All Forum Posts by: John D.

If you make a ton of money personally, which I assume you do since you are buying a 950k house, make sure you still have enough personal income coming in after your housing payment to cover rental expenses. I know of plenty of people who make 300k/yr and own many SFH's on short amortizations (15yr) that each cash flow negative 1000-2500/yr. Their reasoning is that since they make good money while they are young, they choose to pay off the loan quicker, so that when they retire they own the homes free and clear and can retire with the now positive rental income. If you are at a 25-30 yr amortization, you are at more of a disadvantage with the negative cash flow, but it's not impossible to manage, just more difficult than the 15 yr (i say more difficult because the person with a 15 yr mortgage can refi and extend out to 30 yr to lower monthly payment in an emergency, but if you're already at 30 yr, it's harder to increase monthly cash flow from refinancing and extending term). if your income today can comfortably cover the current negative cash flow, rental expenses, and your personal expenses, then you might be alright.

Lesson learned. On SFH, 100/mo cash flow is just not enough. Sorry.

I'm looking for material that will stand the test of renters who may or may not care about the property. I'm looking for durability and ease of access for repairs. I would like the materials to look nice but not costly. 

As of now, I'm looking to get a really good toilet and a bathroom exhaust vent that is on a timer. Any other tips are appreciated.

I may have a zoning issue due to the type of residential rear porch I have. What kind of professional does the city of Chicago prefer to deal with for residential zoning issues? Who should I be looking for to be the "head" of the dialogue between myself and the city and to provide the necessary documents that the city will want to see?.... Attorney?... Architect?