Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Jennie Berger

Jennie Berger has started 15 posts and replied 238 times.

Post: Failed Attempts to Sell Land for 3 Years

Jennie BergerPosted
  • Developer
  • Chicago IL
  • Posts 247
  • Votes 171

@Bob S. out of curiosity, would you be willing to share the location of the land you're trying to sell? I may know some people who would be interested.

Post: Where do you start

Jennie BergerPosted
  • Developer
  • Chicago IL
  • Posts 247
  • Votes 171
Quote from @Jenniffer Nosenko:

I am a young female looking to invest in multi units in the Chicago land. I was wondering if anyone had any contact info to some good realestate agents, CPA's, leaders, LLC cites, contractors, property mangers, or any other resources that would be helpful in setting up a team for my realestate business. I would also love any advice on anything to do with the home buying/investing process. I will gladly take any suggestions like meet ups, learning websites, books, podcasts, or even meet with other people who started real-estate investing to talk while I buy them coffee or dinner.

My question for you is, how did you get started in the real-estate buisness?


Hey Jennifer! 

Welcome to the club. :) I'm always excited to see more ladies getting involved in real estate investing. There are many many places to start-- and I'm sure you'll get a thousand recommendations from various people. One of my top recommendations is to attend a local real estate meetup event so you can connect in real life with various people who share your ambitions. I am not allowed to recommend specific groups on BP, but if you DM me, I will share some of my favorites. We have a ladies specific REI group that meets once per month that may be a good place to start.

Happy to help be a resource as you move along your journey.

Jennie

Post: First time hiring a CPA in Chicago Recommendedations

Jennie BergerPosted
  • Developer
  • Chicago IL
  • Posts 247
  • Votes 171

I have been working with my CPA for about 3 years now. I'd love to make an introduction for you. It's worth speaking with him to see if you're a good fit for one another. Please feel free to DM me for contact info. BP won't allow recommendations here in the threads. :)

Post: Re Zoning Property from RS-3 to RT3.5 or RT 4

Jennie BergerPosted
  • Developer
  • Chicago IL
  • Posts 247
  • Votes 171
Quote from @Samuel Pavlovcik:

@Nicolas Tow Your Architect is correct that it sounds like the only option for you would be to obtain a Zoning Map Amendment to change to RT3.5 or higher.

@Jennie Berger The RS-3 Zone allows for Single-Family residences & 2-Flats as "Permitted Uses"; however, the RS-3 Zone still requires 2,500 sq.ft. of lot area per unit (i.e. 5,000 sq.ft. for a 2-flat) unless the lot meets the exception for the characteristic of the block as previously mentioned by Nicolas; then it can be reduced to 1,500 sq.ft. per unit in order to construct a 2-flat. More complex than it needs to be, I know, but what else is new when dealing with the City of Chicago...

Nicolas, it looks like there is some "spot zoning" within the proximity and the first thing I would recommend would be reaching out to your Alderman. This looks to be in the 27th Ward which is Alderman Walter Burnett Jr. I would also recommend reaching out to a Zoning Attorney and checking to see if they may have any additional insight as to the feasibility of obtaining a Map Amendment in this area. Feel free to reach out for some contacts/recommendations.

Samuel to the rescue! :)

Post: Re Zoning Property from RS-3 to RT3.5 or RT 4

Jennie BergerPosted
  • Developer
  • Chicago IL
  • Posts 247
  • Votes 171

Maybe that area has a certain special restriction of which your architect is aware that I am not privvy to. Typically, RS3 permits SFHs and two-flats, by right. See here: https://secondcityzoning.org/zone/rs-3/ 

Post: Re Zoning Property from RS-3 to RT3.5 or RT 4

Jennie BergerPosted
  • Developer
  • Chicago IL
  • Posts 247
  • Votes 171

Hey Nicolas: Here's where I recommend you start. 

1. Connect with a local architect who specializes in new construction duplexes and get their feedback on the highest and best use of the land, as is. Since your lot is already zoned RS3, you can (by right) build a new SFH or 2-flat. You most likely won't need to rezone, or get a variance of any sort, unless your lot is shaped strangely. (eg, if your lot is not the standard 25 x 125, but some other multiple where the width is actually skinnier than 25, and the lenghth is longer than 125, and you want to reduce side setback requirements, eg.) 

Additional Resources to check, 'FYIs', in case you want to learn more about rezoning in the future)

-Look up your address on the city's zoning map here to see how properties in your immediate vicinity are zoned. If you see at least a few zoned in the designations you mentioned above, that's potentially a good sign that you can get support from the local Alderman's office, and approval by the ZBA (zoning board of appeals), to rezone.

-Reach out to your Alderman's office. Speak with the director of development (they're not always titled that way, so just ask for whoever deals with area developments, new construction, rezoning, etc.) to ask if they'd be supportive of your plan. Your plan can be something rough like: I own a piece of vacant land at (address), and I'm looking to rezone it from (current designation) to (new designation) in order to build a new construction duplex which will consist of  2 condos for sale, or 2 aparment rentals, eg. Is that something the Alderman would be supportive of? *Again, this doesn't seem necessary on your current lot because you are allowed to build a 2-flat, by right, on RS3 land of that size.

-If it's determined that your Alderman would be supportive of your 'plan', and you've already connected with a local architect, you'll then want to reach out to a zoning attorney. Your architect can recommend someone they like or find your own. 

*Note you do not need a zoning attorney, but I highly recommend you work with one. 

*Also note that Aldermanic support is not required for a zoning change approval by ZBA. But I strongly urge anyone to always get Aldermanic support before proceeding because it makes life--and the entire project / process--a whole lot easier. :)

IN SUM: Based on what you've shared, it sounds like you won't need to rezone if you just want to build a duplex. Check with an architect first to be sure you can fit your vision into the existing lot, as it's zoned currently. If not, then the path of least resistance is to simply adjust your vision so it fits better into the lot, as-is. :) A zoning change can take up to 6 months, approval isn't guaranteed (despite Aldermanic support), and potentially cost a lot of money (architectural site / floor plans & dimensioned elevations, zoning attorney, holding costs, etc.) 

Hope this helps. We're here if you have any other questions or would like to consider working with a design-build GC on your project. We specialize in new construction SFHs and small multi unit buildings in Chicago. Good luck! 

Jennie Berger

Post: How do we feel about studios?

Jennie BergerPosted
  • Developer
  • Chicago IL
  • Posts 247
  • Votes 171

I would echo what @Joe Freeman & @John Warren wrote about shorter term / mid term tenants. Studios are IDEAL for individual travelers coming to the city for a 32+ day stay. 

I would say the bulk of these travelers are traveling medical professionals, international & U.S. based students on internship / rotations / abroad programs, business travelers (esp international travelers), and traveling theatre troupe individuals (think about the actors who come to Chicago for Broadway tour shows by themselves).  Rental income can be anywhere from 50%-150% more than what you'd earn as an LTR, depending on your design, location, whether or not you have an in-unit washer/dryer (uncommon in older highrises), proximity to the El train, and complimentary (or easily available in-building) parking along with being pet friendly.

This said, the biggest hurdle with highrises in addition to HOAs (which can go up and/or CHANGE at ANY time) is the rental restrictions. Make sure you understand them clearly and know what you're getting into. Have a plan A & B. If plan A is a mid-term furnished rental-- and for some reason the HOA changes their restrictions-- then you'll want to make sure the numbers work as an LTR. Prior to purchase, of course.

If you go the MTR route, your design should kick a$$.

Good luck! :)

Jennie

Post: 1031 Into New Market Cash Flow Properties

Jennie BergerPosted
  • Developer
  • Chicago IL
  • Posts 247
  • Votes 171
Quote from @Dave Foster:

@Scott Hanson, You've got the outline of some excellent analysis started.  This is the time in the cycle when a lot of our clients shift from chasing appreciation and start the defensive movement to cash flow.  In particular Net cash flow which takes in those x factors of governance, taxation (both current and future) and local vendor factors.  There is a book called "The Clipper Ship Strategy" by Richard Marbury that can be a guide to navigate government investment in local economies pre and mid downturn.  Don't be put off by the seeming simplicity of the book.  It's full of very sophisticated gems.  This will give you some insight in looking at cones of government investment that can create safe harbors.  Just cause a recession happens doesn't mean the govt stops spending money :)

The midwest has always been a safe haven for cash flow - moderate governance, moderate taxation, stability inflow and ex flow etc.  And don't forget to look to states with large electorates and importance in the upcoming elections.  Every incumbent seeking re-election will be scrambling to keep these states happy and stable.

Great analysis by you!!

 EXCEPT Chicago LOLOL. Nothing moderate about the taxation and governance here. But still, it's a WONDERFUL city and I cannot help but love it! :)

Post: Downtown Chicago Midterm Rentals

Jennie BergerPosted
  • Developer
  • Chicago IL
  • Posts 247
  • Votes 171

@Pete B. It is my firm belief that there is a market for every type of layout in the mid term space, especially when you're located in a major city like Chicago. Mid term renters come for ALL types of reasons. Many are travel medical professionals, sure, traveling alone. But many travel med profs travel as a couple, with their families, with a pet(s), and they want or need extra space to spread out. Many mid term travelers are families relocating to the area, displaced families (homes have had water or fire damage, or are undergoing extensive renovations, eg), international business travelers, families from out of state visiting their family here for a few months...all types. Having a parking spot is a fantastic bonus, and being pet friendly will open up your space to many more renters too.

Post: ADT Home Security

Jennie BergerPosted
  • Developer
  • Chicago IL
  • Posts 247
  • Votes 171

@Brandon Victor I'm not sure where to start, nor do I honestly wish to relive the nightmare of those 2.5 weeks. Suffice to say that speaking with someone who didn't push me off to the next person--and who spoke English cohesively and fluently--was impossible. Ultimately, I had to dispute charges with my credit card company because I couldn't even get ADT to acknowledge that they messed up and to refund my money for services I never received. Shameful company. I know ADT used to be great. Growing too big can sometimes be the demise of what was once a wonderful company. I believe this might be the case here.