All Forum Posts by: Jason Albasha

For 10k? Probably not possible. You're looking minimum $30k+ for a bathroom, kitchen and new hardwood flooring. This is a stab in the dark as I have no idea what "a kitchen be put in place" means. 

Also, pay attention to how things are metered. Are there 2 gas meters? 3 electric meters? (Common areas will need their own electric for when you move out).

Much more loaded question than you think as these can be easy or, because of one little thing, be much more than expected. 

What kind of heating does the building currently have? If it's central then there's already venting so usually you need to add electrical and condenser units. Some places already have electrical setups. Depending on age you may have to do more updating to the electrical than expected. If it's radiator heat then you need to run venting which would be a lot more. 

Regarding adding laundry, do you have room to add it? You have to do this properly (i.e. proper drainage, tiling floor, etc.) as water can wreck havoc on your property. Some buildings can run it in a closet and have the same floor plan so the plumber goes straight up/down. Some have different layouts so you can add it to floor 1 yet not 2 and 3 or floors 2/3 are good yet floor one has a different layout (of course anything can be done for a price, yet stating in reasonable terms). 

Digging down is expensive and hard to estimate. You're looking between $35-50k, especially if you need to run drain lines (which you'll likely want to do). How high are the ceilings currently?

I see this comically spiraling into each neighbor adding a few inches to their sidewalk, making it higher than the other's, until you look back and realize you've both built walls 😂

@Charlie Van Norman

I graduated from and lived by IIT. I did this yet lived in one of the bedrooms. I essentially "rent-hacked" my first place. It is doable, and you could potentially charge more than if you were to rent it as a whole unit, yet you have to consider the damage that could be done to the units. 

In this scenario, none of the tenants are the "true owners" so let's say something happens, you're going to get a lot of finger pointing and no one is going to step up and take ownership. 

Listen to podcast #220:

https://www.biggerpockets.com/blog/bp-podcast-220student-rentalsmultifamilysilent-cash-flow-killer-jesse-fragale/

@Helen Fremichael

This is common, advertising as a 3 unit when it's a 2 unit + in-law. You have to be careful since the non-conforming unit's income is not lendable (as in you cannot claim it as income for future lend-ability). 

It may also be an issue to close depending on what type of financing you are shooting for. 

Regarding the zoning change, don't expect it to happen overnight. There are certain criteria like 2 exits, ceiling height, etc. that must be fulfilled prior to even being considered. They are currently changing the ceiling height, bringing it down to 7 feet, so there is some progress.

Hi John, 

What are your questions? 

Hi Nicole, 

Hope all is well. 

I do not use Facebook so I'm not sure of any updates on there; has there been a location determined for this event? 

Thanks in advance, 
Jason