All Forum Posts by: Mark Shelstad

@Leonardo Castillo Welcome and thank you for your service to our country!

One thing I have found helpful when looking for honest, reliable, respected, investor-friendly contractors is to visit the towns building and permit office. Bring coffee and a treat. Ask if they can help answer questions and if they have a list of permitted and frequently used contractors from their records. Would they suggest who they find easy to work with and professional? Building rapport with the regulators is always a good thing- they have many useful war stories.

Also just to clarify, you are paying 14% per quarter (56% apr)? Or 14% annually in quarterly installments?

Mark- what will be the max LTV for the holder of the 1st? What percentage are you looking for from the mezz funding? Are you calculating the LTV based on cost and the actual cost of rehab or ARV?

@Lucas Hammer Makes sense without a basement. If you find the time, I'd love to hear how much of a premium your particular garage foundation cost and if new footers were required, etc. Good luck! 

@Lucas Hammer Interesting - would think you were in the Big Easy! Is basement flooding an issue in the area if this is a common set up?

You will find that it will cost around $1800 to do the required asbestos test, secure permits and do the tear down. standard 2 car garages with pad run around $14,000, plus or minus. Fairly competitive business so hopefully you won't have trouble getting bids. Will you need a new pad and foundation? Does it need to be elevated as you described?

What does the City of Chi tag the owners with for property tax? What about insurance costs-where do they fall?

I have had excellent results with Forest Agency in Forest Park. They write all over the metro area and are independent agents.

@Ann Folan Interesting. Lots of special rules in Chicago. I can see how it can bog contractors down in red tape.

@Ann Folan thanks for your detail. I am smirking and shaking my head at how, only in Chicago, could the DOT be involved in connecting water service! I guess it is what it is. Lesson learned.

If the b-box is under the parkway on my side of the street, wouldn't horizontal boring save all the street sidewalk and curb cuts/repair?