All Forum Posts by: Ivan Tello

Hey Drew, get yourself an engineer to provide you with a report on the current conditions and the repairs needed. Best to invest on this due diligence now than when you own the property and the budget sky rockets if you need to underpin the entire foundation. 

In terms of the permitting process, an architect that can self certified drawings would reduce the wait time to receive the permit. 

Mario, I would use a number between $200 and $250 a sq ft for the replacement cost based on standard finishes. You of course need to consider the existing finishes and any specific design detail that would push the replacement cost above these numbers. These are just starting points and I would contact your general contractor to assist you with getting true replacement value. 

As @Lawrence P. Schnapf stated, if it's already painted and lead is suspected or tested, then there is a specific process to follow. In terms of the cleaning process, there are products out in the market for cleaning masonry without the harsh chemicals. This in theory keeps you from pulling a permit to perform this work and ultimately get the brick painted (no permit required to paint). That being said, you will require a canopy with a permit if you are working above a public way. Your canopy/scaffolding vendor can get you the permit as well. 

In terms of investor-friendly lender, I would try Renovo Financial based here in Chicago. I had used them in one deal and the process was very smooth. 

Good read, thanks for sharing. One question, the FHA loan can be "re-used" as long as you refinance to a conventional loan?