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All Forum Posts by: Tyler Dunkel

Tyler Dunkel has started 2 posts and replied 8 times.

Thank you for all the great answers here, I really appreciate it. I am going to do some deeper analysis on the property with an architect before moving forward. 

I see makes sense, thank you!

Hi,

I have a building which has a finished attic space on the "3rd" floor. This space only has one egress from the back stairs. I want to create a duplex up unit by combining the second floor and 3rd floor into one unit. Would I need to add a second egress to the 3rd floor for this to be compliant or would the one egress (from the back stairs) be sufficient? 

Thanks!

@John Warren I would but I need to get $$ for the rehab, I am setting up the financing this way so I can get the rehab money through the loan and also to transfer the money tax free through FHA family gift.

What are others doing with the in-law units during the 12-months of FHA where owner has to live in a legal unit. Is AirBnB the best option or just going straight to duplex up/down?

Thanks for all the help!

I had 2 other questions if anyone could answer them...

1. This building 2 in-law units, is it feasible at all for me to occupy one of those in-law units and rent out both legal units at any point while under the FHA loan (or even after a refinance to conventional)?

2. I have heard a lot of information regarding FHA appraisers requiring several things done to ensure there will be no one in the in-law units. Everything from just pulling the stove and capping the gas line to sealing the entrance or removing the whole kitchen. Has anyone had this experience recently and can give me some info on what Chicago (Lakeview) FHA appraisers are requiring for multis with in-law units to pass FHA (for more info, these are not legal non-conforming. one egress for both).

thanks!

Hi,

I am considering a 2 unit that is listed ~440 and requires about ~60k in rehab. Obviously, this puts me over the FHA limit. Is it possible to put together a larger down payment (say 15%) to enable a 203k fha loan to fall under the FHA limits and still enable the house to pass FHA (after rehab of course)?

@John Warren Sorry just seeing this, what do you think the cost would be regarding CAM? I am putting in an offer on a 2 unit in Logan that has galvanized and I am worried about water pressure but would like to wait and replace with PEX if possible depending on code changes.

@Ali Boone hi Ali, where in Chicago are your folks currently investing right now? Having trouble finding any good deals outside the south and far west areas.