All Forum Posts by: Kyle Weckman

Hi All, 

I am hoping to extend a current steal balcony to an existing flat (brick) detached garage and build out a roof top deck on it! I was hoping someone out there has potentially gone through the process and can provide some tips and tricks. It seems like a black-hole of processes and approvals but maybe I am making it too complicated. 

Here is what I think needs to happen: 

1) Obtain HOA approval and amend by-laws to gain official ownership. Currently its not owned by anyone and cannot be accessed. Nor could it be accessed by any other unit except mine. I don't foresee any push back considering I am the president of the HOA.

2) Obtain official plans / drawings to extend steal balcony

3) Us plans and apply for Chicago Setback approval

4) Build steal extension to roof deck when approved

4)  Obtain official plans / materials and apply for building permit for deck build out. I've heard you can get away without this one :-/

Anything else missing...? 

Thanks! 

Google shows that

Transunion has a really good application / screening service for pretty cheap. 

https://www.mysmartmove.com/

All,

I currently own a unit in a high-rise condo building where I get great cash flow. I recently found a great deal in the same building but it appears the mgmt. team has changed the by-laws. 

Any thoughts on how I might be able to get around this? 

My guess is that they won't even check on this considering the building has been through 4 mgmt companies in 5 years. They don't know if they are coming or going. 

One thought I had was just have my other tenants move into the new unit if they agree,and then rent out my old. 

I am sure there is a sneaky way to get around this, but it could also get ugly if I get busted. I am 50/50 on if its worth the risk. 

Thanks again, 

Kyle  

Any updates on the gear!? @Brandon Turner Would love to represent BP in Chicago. 

Hi, 

I am looking at two short sales that both have "Bank approved" prices. I was wondering, does anyone have experience offering less and getting it approved? Or do banks hold firm at that approved number? I have no problem throwing out a low ball offer and it being rejected but I wanted to see if anyone else any luck with this scenario.  I am also guessing it depends on the bank... 

Thanks! 

Hi! @John Warren

Saying I am getting killed by the MLS might have been a bit dramatic. I also understand that how many deals you get depends on how many you analyze. So admittedly I could always analyze more.

Right now I just use my agents MLS feed, Trulia and other online sites to search for deals. I search every day to see what is out there, run the quick numbers, ask to go look at it and by the time I get to that, the properties already have a verbal offer or cash offer, etc.

I understand I can put in a verbal offer without seeing it, but at this point I still doing it a bit less aggressively. Maybe that is where I am going wrong…

I always hear about wholesalers on the BP podcast so I thought I’d see if anyone in Chicago has experience with any in the area. Maybe they will throw me some scraps after the preferred clients!

Like you said, Chicago it HOT, HOT, HOT! Rental returns area high, inventory is low and there are a lot of big fish in this sea.

@Maria C Quimpo

I am passive investor with 4 properties now looking for anything from a studio to 4 unit multifamily for buy and hold. 

Hi!

I was wondering if anyone has had any experience with Wholesalers in Chicago or had any recommendations. I am continually getting killed on the MLS!

Appreciate the help! 

Kyle