All Forum Posts by: Lucas Hammer

@Shivam Vyas, I can't speak to property managers, but those numbers are alright and Irving Park, despite recent news, is a really good neighborhood to be in so I'd expect values to keep rising. I guess my question is, if you are planning to have 20% or more of the down payment within a year, is it that you don't have it now for the initial payment or are you hoping for appreciation to get you to the 80% LTV faster?

@Steve Miglieri I'm assuming the $5,000/month is at the top of the market for both units so you're not expecting to be able to raise it? At $1,000 month in the red not including maintenance and reserves for when something eventually breaks, as much as I hate to say it, I'd probably sell. I don't see the Southport Corridor going down in value, but is it worth 1k/month to wait for appreciation?

If you pay the 100k or so to drop the LTV to 75, have you figured out how much you'd cashflow? If you kept it would you manage it remotely or hire a property manager?

Thanks @Vincent Incopero, I had looked at those but I wasn't sure what years would be eligible or if I'd have to trust the seller to file. I may reach out after viewing the property depending on our thoughts at first glance. Thanks again.

So I've been having trouble finding the answer to this question. If I buy a house that has a Senior Freeze Exemption in Cook County after the new year, can I ask the seller to file for the 2019 tax year since they occupied it the whole year? What about for the next year? Since taxes are paid in arrears I'm not sure the best way to find the answer to this one and what dates are relevant when filing.

@Natalie Kolodij Thanks, so I'm sure I've got it, I can still depreciate the half for the rental, but since it's depreciation, it'll add to my basis if I sell for depreciation recapture?

To be clear, the other unit is rented. My half just isn't in service.

@Ashish Acharya around 14k. Total basis of property is 170ish but I'm living in one unit. This is a common entry so I can only deduct half until I place it in service. I haven't deducted any of the work yet since it's in progress.

So I'm in the process of having a bunch of concrete repaired and some of it replaced. It doesn't add value and is just fixing/replacing cracked spots in an existing retaining wall and some stairs, so I guess I'm trying to prepare and figure out what line these expenses would go on. I've read a ton of guidelines but haven't figured out on this item where it lands.

Thanks everyone for the replies.

@Patricia Steiner, I apologized in advance because I knew it would suck, but I severely underestimated just how loud it was going to be. Good call on leaving rent as-is.

@Mike Cumbie, just looked outside and the steps are almost out, so about 2-3 hours probably. That said, they have to exit through the backyard into the alley while the new ones are being poured/finished too, so a couple days of inconvenience, but the noise was the biggest concern for me sine my whole building was vibrating.

Thanks for the reply @Frank S. Concrete work started right after 8, but Christ, it's loud. I severely underestimated how much noise from the jackhammer would get into the unit.