All Forum Posts by: Vince Sanchez

@Crystal Smith ahh okay, talking to the alderman was my agent's idea. That's really good to know. Thank you!

@Crystal Smith That's excellent insight. Thank you so much. I'll talk to my real estate attorney to see if the property is on the city's demo list. And the architect looking at the place is self-certified.

@Tom Shallcross all great points! Thank you. I'm scheduled to see the property with another contractor and architect. 

There are a ton of open violations listed on the city's site, but I will be working with the alderman's office and administrative hearings to clear them. What issues did you run into with clearing title for properties that had open violations? Any idea on how long clearing violations usually take? You're right about this being my first rehab project like this, and I'm concerned about how long this process will tie everything up for.

I also checked the county's recorder of deeds and thankfully did not find any cases in circuit court.

@Prashanth Mahakali the entire roof was replaced due to a fire on the third floor. The architect will determine if the reroofing involved any structural work. Would love to touch base with you afterwards!

@Jonathan Klemm Thank you! I will certainly do that. Will update you on my progress.

Thanks @John Warren! I did pull those violations from the department's site, and they don't show the roof or demo being flagged. So I'm not sure if the city will make me redo the roof or pay an absurd amount of fines.

I'm doing a private loan for the mortgage and rehab.

Hey BP!

I'm interested in rehabbing a 3 flat in Chicago that's already been gutted to the studs and reroofed. My contractor and I took a look and saw great potential. They also did a great job on the new roof, according to my contractor. When I searched the city's site for permits and violations, I did not find any permits for all the work that was done (demo and new roof). At this point I'm worried about clearing title and obtaining a mortgage if I went under contract. My agent then pointed out they may not have needed a permit and cited info from the link below.

https://www.chicago.gov/city/e...

Has anyone dealt with anything like this in Chicago before? 

And if I do end up clearing title and obtain a mortgage for this project, I will definitely need to obtain permits for a lot of the rehab. Is it worth going through the permitting process if I don't have an Expediter from the city?

I am pre-approved and under contract with a builder for a single family rental in Lincoln, CA and would like to connect with private lenders. The pre-approval came from one of the builder's choice lenders, but private lending is more in line with my REI goals this year. This property will be fully rented upon closing by tenants who already signed a rental agreement.

I have 5 years experience with rentals. I own a three-flat in Chicago and am ready to expand into the northern California market.

I'm looking for advice on how to break into the private lending market and what to expect once I secure a private lender.