All Forum Posts by: Lucas Hammer

@Melvin List Thanks. So if a few years down the line I decided to rent it out, I'd just refi into an investment/conventional without the second-home option?

So I'm considering buying a second home back in my hometown where my family lives. With my dogs and the costs of boarding/renting, it makes financial sense to just own a cheap home in a C or D-class area of another town. It's about 700 miles away and if I was there 2-3 weeks of the year, I'd pay less to own than board and rent. 

What I'm wondering is how the qualifications differ between second-home and investment-property mortgages. It sounds like second-home has lower down payments and better interest rates, but if I realize that I decide in the future I want to AirBNB it or do seasonal rentals while I'm not there, does that immediately disqualify me from having the second-home? It's a house I'd be fine with owning even if it didn't make me a profit so I could see my family more often, but I guess I'm wondering the differences between loan type and what I am and I'm not allowed to do with the property.

@Matthew Olszak Thanks for bringing this to our attention. I'm going to try to make it down there for the meeting, but I don't know if I can get the morning off work yet. 

This has to be the single worst bill I've seen this state attempt (and that's saying something). I'm not sure what the median is for Cook County, but forcing me to raise rent less than either 2% or 5% in a neighborhood like Little Village that has low enough rents as it is would be disastrous. Also, renting to someone over 60% of the median income and not being allowed to raise rent for 3 years while the county keeps upping my taxes would take me out of the rental game in Chicago and force me to look for greener pastures. I'll be opposing it either way, but hopefully can make it down to voice my opposition in person.

I've had a rough time trying to find a gutter repair company that does work in Little Village. Most of the large ones seem to be limited to only the north side and I'm in need of a cleaning/repair and possibly replacement on a 2-flat near Cermak and California. Does anyone have a recommendation for a company that can complete some work in Little Village on my gutters?

@Nathan Yee, that'd be great! My first estimate was pretty high so I'm looking to get some other opinions on it.

@Mark Shelstad Doesn't seem to be. I have a crawlspace though and no basement. I think a lot of the Little Village houses were designed just like this. My first floor is actually a few feet above the lot because of the crawlspace.

@Mark Shelstad Yeah, it will need a new foundation and unfortunately it does have to be elevated. Sorry for the bad picture, but you can see the alley the garage is on is about 6' above the back yard.

@Wes LeBlanc Awesome, thanks! I'll give them a call for an estimate so I can figure out if I want/need to finance it. 

So I have a 2-flat in Little Village and I have a structurally unsound one-car garage that I need torn down and a 2-car put in its place. Anyone have any recommendations for a trustworthy contractor that can complete the work and not charge me to death?

FYI, it's a raised garage (common on the SW side) that is about 6 feet above yard level so it'd need a foundation and the build. Looking to get a quote so I can find financing on it. Thanks in advance!

Wrong forum, sorry everyone. How do I delete this?