All Forum Posts by: Svend W.

Thanks, all.

Yes, I clearly do need to get more quotes. I partly asked this question because as chance would have it the last few outfits that I reached out to haven't been very responsive.

Having crawled around a bit up there since I posted my original question, I have to admit that that quote now seems a bit less outrageous. It's not the easiest work, especially with a low roof like mine.

Thanks.

Hello

I'm looking to advertise a property and am wondering if people think Apartments.com has worked out its glitches since their acquisition of Cozy earlier this year.

I've noticed some pretty unhappy reviews on BP, but I also realize that there are often issues when migrating services (and data) between companies.

Have they sorted things out? I was a happy Cozy user for a few years, but I'm wondering if I should play it safe and go with another paid service.

Hi, folks

I'm curious if anyone with insulation expertise has any thoughts about this quote for replacing old insulation in a 1,400 sq ft attic.

I have a property whose insulation is in really bad shape due to a family of racoons that used to be there.

I got a quote for $2,800 total for blow-in insulation up to 16" along with installation of soffits for ventilation.

An additional $1,500 for removing the old insulation (which is torn up and has some animal droppings).

The 2nd number seems a bit steep to me. Am I wrong?

He's clearly open to negotiate, but I also don't want to nickel and dime the guy if that's a reasonable price for the work.

Thanks in advance.

Well, whatever its merits as an investment, it looks like the coach house is not a good fit for me right now. In my case, the new loan would be too large a percentage of the ARV for comfort, especially given all the unknowns.

Maybe it would work for someone with more equity.

Yes, Evanston and Oak Park recently approved similar ordinances.

Good points for both views. 

I may not necessarily be maximizing ROI, but I lean towards Jonathan K.'s approach. Especially given that I expect to hold this property long term and am in an area with solid demand.

As a parent, I love the idea of the flexibility of a coach house.

It also adds relatively affordable new housing—it's interesting how ending the long-standing ADU ban has been championed by Chicago anti-poverty organizations—which appeals to my values.

I’ll update this thread later when there are additional developments for others interested in this approach.

Thanks 

@Marland Hobbs It was approved in December.

Thanks, Andrew, Russell. Yeah, I really like the coach house idea, but those factors do give me pause. 

I'm looking at this company, which I guess specializes in this kind of work in Evanston.
https://evanston.coop

Hi all

I'm househacking a two-flat home in northern Chicago (Evanston). I know I want to add an ADU, either in the basement or the back yard.

Since parking is a bit sparse on our one-way street and we use the driveway, I think in any case we will to build a garage to attract the kind of tenants we're targeting. I'm considering idea of biting the bullet and building a coach house with a garage.

Our basement is finished and has 2 BR (currently a half-bath, no kitchen), so that could be converted.

So, I think the choice would be between a 1) coach house w garage or 2) a regular garage + converted basement. 

I'm curious if anyone has any thoughts on the pros and cons of one over the other--my assumption is that you can't do both--in this market. The coach house would be considerably more expensive (I think the estimate I got was as much as $200K), though it would also have some obvious advantages to prospective tenants.

Thanks in advance.

Hi folks

I'm interested in pursing REI opportunities in small multifamily, but recently switched from W2 employment to self-employment.

My impression is that the rule of thumb here is that banks want to see 2 years of 1099 wages before lending to self-employed professionals. 

Is there any flexibility on this if someone has excellent credit and/or is ready to put down some collateral? 

If so, do you recommend any particular banks? I'm in Chicago.

Thank in advance.

Thanks @Rishi B., @John Warren and everybody else for sharing all these great insights.