All Forum Posts by: Ron S.

I recently purchased a 2-flat in Lincoln Square.  The basement is currently unfinished.  There's no dripping/leaking going on, but there is definitely moisture on some parts of the walls.  The parging has cracked off and there's some efflorescence that's eaten away half an inch or more of brick in an area about 10 feet wide.

We plan on finishing the basement, so I'd like to address the moisture issues first and verify everything is good before we do any work down there.  With the rains this past week, I was able to identify where there was standing water for an hour or so after the storm passed, so I suspect the grading of the sidewalk running along the house is the main source of the problem.

Does anyone have a recommendation for someone that can address our drainage/moisture issues, and ideally also do whatever treating is necessary on the interior?

@Lauren McGinty would you mind sharing those GCs with me too?  We're looking to rehab a 2-flat and finish the basement.  Thanks in advance!

Are they SFH? If so, you'll likely have a harder time selling on the MLS with a tenant. Would be better to seek out investors here or elsewhere that prefer a stable tenant already in place. Why are you looking to sell, and are you willing to break up the lot?

I've used Home Detective Property Inspections a couple times and would recommend them.  Feel free to send me a message if you need their contact information.

I've been looking at some small multi-family properties lately, mainly two and three-flats.  I found one property that's coded as a single family house but it has three distinct living areas (3/1, 2/1, 2/1) with three kitchens, living rooms, bathrooms.

I've seen some posts in other cities that if it's owner occupied, you can generally rent out other area(s) without a problem, but you can't rent more than one unit if you move out.  Does the same apply to Chicago?  Any other cons to be aware of (ex. not separate mailing addresses, potential issues with insurance, etc)?

If it's not feasible to rent more than one unit, has anyone tried to rezone as multi-family in Chicago?  I've anecdotally heard it's difficult or impossible but don't know anyone that's tried or heard directly from the city.

Hello,

I'll be in Panama City from about 5pm Friday to 3pm Monday.  I'm looking to network with locals or expats while I'm in town.  I'm interested in investment opportunities and potential retirement in Panama.

Let me know if you're interested in meeting up and we can find a time and place.

Thanks!

Ron

Hello fellow investors!

I recently purchased a property in Pittsburgh and the property next door was also for sale.  I decided at the time that I wouldn't pursue it as I convinced myself it was risky in case the neighborhood turns for the worse.

Well, the property I purchased ended up renting very quickly and for $200 above the projected rent and the property next door just dropped in price, so it's looking attractive again.

I'm hoping BP can convince me one way or the other.  Let me know of any pros and cons you can think of for owning two properties next to each other.  Note: I'm out of state and use a property management company.

Thanks!

Ron

Thanks for the invite @Alex Deacon.  I have a conflict at that time, but I'll keep it in mind for my next visit.  Let me know if you'd like to meet at a different time.

Thanks @Jen R. !  I've never done it personally, so that's good to hear you've had successes.  I have a couple friends who failed on their personal attempts but their first attempts via attorney were successful.

Thanks @Ron Jurgeson, I wasn't aware of the two-year cycle.  Also, thanks for the recommendations.  Seems like I should sit out this year and look into it again next year.

I'm a new investor from Chicago.  I purchased my first rental property last month in Kansas City, MO and I'll be visiting Pittsburgh this weekend to meet with a few agents, PMs, scope out neighborhoods, etc (assuming my flight doesn't get canceled from this blizzard coming through tonight).

I'm free Saturday evening so I thought I'd check to see if anyone wanted to network over dinner or drinks.

If you're not interested or available, please use this post to provide restaurant recommendations!

Thanks,

Ron