All Forum Posts by: Steven C.

@Chris Thomas forgot to mention that had a realtor field some offers. Most are kind of low ball, only investors who are looking to tear down and build something new.

@Chris Thomas it’s in bad shape. Habitable, yes, and getting lower rents than what the area is going for. But the joists are dried up and buckling. Hardwood floors are also at their end life. In the bathrooms they’re beginning to rot under the tile. Building is over 100 years old. Needs underpinning too.

I have a 3 flat that is fully paid off that has three rental units. It’s very old and it makes sense to tear it down and build something new to maximize the lot size and generate more rental income. I don’t intend to sell it once I complete construction. I do not plan on living there either. The property is currently valued at $850k and ballpark figures for new construction are $1.6M. What are some options I can look at to get financing for the construction? There don’t seem to be mortgage or loan calculators out there that can help me with this.

@Tyrone Marson Thank you, I will start looking at Home Advisor!

@David Robertson Thank you for the detailed advice! I will get on this right away.

Hello, I am midway done through my first gut rehab and flip in Chicago. The costs were super cheap partly because of COVID and partly because most laborers came in as personal favors from a friend.

I recently purchased the House Flippers Spreadsheet to analyze another potential deal. I don’t really have a good idea of what things really cost in order to properly give a detailed estimate and see if the deal is worth it. Is there a Chicago specific directory of average costs for things, like price per sf of replacing existing decking or flat roof replacement cost per sf? Or do I call up a contractor and ask them for each of these prices (there’s a lot)?

My cousin is a sole-proprietor in an LLC that owns a multifamily property in Los Angeles, California. It turns out that the parents of the girl he was dating are his tenants through Section 8. After a few years together, my cousin and the daughter have decided to get married, however he is now afraid that this would mean his future in-laws will lose Section 8 status or be forced to move. Neither of his in-laws are disabled in any way. Does anyone know if my cousin's fear is legitimate? Or can his in-laws still retain their Section 8 status and their apartment with my cousin's LLC being the landlord?

Hi, I'm under contract on my first commercial property (<10 NNN retail units). This is my first investment and I will be managing the property myself, even though tenants are NNN. I've seen a lot of software out there for multi-family and landlords, but I feel for commercial and retail properties things might be a bit different. Does anyone have any experience with online or offline software that is useful for my scenario? Or do I just need to focus on accounting with Quickbooks or the like?

Hi, I’m Steven. I used to live in LA. I’m now moving to Chicago. I’ve been around the world a few times both for work and for pleasure. I worked in Hollywood for many years. I opened up a successful beach bar in Greece. Now I’m looking to make whatever money I’ve made work for me. Currently I’m in the process of flipping my first condo in Chicago. Not sure what I can offer here but whatever it may be, I hope it’s a positive contribution to the community.