All Forum Posts by: Marco Pangilinan

Hi SD BPers -

I am doing some research into STR regulations in SD and have found that there is now a 1% cap in SD and a 30% cap in mission beach.

As an out of towner, would anyone in this forum know if the 1% cap also applies to short term rentals in La Jolla, or are La Jolla STR under another jurisdiction? Anyone have any experience on this?

Thanks,

Marco

Hi Chicago BPers!

Has anyone gone through the kind of new city ADU ordinance?

I have a non conforming unit, which is in the pilot zone and meets the criteria needed to make it into an extra unit. 

Would like to hear other folks experience going through the process in getting your building re-certified with a new unit.

Thanks,

Marco 

Hi Nate -

I am on my second house hack now in Chicago. Bought a 3 flat + non conforming last year in Wicker Park and this year was able to get a 2 flat and rehab it in West Town. I am also a fellow consultant, so more than happy to connect with you - DM me and more than happy to answer any questions or go over the experiences I have had.

In regards to education, I did all the same things as you mentioned in terms of reading/listening to podcasts, however the one thing I would say is I've learned so much faster and more relevant info about RE investing  by just doing it. 

In regards to price point you mentioned above. I think it's a little low for what you are looking for. Either 1) you can get a multifamily at the 500k price point, but you'll have to put in some money in a rehab in order to have the property livable and attract potential tenants at good rents, or 2.) increase your price point and do a little less rehab. There are pros and cons to both - it's all about how much work + $$$ you're willing to put in.

Hope this helps!

Thanks,

Marco

Hi Chad -

Have you tried renting by the room? I had a slower than normal time trying to rent out one of my units in west town, so I posted by the rooms on Craigslist (2 bed/2 bath)

A little more leg work in the vetting process, but was able to get the unit filled within a month.

Hope this helps! 

Marco

Hi All -

Just ran into this issue myself - how much did it cost to get the common area box wired and running?

Hi Samantha -

For the price point you're looking at, I would recommend looking in the outskirts of Wicker Park, Logan Square, and West Town. 

You could probably find something that needs a little work while you owner occupy it. I was able to house hack for my last two deals in both Wicker and West Town, so it is possible. Feel free to DM me incase you have any questions 

Thanks,

Marco

Hi BPers -

Have a question regarding cash out refinancing LTV and interest rates. Was looking advice from BPers with past experiences with cash out refinances

I own two properties in Chicago  - I bought a 4 flat on an owner occupied loan (20% down) in 2019 and I bought a duplex on an owner occupied loan (20%  down) in 2020. 

By 2021, I will have made significant updates to both properties increasing both properties values.

My questions for cash out refinancing are:
1. What is the LTV expected for owner occupied vs non owner occupied cash out refinances. Can I still get 80% LTV on primary residence and 75 on the non owner occupied?

2. From everyone's past experiences, what has the interest rate increase been on a cash out refinance? 

  

Hi Chicago BPers - 

Looking for advice from other landlords who have had CHA tenants in the past:

I bought a 4 flat in Wicker about a year ago and I inherited a CHA tenant. I decided to keep the tenant in place and the tenant's lease was set to expire 5/31/2020. I provided the CHA and the tenant 60 days notice that I was not renewing the lease. 

I just heard back from the tenant yesterday saying she is not moving out at the end of the month due to a delay in inspection for a future unit. 

Though the city is still paying for the unit past the lease expiration date, I did have plans to update the unit once they moved out.  I was wondering if any other landlords have had experience dealing with the CHA to help remove tenant due to an expired lease

Would love to connect with other landlords who can provide some insight 

Hi BPers -

I am looking for an architect in the Chicagoland area who is familiar with the Chicago permitting process.

The work I am looking to do is knock down a kitchen wall and bedroom wall in order to open up the space of a duplex 

Does anyone in this forum have a recommended architect they’ve used in the past? 

Thanks!

Hi BPers - 

I own a 4 unit building in Chicago that I am going to start the process of re-financing. Just wanted to check from others experience, if current rents of the tenants factor into the building value.

For example, if building A is bringing in $8,000 a month and building B is bringing in $7,000 a month, would the appraiser value building A more. 

OR would appraisal value be strictly limited to similar multi-family homes sold in the area and the condition they are in compared to your building.

Thanks in advance