All Forum Posts by: Jeff Burdick

@Jeff Burdick we don't have any areas yet, would there be any you could recommend that are decently priced and in the city.  

Hey Everyone,

I’m an aspiring investor in the Chicago area. I recently came across a short sale in East Garfield park. It was a 3 bed 3 bath 1600 sq ft listed at $70K. I haven’t had the walkthrough of the condo just yet but the building was built in 2007 and the description says newer kitchen and hardwood floors with some fixing needed. I’m not familiar with the area and will be running some comps and looking at what the general rents have been. Do any of you know more about this area? If this sounds like a good investment? Is it up and coming? Any thoughts or ideas are appreciated!

Hey All My name is Quinncy 

Very new to bigger pockets, and real estate. But i'm currently a resident of Chicago and me and my wife are interested in house hacking with a owner occupied duplex. With that being said are there any local banks, credit unions and areas you guys can recommend.

Best

Q

Hi,

I'm a newbie investor that's been presented some potential opportunities in Cook County, Washington Heights, Fernwood, Englewood area for rental.  Can anyone help me understand these areas?  

I've also heard that property taxes has been on the rise in exponential percentages, is that true?

Hey guys my name is Devon Kennard I’m in the NFL and have been a real estate investor as well for the last 5 years. I’ve been listening to the Bigger Pockets podcast for over a year now and finally decided to join and connect with you guys! Looking forward to networking and learning from you guys!

@Edward Kuk we are not fans of illegal units. The cost to make legal or remove is always considerable when city catches wind.  If the space is nice find a way to duplex down the first floor so you have a two level first floor unit which carries far less risk and will get you more income for that unit.  Of course you will have to wait until the units are empty.  

With chicago having laws that favor the tenants already you lose even more leverage with tenants when you bring the illegal unit piece into. 

@Bob Floss II thanks Bob. This unit is in old Irving Park so I assume it follows cook county rules? One of the tenants is section 8 but doesn’t live in the illegal unit. 

My biggest concern is if something happens like a fire due to the illegal unit, does insurance just ignore my claim?

Trying to assess the size of risk before we make an offer. Appreciate the help.

@Edward Kuk The first thing I would check is the zoning-that is simple call the municipality. If it is zoned R2 the next step is to see what the codes are for windows in the bedrooms. I think you need them and you need to have exits including those windows. 

I am by no means an expert but I did stay at a Holiday Inn last night! ;<)

Hi everyone,

Hope you all are having an amazing weekend. My wife and I saw a multi unit that we really liked today. Biggest problem is that the basement unit is not legal. 

I did some research and think it’s pretty close to legal. It has an entrance and exit, high ceilings, own heat but there isn’t any ventilation / windows in the bedrooms. I assume I could make this legal but not sure how much it would cost.

That said, trying to assess the risk here. If something does happen, would my insurance pretty much be voided? If a tenant reports this, how large is the fine? Haven’t seen actual numbers here but more on the government making you remove things so it’s unrentable.

Appreciate the help!