All Forum Posts by: Ronald Daley

Hello Brie,

Actually the property that I would need the foundation inspection completed on is located on the Southside of Chicago if you have any recommendations in that area or companies willing to come out to that area.  Thank you.

Ron 

@Brie Schmidt Yes

Can anyone recommend a good foundation inspector working in the Chicago area? Looking at a multi-family property with some foundation issues in the Chicago area and want to know what is the scope of repairs needed and the cost for the repairs.

Thanks in advance for any recommendations.

Ron

Hello,

I am new to investing and in the process of buying my first multi-family property in Chicago.I’m currently researching Chicago zoning so that I have a better understanding of the law, and my options as an investor. I’m hoping someone can assist me with answering the below questions:

1.) Is it possible for a 3-4 unit to be legally in a RS (single residential) zone? If so, what are the exceptions and how would I find out this info on property when searching?

2.) If a property is in an RS zone, and the property has what appears to be the opportunity to add 3-4 units, from my understanding this would be prohibited unless approval is granted by the Alderman. Is my understanding correct?

3.) Why are there so many 3-4 unit properties listed in RS zones in Chicago if they are not legal?

4.) How concerned should I be about the properties zoning when looking into property?

Below you will find two of the resources I used:

https://gisapps.cityofchicago.org/ZoningMapWeb/?li...

http://library.amlegal.com/nxt/gateway.dll/Illinoi...

@George Sleweon I am currently looking for a good CPA and an Attorney in Chicago. Did you have any luck finding one that you recommend I should reach out to?

@Andrew Harrell and @Lance Lvovsky Thanks fellas! 

I have reached out to both of them. 

Hi BP Community - 

I am in the process of purchasing my first multi-family investment property in Chicago, and I am looking for an experienced CPA to work with.  Does anyone have any recommendations of great CPAs that they have worked with in the past?

Also - with this being my first investment property and first time working with a CPA, I have no idea what the typical fees are. Can anyone provide a range of what to expect to pay for the CPA's annual fees?

Thanks,

Ron

@George Blower Thanks!

@Dan Gongora Awesome! Thanks for reaching out.

Hi BP Community! 

Can I purchase my 1st property with a business partner (20% down) and afterwards buy my 2nd property using a FHA loan (3.5% down)? Is this a good idea? How likely am I to be approved for a FHA loan if I already own a property?

I want to house hack my 2nd property, but I am not quite ready yet to do that. 

Thanks,

Ron