All Forum Posts by: Luke O'Connor

I need to upgrade my electrical service to 200 amps in order to install central heat and air in one of the three units in my building. Only problem is I have two other sets of tenets in the building. Is it acceptable to turn off the power to the building for approximately 8 hours during the winter season? Obviously I would have to schedule it for a day where the weather is above freezing temperatures, but I am curious if this is illegal during some months in the state of Illinois? The other option I have is to find a contractor that is willing to install the central heat and air hardware and wait until the spring to hook it up to a power source.  Any suggestions or input is appreciated! 

A 3 unit property that I am considering purchasing has a water heater awkwardly installed in the kitchen of all 3 of the units. Is it a time/money consuming project to relocate the water heaters to a different location, so that I can optimize my kitchen space?

Another option I was thinking about was relocating the gas line so I could move thestove to a different part of the kitchen in order to build an enclosure for the water heater unit. 

I know there are likely a lot of factors involved, but any advice or recommendations are greatly appreciated.

Thanks!

Hello BP!

I am hoping to find some insight on the Logan/Avondale/Irving Park neighborhoods of Chicago. While I know that these neighborhoods are highly competitive and good deals are not east to come by, I'd like to know if my goal is obtainable.

My goal  is to purchase and House Hack a 2 or 3 unit property in the price range of $350,000-$450,000 next spring. While living in a unit I would like to pay $800/month or less after all expenses and savings are accounted for. Also, I plan to have around 45-50k for a 5-10% mortgage, while leaving some money for an emergency fund. I am not afraid of a home that needs work, but I would like to limit the majority of it to cosmetic repair. 

I know there are Chicago neighborhoods that will provide a higher return on my investment; however, this is the area I prefer to live in. 

Any insight or advice would be greatly appreciated. 

Thanks!

Luke

Awesome, I appreciate it @Neil Schoepp!

Neil Schoepp, I haven't bought a unit yet, planning on it in a few months. Just trying to get all my ducks in a row before hand!

Thank you for all the responses! If I were to buy a building with both units in rentable condition, could it be a good strategy to show the whole house and have the potential tenant chose which floor they would prefer? Or would that get messy if I were to receive multiple offers?

Hello BP, I am planning to house hack a two story duplex. Do first floor units tend to rent easier than second floor, or vise versa? I have no preference which unit I would live in, I would just like to fill my vacancy ASAP. Thanks in advance.

I know wicker/Ukranian is out of my budget. But from my searches there are some units in humboldt/Logan square in the 300k-400k range. Whether or not these are inhabitable houses, I'm not sure.

Thanks for the response, Brie Schmidt ! As for location, I currently live in the Wicker park area so I would prefer to stay in that vicinity. From Ukranian village to Logan Square/Bucktown. I also plan on living in one of the units for at least a year. In regards to my financies. I am looking for a unit in the low $300,000s that will allow me to put ~$10,000 to make rentable and potentially refinance. I work in the construction industry which gives me the advantage of cheap labor and a few skill sets. Therefore a minor fixer upper for a lower total cost may be more beneficial for me. However, buying a rentable unit upon sale is obviously a plus, not sure if that is possible in the area I am looking for at such a low price. Due to only being out of college for a year and half, I will likely only be able to muster up ~$20,000-$30,000 to cover down payment, up front repairs, and initial vacancy. From my understanding, a 5% conventional is for first time buyers? I like the idea of being able to use the FHA loan for my second property, but unsure if I can find a deal at my target location for the minimal upfront money I will have. Thanks again, Luke

Hello, Does anyone have any Agent recommendations in the Chicagoland area? I am looking for an agent that specializes in FHA multi-family homes. I am also interested in the purchase of a foreclosure.