All Forum Posts by: Joe H.

I've noticed that the MLS in Chicago has not only totally dried up of good deals, but in some places dried up completely. There is a giant goose egg along Milwaukee from about California Blue Line to Central Park and Milwaukee and four or five blocks out from Milwaukee where there isn't a single SFH or MF listing and hasn't been for months. Anything that comes on the market in that area instantly evaporates.

@Phil Janasac Glad you are taking our advice, you will probably make more money renting it out as is in the short term than you would duplexing it anyhow! Just remember the advice about picking the right tenant for such a space. It's best you find someone you know and can trust. Maybe not your best friend (that also can create problems, mainly in your relationship), but someone who has some sort of incentive not to screw you over. So not your sister, but maybe your cousin who you've always gotten along with or your brother's friend from college who just got his first job out of school.

You can't add the stairs "up to code" without permits and without digging down. It's not a thing, either you do the work right or you do it wrong. There is no third option. If you decide to legally duplex and lower the floor in the future you will just have to rip out the work you did even if you think it is "to code" anyhow. Again, I would keep the illegal apartment before spending what? $5k+ doing work that you will have to throw out in the future. Also, if anything ever happens, like say a fire starts in the basement duplex and travels up the stairwell you illegally built killing everyone inside, then you are not only talking financial liability but criminal liability as well. I would think about this a bit longer. It's one thing to work with existing illegal conditions, it's another entirely to create them yourself.

Lol at the "it's inside so yyou don't need a permit" comment. You can probably get away with it without permits, but legally you need permits. That said, I've done tons of things like that without them, but the question you ask yourself is do you really want it done right so that future buyers will not complain during inspection? If you want to pull permits they are going to make you dig down the basement. There are two criteria you will need to determine how far you have to dig:

1. You need 7' 6" minimum. So you already k is you need to dig six inches.

2. The basement must be at least 50% below grade when you are done so it doesn't count as adding more FAR to the building. 

The total cost of actually doing the digging is going to be about $20-25k, but it's worth it in my opinion. If you can't afford that kind of outlay now I would actually just go ahead and rent it out until you can afford to do it right. You are just as likely to get caught having done the worm illegally as you are renting it out illegally. If you are willing to take one risk, I don't see why you'd be afraid of the other. The difference between both risks is one involves investing money to do something that is not legal while the other just takes advantage of existing conditions. Just find a friend or someone who you trust to rent it out and not screw you and give them a good deal and you will be fine.

This is an off market deal I am offering for an extremely large, stabilized, four unit building in Old Irving Park literally next to a Metra Station and Supermarket. The other side of the street is entirely new construction homes built within the last five years. Very desireable and stable area. 

It is on an enourmous lot that is more than double the size of your typical Chicago 3,125 SF Lot. The large lot dimensions are similarly carried through to the building itself. The four units have all been nicely updated with grannite and stainless steel and new marble tile in the kitchens and bath. This property is a legal four unit with a four unit zoning cert. The taxes are extremely low for a property of this size at only about $4200 a year.

Contact me for more details, I expect this to sell fast given the location so I am not wasting time with the feeding frenzy of the MLS.

I have a large inventory of multi unit properties in Logan Square, the hottest neighborhood in the city. All are in need of repairs, but you won't find buildings like this in the $125k/door or less range anywhere on the NW side.

i remember the first time I got a building violation from the city, it scared the crap out of me. Number one rule: don't panic.

You likely are responsible because the city doesn't care who did the work, only who owns it, however they are actually pretty fair and level headed particularly when dealing with owner occupied properties. 

That said you should bring a lawyer to court when you go, I can give you a recommendation. Best case scenario: the city wants you to address a more minor violation and they call out the addition as a way to get your attention and gain leverage to get the smaller violations fixed. Worst case scenario: you will have to get an architect to submit plans and ensure it is to code. But if it's bad enough that they want you to do that, then it is probably something you should be doing anyhow as the city doesn't just go around looking for violations to stick owners on. 

Oh and one otherthing, just make sure you cooperate with the city employees as best you can. A little bit of honey when dealing with the people who represent our lovely faceless beaucracy goes a looking ways in determining how hard the city is going to pursue these issues.

Perhaps they mean Humboldt Park?