All Forum Posts by: Rishi B.

I believe Freddie Mac has products for 80% LTV but the purchase price needs to be over $1mm - not sure if Chicago is a an approved market for this:

https://mf.freddiemac.com/product/sbl.html

https://mf.freddiemac.com/docs/product/small_balan...

Hi Garrett - best of luck on your project.  Sounds like you've done a good amount of research but just in case, i pasted some handy links below for anyone who might find them helpful.

My first few experiences at the DoB were pretty intimidating and overwhelming, and I did find that the individuals I spoke with didn't necessarily mention the difference between an Easy Permit and a full Building Permit (Standard Plan Review), and lots of times just defaulted to fixating the conversation around the latter.  Really, a lot of work can be performed with only an easy permit, and that process doesn't require architectural drawings.  I believe we've gotten Easy Permits approved and issued within a few days.

GO EARLY to the DoB when you need to go.  I think I remember they open at 830am, but have let me/others take a number to hold your place in line as early as 8am.   

Work that is covered under Easy Permit process:

https://www.chicago.gov/city/en/depts/bldgs/provdr...

When a Building Permit is NOT required:

https://www.chicago.gov/city/en/depts/bldgs/provdr...

The rehabs we've done have been covered by the Easy Permit program with a GC, licensed plumber, and licensed electrician on the application.

Not sure if this is possible, but to manage your construction roadmap, might be worth exploring getting an Easy Permit quickly and do some work that is covered under that while you're waiting for the full SPR Building Permit to do the more intensive stuff.

Good luck!

Thanks in advance for your help! I tried using the search function in the BP podcast section of the site but I think what I'm looking for might be too specific.  

Anyway, what I remember from the episode (maybe 1-2 years ago?) was that the guest I believe was a young-ish gentleman investor who also acted as a GC, and may have specialized in Chicago homes with deteriorating foundations as he had lots of experience in installing new footings, piers, and beams in basements/ground floors.  

Any help would be greatly appreciated, thank you!    

This is pretty good - http://www.roomscore.org/

I'm thrilled to have found this thread, as I had originally thought Matterport would be the only option for my soon-to-be-completed fix and hold.  Personally, I'll be going with insidemaps but also want to link to what I thought was an excellent comparison of 4 similar providers that I stumbled upon

@Justin Sheley I'd be curious to hear of your experience as well.  To me the methods on inquiry removal seem suspect and I'd be surprised if they were actually able to get all the inquiries off in between each round of applying for cards.  While the card companies might not mind a high number of inquiries, I can imagine a conversation with a RE lender, particularly a local portfolio lender, being a bit difficult if one has a lot of hard pulls for credit cards.  Very much looking forward to the next update and thanks for sharing! 

Great thread.  My rentals are 30 night minimum but I share many of the same needs and concerns.   My two cents:

@Scott V. This product could work to reset your router.  I use this to monitor that my sump pump is working.  In that same property though I do have the router in an entryway that is accessible to all residents so that a resident could troubleshoot with comcast on his/her own.  Also because oftentimes a coax cable removal/reinstall is necessary in addition to a power reboot to troubleshoot, and I'm not sure there will ever be a IoT device to do that!  I'm not sure you need to be worried that a guest would turn off a router, however.

For "dummy proofing" I've found that making Youtube videos for even the most obvious of questions has been a huge help.  Make them Unlisted (not Private).  It's very easy to make them feel professional with annotations, title screens, background music, etc.  Very helpful for international residents.  Keep these links handy.  Also keep a list of youtube links handy for how to use the Keurig, run the dishwasher, etc. which the manufacturer will likely already have posted.

Realtor lockboxes for a backup key to smart locks are a must.  Keep a stock of double A batteries so guests or housekeepers can replace them as keypad locks seem to use a lot of power.  Also, I'd recommend widening your deadbolt strike plates a bit with one of these to minimize error on the deadbolt extending if the door isn't shut 100% of the way.

@Jon Crosby is spot on with his systems as well though I would recommend Nest Outdoor cams even though they are a bit pricier.  I didn't have a good experience with a set from Amazon that looked similar to what he posted, and security cams' reliability will be extremely important for your success and probably more importantly, your stress level.  Nest has very good support as well and their software is more user friendly.

All that said though, your housekeeper/housekeeping company can be your greatest asset so treat them well!  Try to dummy proof their processes as well with clear guides and things to look out for, even flowcharts on what they should do if there's a light bulb out, guest overstaying their welcome, what they should notify you on, etc.  You can greatly reduce your handyman call costs if you put together guides on how to tighten bolts to remedy a loose toilet seat, how a tension shower rod works in case it falls down, etc.   Stock up on supplies before you leave and put a keypad lock on that room/closet or just a latch with a combination lock.   

Hi @Julie McCoy, regarding your most recent concerns, I'd look into www.partysquasher.com as well as noiseaware.io.  I don't have either as the noise/guests concern isn't as high on the list for my business (monthly rentals) but I am always on the hunt for devices like these.

I do have Nest thermostats, Nest outdoor cams and indoor cams that I'm a fan of and would recommend because of the access I have on my phone.  Very convenient to be able to check on when/if the snow was shoveled, lawn was mowed, housekeeper arrived, etc.  I do turn off the away/learning capabilities of the thermostat.

Additionally I  just asked for advice on energy monitoring devices and have thus far had a good experience with the products discussed here: https://www.biggerpockets.com/forums/52/topics/430...

Hope that helps! 

Update: purchased and installed this to make sure the sump pump was using some energy on a habitual basis (especially over the rainy weekend in Chicago) as well as two of these in places that water has seeped before.  Both are working great - easy to set up, each has an intuitive app, and I can customize the types of alerts I receive.  Would highly recommend for a landlord's peace of mind if nothing else - thanks all for the advice and suggestions!

I have a big project closing soon that I need to buy materials for but would like to take advantage of the 11% rebate promotions it seems like Menard's has a few times a year.  I have the flexibility of making the order anytime within the next 2 weeks and align it with a promotion.  Does anyone know if they typically have a pre-Memorial day sale?  Thanks!