All Forum Posts by: Yoseph Kalman

I know this is an old post but I thought I would answer it anyway since this is an ongoing question people have.

I'm an architect in Chicago and I see this all the time. 

If you get caught you will need to have an architect draw up a full set of plans showing what work was done.  Then you will need to apply for a building permit with those plans. Once approved, Inspectors will need to come out and inspect all the trades (electrical, plumbing, etc. ). This will likely require you to remove drywall from sections of the walls to allow the inspector to see what's going on.  Be prepared to make corrections to the house where you're currently in violation of building codes. If you put an addition on, it may not conform to Zoning Ordinances which could spell big trouble. I've seen inspectors require homeowners demo/remove all interior partitions ( and a kitchen) in a basement because an illegal apartment was constructed down there.  

Sometimes work does not require a permit, sometimes only an EPP (Easy Permit Process) is required. The city's website describes which projects qualify for those options. Generally, you will not "get caught" if your "only painting". If you have this massive bedroom addition off the back of your home you will very likely get caught and you will have a hard time claiming it was only painting work.  

That's interesting @John Casmon  because if I were to look at the CHA information @Andrew Holmes posted I would think that a 2br apartment would pay $1,139 + all of the various utility expenses shown in the schedule.  So if I understand you correctly, this is not necessarily the case? What would a landlord need to do to guarantee maximum payouts? 

@Ante Vujic

What do you know about S. Coles Ave near 76th? 

@Brie Schmidt  Which blocks would you say to stay away from and which are ok ? 

Do you have any opinions on S. Coles Ave from 71-79th?  

@Crystal Smith would you consider the property "stable" if it was moderately updated and  100% occupied with section-8 voucher holders?  

I'm looking for a proforma template.  Specifically for small commercial apartment rental buildings.  Excel file anyone? Thanks

Bump....   Anyone ?

Thanks for the tip. I very much doubt that will happen. He's never mentioned any such policy agenda in all of his many campaign speeches.  He's made it quite clear that he's very interested in helping the inner city families, working class families, and low income earners, not hurt them. But let's not get off-topic. 

I'm looking to get an idea of how much people are getting from the CHA for renting to section-8 voucher holders. I found the "payment standards" document on the website but those numbers look higher than what I've been hearing. For those of you who are currently accepting section-8 in your buildings, how much are you getting for your 1, 2, or 3 bedroom apartments? Do you get more if it's a single family home or does it only matter how many bedrooms you have? What about garden apartments?  I'm looking at properties in Woodlawn, West Woodlawn, Washington Prk, or South Shore as an example. 

Is there any reason I would not be able to get a hard money loan to purchase a property that is currently owned by another investor who acquired the property with a hard money loan? In other words, My hard money loan will pay of the sellers hard money loan. Are there any hard money loan rules that would prohibit me from doing this?