All Forum Posts by: Sarita Scherpereel

@Jacques Laplante in Chicago finding a sublease can be fairly easy depending on your landlord/property manager. I always tell clients to look at your current lease and consult with your current landlord/property manager. This is if you’re intending on house hacking your first property.

Nestegg.rent has a rent collection platform. My clients are very happy with it.  @Jonathan Klemm

@Fedor Volkov I had a client that had an emergency plumbing issue a few months back. Jonathan was able to get somebody over there very quickly to fix the issue. My clients went on to use NestEgg for other projects after that because they were so impressed with their work. 

@Fedor Volkov you should check out NestEgg.rent @Jonathan Klemm

@Joshua Rawe That's not true. I've sold many multi units with FHA. It's not impossible especially if your agent knows what they're doing. While showing buyers a property for FHA, I point out things that may come up during the inspection. That way they know what to expect before writing an offer and paying for their own inspection out-of-pocket.

There are 52 inspection items for FHA that will be reviewed. They follow under three categories of habit safety and market conditions.  It is a lot of work- if they don't know what you're doing. But once you do a few of these there's a bit of a rhythm to all of it. It doesn't mean that your agents bad or unwilling to do the extra work. But there is a niche in the market for this, that even the top agents in the city don't do well because there is a lot to know that differs from a traditional real estate transaction. Really it's about catching and identifying the many variables that might come up at the FHA inspection. Many Chicago multi units are 100 years old these buildings will have issues that need to be identified.

I hope this provides some light on this. It’s not for everyone. Best of luck on your search!

@Edwin Rodriguez. Welcome to BP. What are you looking for advise at? Multi units, single family homes, commercial, rentals, E.T.C.? Chicago is a market of neighborhoods and knowing what your goals are would help to identify how we can give you the best tips.

@Bill Ward @Aaron Zimmerman is great and a fellow local investor. Which is great for understanding the properties full potential from both sides!

@Roderick McCleary in Bucktown this is great! I’m slight worried about your analysis just because this seems a bit high for the area...without knowing how your analyzing the property. But if you’re correct this sounds like a great deal for Bucktown. I’d say go for it!

@Mitch Messer I agree. I like what you said about “making their problem yours”.

I’m encouraging Buyers to make offers because I think that there is a lot of seller motivation given the virus. It’s possible that they have just never been motivated to lower the price because they haven’t had any wrote offers to show them what market value is. You’re the buyer you create the market value. And sometimes sellers need to see that in writing.

For me, I would write the offer how it makes the most sense for ME and submit it. I would submit this with comps and estimates for any updating the property might need. If they say not. I would wait them out. Keep in touch with the listing agent and keep sending them comps as I see them. I would keep looking at other properties so that I don’t miss other opportunities.

Another thing you need to talk to your agent about is the FAR rules and zoning for the basement. Even if you have the ceiling height and the egress needed. FAR is more complicated and so is the zoning. It is often not worth the investment for an illegal unit for ARV in some areas. I don't know you're properties specifics so I'm just thinking about things I would check.

@Andrew Lake this is a great question but the answer really should come from a lawyer. That said, most buyers I work with that are partners usually get a partnership agreement signed before putting in offers. Then after they purchase the property in their names they will switch to and LLC. I'm sure there are many ways to do this that will make both you and your partner confident that you've protected your assists. That is just how I've seen it most frequently done. But I'm not a lawyer so please discuss this with an attorney. Best of luck!