All Forum Posts by: Account Closed

Thanks Gents @Mark Ainley @Tom Shallcross

I need a refresher. In a hypothetical situation, if a Chicago landlord gave 120 days notice on 12/2/22 of non-renewal of a month-to-month tenancy, when is the move out date? (hypothetical 3 year + tenants)

1. 4/3/23

or 

2. 5/1/23

Can't remember if the last day of tenancy it automatically defaults to the first day of the next month, or if it can be in the middle of the month with a pro-rated payment. 

Thanks for all the replies. To give a little more context, this bathroom as well as the bathrooms in units directly above and below have a history of moisture and bad shower valves.  My intent is to go down to the studs and start fresh, removing any rotten wood or subfloor, replacing plumbing as needed and re-water proofing. I'm sure I have bad toilet flanges & wax rings. The existing tile is raised from the adjoining room, so looks like it was a cover up job previously. 

The work doesn't intimidate me, just want to handle the hazards the right way. 

I appreciate it. Will look at the reviews. 

@Nathan Gesner I generally try to use word of mouth referrals in Chicago over google searches. There are all types of businesses here, some that struggle to answer the phone and some that simply get the job done (that all the investors are using regularly). Was hoping for the insider scoop as opposed to starting from scratch. Sometimes real estate players will tell me "not common, never done it" in the case of radon inspections, for example. 

New Chicago house hacker here, moving in and starting with a bathroom gut in my own unit. Doing as much of the work myself as I can. My 3-flat was built in 1905 and "rehabbed" in 2006. Should I get my materials tested for asbestos prior to demo? (tile, cement sheets, tar paper subfloor) Not sure exactly what's hiding beneath. 

If yes, I would appreciate any referrals in my PMs. I understand this question is more suited to a construction audience, but thought I'd give it a swing here first. Any prior experiences with Chicagoland asbestos are appreciated. I know it's found commonly on insulated pipes in the multifamilies. 

Thanks, 
Jack

@John Warren hit the nail on the head. I looked at several properties on the NW side in "value-add" neighborhoods  and they seemed to all need such a high repair amount that killed the potential cash flow. I still think 203k multifamily can be done in Chicago (and I plan to), but you need a building that has solid duct work, plumbing, structural, to work with. Many of these building "bones" are too expensive to redo AND cosmetically dress up the property with a 203k budget that makes sense and will offer returns. I had to actually go through the motions and work with real numbers to accept this. 

@Ja'Ron Stephens my suggestion is to go on the HUD website, pull data on 203k loans, and choose a lender that has done a majority of those loans in your area. You want a lender that has done many of these. You'll have to dig around on the website, but the data is there somewhere. Data shows all lenders approved to write 203k and how many they have done by month.

This is why your clients love working with you (including myself). We appreciate your personal anecdotes and advice. It also gives us confidence to see you doing what we have in mind. 

@Paul WeldenEarlier today before I read your post, I actually pulled the 203k endorsement summary reports myself after digging around on the HUD website. @Tony Angelos I'm looking to do the same as you. After looking at the above mentioned data for Chicago, there were clearly 2 lenders that did many more 203(k) loans than anyone else. My theory from podcast tips is that it's good to use a lender who does a lot of these loans since they're complicated. A few hours ago I got myself pre-approved through one of them. Thanks for sharing and I'm looking forward to following your post as you embark on this journey.