All Forum Posts by: Zach Click

@John Warren Hey John! This one’s a 2BR 1BA, 820 sq ft total. Work doesn’t need done until end of June but know it’ll be super busy around then. Thanks

Hi All,

Wonder if anyone can make a recommendation on painters for flipping a rental unit in West Pilsen (Chicago)? Personal experience with the painters would be ideal. Looking for someone who understands the typical challenges with flipping a rental unit quickly.

Thanks!

Zach

@Natalie Kolodij

Thank you!

@Jonathan Klemm

Thanks a bunch! Appreciate it.

Hey folks- does anyone have a recommendation in the Chicago area for a CPA or firm that has expertise in real estate tax? I’ve historically done my own taxes but it’s gotten more complicated with house hacking and other investments. Thanks!

What is everyone’s experience with a property tax reassessment upon sale of a property? In Cook County, IL, my understanding is you may or may not trigger a property tax reassessment based on a sale and otherwise it’s somewhat unpredictable when an actual human will come to reassess the exterior and interior for overall value.

Trying to predict when this might occur on a property purchased with currently low property taxes but is subject to significant increase when reassessed due to forced appreciation. Thanks!

Hey All- This topic has been posted about in the past but not within the last year or so; wondering if anything has changed:

-Is it a risky and/or potentially illegal operation to rent out a basement/in-law 3rd unit in Chicago when the property is zoned and listed as a 2-unit? Is it a different situation when it is “legal non-conforming”?

As a first time real estate investor, is this something to stay away from?

Appreciate any and all insight, thanks all!

@Michael Facchini Awesome info Michael, thanks. Hoping to see increases in those FHA limits as well! And the Conventional Loan 5% option makes sense, but the catch 22 would apply to us with the income limits. Bummer.

@John Warren Great points about the Chicago real estate market. Helps to hear other folks confirm this as we’re just stating out and having trouble finding deals and/or opportunities.

@Jonathan Klemm Thanks John for the recommendations on folks to reach out to. Looking all over the west/north side of Chicago, but are somewhat flexible.