All Forum Posts by: Jay Miller

 Not confirm on amperage yet but I believe I'm dealing with 100amps currently. Built 1917. Unsure of wiring in totality. Some areas have been updated; other areas are unknown. Possible cloth wiring in unknown areas. 

 Thank you!

Hey BP - I'm under contract on a 3 flat in Logan Square. I'd like to have an electrician through to quote out some work. The rough scope would be to replace the 3 existing electrical panels and to possibly increase service. For those familiar with these costs, what should I be expecting to spend? Any referrals are appreciated.

Plumbing scope is more general - need to fully understand what the building has piping wise to make sure the building is properly equipped to handle in-unit laundry + adding dishwashers in all 3 units. Any referrals are appreciated.

Thanks!

I have someone. Message me.

Hi All - 

I'm currently under contract with a flip I'm doing in Rogers Park. Part of the agreement is installing a wrought iron fence around the property (roughly 257ft linear). As I'm unfamiliar with these costs, can some provide me a general benchmark on a per sf basis of what I should expect when bidding out (material and labor)?? 

Thanks - Jay

Thanks for the input, John! I'll be sure to keep all of this in mind. My biggest focus is being able to retain tenants, because as you mentioned, downtime between tenants will prove to be my biggest expense. As for the counter tops, I received the referral from a friend who had a kitchen done with similar dimensions at this quoted price. The work turned out great and was completed quickly. Appears to be a great find based on everyone's feedback here. The granite they had was priced similarly so I might go that route per your guidance.

Got it - thanks for the insight. Did not account for electric so I'll be sure to plug that in to budget as well.

I'm currently under contract (my first ever purchase) on a 2 unit + garden in Irving Park, hoping to close next week and would like to get the ball rolling on work ASAP to get the vacant units on the market by 10/1 ideally. The two legal units vacated 8/1 and I plan to do some work to both. Units 1 & 2, which are both 2br/1ba, previously rented for $1,450 and $1,300, respectively and I'm hoping with some TLC I can achieve $1,600+ for both - my broker thinks I can reach $1,800 - 1,900 but that seems a bit far fetched in this area, especially since I'll likely be listing them in October.  I'd like to know your thoughts on material/pricing/labor etc...

Unit 1: Needs minor work and has much better existing conditions compared to 2nd unit. Kitchen has granite counter tops and SS appliances already in-place. Cabinets are slightly banged up and would like to sand and repaint them white. The kitchen floor is currently a cheaper laminate tile and would like to swap out with luxury vinyl plank. Remainder of unit is in solid shape and just needs a fresh coat of paint. I'd like to know:

- New paint to entire unit: what colors are currently best suited to appease renters? Assuming any form of white or light grey paint would be safest but would like to confirm this. Also, what can I expect in labor costs for this type of work? Space is roughly 900 sf.

- New kitchen floor: seems like the consensus pick on this are luxury vinyl planks (due to durability and design) and I've seen several mention that Lumber Liquidators offers good selection/pricing. Does anyone here think otherwise in regard to material? Also, what can I expect in labor costs for this? Kitchen is 11' x 11'.

- Repaint kitchen cabinets. I'm considering doing this myself, however, cabinets seem to be a tricky subject. I have minimal experience with house work (minor paint and have installed LVT before but that's it...and it took forever) and would imagine it might just be worth it for a professional to take care of this quickly and correctly the first time. Thoughts?

Unit 2: Unit two will take up the bulk of my budget. The entire kitchen will be ripped out aside from potentially keeping the SS fridge, depending on whether or not I can find a solid appliance package. The kitchen measures 11' x 11', but there is a radiator along one wall which takes roughly 1' off, so let's assume 11' x 10'. I'd like to know:

- New paint: Same as above

- Kitchen Floor: Same as above

- Cabinets: What should my estimated costs be for material and labor? For white shaker, soft-close cabinets, I've been quoted anywhere from $2,300 - $3,300 for more or less the same products. Does this sound right? Want to make sure I'm not getting hosed since I'm new to this. Also, what costs can I expect to incur for cabinet install? I'm currently budgeting $1,500 for that alone (including the demo of existing kitchen).

- Counter tops: I have been quoted, in total, for design, material and install, just under $1,600 for white quartz counter tops which seems like a fair price to me. Thoughts? Also, any pros and cons when comparing granite to quartz? I hear quartz may be a bit more heat sensitive but granite can lose its seal quickly if not cleaned properly. What is recommended for a rental?

- Appliance: My first thought was to go to Craiglists and find a used appliance package, but I don't want to run the risk of buying faulty appliances that my tenant's will be calling be about after 2 days of living in the space. I'd much rather play it safe and fork up a little more to ensure my tenants are happy. Where are some places you recommend I look for reliable, SS appliances? Abt has some packages for ~$2.4k but I'd like to be under $2k for oven, fridge, dishwasher and microwave. Does that sound feasible?

Labor: This pertains to both units and is by far my biggest concern. I've reached out to my immediate network and all workers I know, or that my friends know, are currently swamped. Do you have anyone in your network that could take care of the mentioned at a reasonable price and complete it quickly?

Etc.. : As a first time investor, I'm sure there are things that I have left out here that I have not even considered. Do you have any "words of wisdom" or things I should also consider during the rehab process or simply the first couple weeks/months of becoming a landlord?

Thank you for reading this exhausting post - any feedback is appreciated!

Hi All,

I am looking to make my first real estate purchase - a two flat with a non-conforming attic - which I anticipate to be financed by a 203k FHA loan. Ideally, I will re-zone the non-conforming unit so I can live up there and rent out the bottom two units. Having this as my first real estate purchase, I want to make sure I have a contractor that has experience in dealing with FHA appraisers and the general FHA process overall. What is the best way to find contractors who are well-versed in this and how can you vet them to ensure they do in fact have the relevant experience?

Any input is appreciated - thanks!