All Forum Posts by: Tracey Steele

I'm preparing new leases for my tenants in the City of Chicago. The current leases expires April 30. Is there any risk posed by starting the new leases June 1 vs. May 1? I have two units, and I'm raising the rent on both. The tenants know to expect an increase, but not the specific dollar amount. I know I have to give them 30-60 day notice before the new amount can take effect. 

I am looking at a property in a neighborhood that's an EPA Superfund Site because of high lead levels in the soil in a number of the lots. I don't know if the lot of interest for me has high lead levels. However, the EPA will test the soil and then if high levels are present (400 ppm) then they will remediate the lot free of charge. 

Has anyone dealt with this? Would this scenario prompt investing elsewhere? There's SFH on the lot.

What additional inspections should you get for a rehabbed home built in 1925 in ATL? 

Radon? 

Sewer Scope?

Termites / Pests?

Mold & Air Quality? 

What is the inspection process in the City of Chicago? Do you request an inspection and that triggers the other three inspections, or do you request one inspection at a time? 

Can you renovate one unit at a time and then have it inspected and then move on to the next unit to renovate? Must you do all the renovations and inspections at once?

Are certain inspectors assigned to certain areas or is it random assignment?

Thanks!

Hi BP Community - I'm exploring purchasing a property that has no existing city violations. I would like to add a room, which includes framing out a couple walls and adding outlets. I know this work will require a permit. 

The home was last upgraded in the late 1990s/early 2000s, so I suspect building code has changed between now and then. Am I required to upgrade the entire home to current building code (e.g., upgrade electrical or plumbing, if needed) or just the new room?

Thanks!

@Crystal Smith

The property is a multi-family. There are comps within a mile radius, but the neighborhood differs within that one mile zone; there are no comps in the "micro-neighborhood". 

What are your thoughts for a buy and hold strategy (vs. just flipping)?

Hi BP Community - What are your thoughts on comps and micro markets? I'm looking at a property that does not have any real comps that have sold in the last six months. If I use an entire neighborhood, then I get one picture, but the property of interest falls in a micro market within the larger neighborhood that is "developing". 

What are your thoughts properties that have a lack of available comps?

Thanks!

Thanks @Nick Patterson!!