Zachary Freeman
Purchasing Quadplex in LA; possibly will convert to 6 units
In Los AngelesListing price $690k. I have offered $645k. It currently has 2 2bed/1ba and 2 5bed/2ba. The property was non comforming 6 units and the seller just converted and remodelled it to 4 units. I may convert i...
Roman Puzey
Egress window seller concession vs asking seller
HelloWe are under contract for a single family home that we bought that has a full kitchen downstairs with 2 non-conforming bedrooms, full bathroom, washer & dryer and living room area with a separate entrance (st...
Ryan Monty
What rehab elements tend to increase appraisal value the most?
Specifically in Chicago, any advice on which types of rehab elements an investor in multi-family properties should focus on or give more weight to when deciding how to rehab a multi-family property? For example, in s...
Moises Correa
Renting out "In-law" Units - Pros & Cons
I am looking to invest in the Chicago market, and was initially considering only 3-flats for my first house-hack (I will live in one unit of the building). Many buildings in the city are set up as legal 2-flats with a...
Catherine Parenteau
Renting Non-Conforming apt through Section 8 - good idea?
Anyone have experience renting a Non-Conforming triplex unit that meets Code through Section 8? I don't have much experience dealing with Section 8 and I wonder whether there's a risk of bringing attention to a non-c...
Paul Bommarito
Legal 4 unit with 2 additional non/comforting units
Hi BP,
I have a question about buying a multifamily property with non-conforming units.
We are under contract for a very nice legal brick 4 flat in Chicago that we plan to house hack. However, the building also has ...
Chris Parker
Super conforming mortgage insurance no longer available?
My lender @Chris Mason called me today to inform me of something incredible:Apparently all the mortgage insurance providers he is aware of are suddenly no longer offering mortgage insurance for super conforming Home P...
David Bull
REFINANCING RESTRICTIONS - 80% of cost / value
in TX - is there a time period you have to wait to refinance? I bought my first property with cash. first 2 banks said they would only refinance with a loan of 80% of the COST of the purchase price plus rehab. I thou...
Ryan Monty
Illegal vs. non-conforming unit: differences in uses & Airbnb?
This is a few related questions in one:First, I want to check if my understanding on the differences here is correct?Illegal unit = you can't rent this unit. I mean, you *can* rent it, but if the City is ever alerted...
Jean Mercer
nonconforming rental units.
I would shy away frompurchasing a building withnonconforming rentAL units.The city can shut you downand make you convert them back and at today's codes. It can be very expensive. I speak from experiance.