cash and avoid traditional closing costs. 

My questions center around (if this makes sense)

- Do i face any tax on the down payment in the assumed scenario above?

- Do i face tax on the monthly interest?

- Do i face tax on the principal payment?

- Do i do an “installment” plan versus something else?

- Have i successfully avoided any potential 1031 issues?                   

- Is there ideas to structure the deal to avoid as much tax as possible on any portions of this scenario?

I really appreciate all of you and welcome any feedback. BTW - also seeking lawyer referrals familiar with drafting these types of purchase agreements/contracts. Property is located in Chicago, IL.

Maria.        

HOA Board seeks reliable reputable monthly cleaning/maintenance company to clean common entry areas for 24-unit building.

Recommendations appreciated!