All Forum Posts by: Timothy Taylor

@Jonathan Klemm Thank you for the info and tagging Samuel.  

@Samuel Pavlovcik Thank you for the detailed explanation.  We got an initial building permit from the department of buildings to gut rehab the 3 units + finish the basement (no kitchen and no bedroom closets) back in 2022.  We finished the rehab work and then got the zoning change with a zoning attorney in Dec of 2023.  It looks like we will need to update our drawings to include the new 4th unit (adding the kitchen and bedroom closets) and apply for another permit.  The property does sit on a 39X125 lot so we should be good with the RT4 zoning.  I was just hoping to avoid having to go back to the department of building, but it looks like that's the final step before we can get the zoning cert showing the 4th unit.  Thanks again for the information as it was very helpful! 

Hello,

I have a property that was a RS3 that we converted to a RT4 where city council passed the ordinance/zoning change at the December 2023 meeting.  Prior to this zoning change we gut rehabbed the 3 unit property along with the basement that was completed to meet the guidelines (2 means of e-gress, larger windows in basement, etc.).

We tried to get a new zoning certificate and were told it's still a 3 unit property at this time.  Does anyone have any idea on timeline of when the zoning change will be completed and/or what we need to do next (if anything).  

We need to show some sort of documentation to the lender that the property is now 4 units (was 3 units).

If anyone has completed a zoning change in Chicago any advice would be helpful on next steps.

Thank you!

Thank you to everyone for responding!  @Susan Chagalian and @Dennis Muno I've reached out to you both to learn more.  I saw the podcast just yesterday that @Lloyd Preece that David had on HELOC's on investment properties. I reached out to his team and he can only do it on single family rentals. Thanks again everyone.

I have 3 properties low leverage and looking at exploring getting HELOC's on them. These are all investment properties that are between two and for units in Chicago (northwest side). Value of properties range from $550k to $1.3M.

Any lenders lending on HELOC on investment properties? Would love to connect or an intro would be greatly appreciated.

Thank you,

Tim

@Kerry Noble Jr Thank you for reaching out, but I will be staying in the Chicagoland area for now. 

@Jonathan Klemm Thank you for reaching out and I'm sorry I wasn't clear in the initial post.  I do currently own 10 properties. The reason why I'm looking to partner and give the wholesaler 15% of the equity is that I'm hopeful by doing so I can get a 1st shot at the property before the wholesaler goes out to other investors.  I feel giving is a unique way for the wholesaler to make passive/residual income and grow their net worth without any risk to them.  The benefit to me is that I will be able to scale more quickly and get to my long term goals quicker.

Hello,

I am looking to partner with a wholesaler that focuses on the northside of Chicago in the 5 to 100 apartment unit space.

The wholesaler would also get 15% equity in every deal in addition to their standard one time spread when they sell the property. 

The 15% would have no recourse and no money put in by the wholesaler. 

If anyone is interested in exploring this further please let me know.

I currently have 10 investment properties in the Chicagoland area.

Thank you,

Tim Taylor

@Paul De Luca & @John Warren Thank you both for the recommendations!

Hello,

I own 5 SFH in the southside of Chicago (Pullman/Roseland area). I am looking to potentially move management companies and wanted to know if anyone had good experience with a management firm that services the south side of Chicago. All 5 of the properties are single family and CHA/Section 8 housing.

Thank you,

Tim

@Brie Schmidt Thank you!

Hello,  

I purchased a legal 3 flat in Chicago (RS-3 currently zoned) that that we are gut rehabbing and are looking to convert the basement into a 4th unit.  We will have 2 means of e-gress, proper ceiling height (7ft. 6in), 1,500 sq. ft per unit, etc. for the basement.  I've heard different answers when it comes to adding this 4th unit and the main 2 are below:

1)  I should hire an attorney and need to re-zone the property to add the 4th unit.

2)  I can do this on my own and we do not need to change the current RS-3 zoning (if it was RS-1 or RS-2 that would not be possible) and I should reach out to the alderman to find details to have property changed from a 3-unit to a 4-unit. 

I would like to do make this a legal 4 flat as it will help tremendously with the ARV and allow me to get 80% of the money back out of this BRRRR.

My initial thought was to go to the alderman and speak with him regarding the project and our desire for the 4th unit. 

If anyone has done this or knows the process I would greatly appreciate any advice.

Thank you,

Tim