Where to invest in a multi family property? (Berwyn, Highland: for rent, appliances)

[allsunny]

[quote=dtcabrera;39099639]I am assuming the 1100 2 bdr. and 1300 3 bdr. includes water and heat?


Yes but no washer/ dryer on site.

[allsunny]

Sorry as far as heat goes included if they can not be split but most are split. With exception 1st floor and basement are together so you could put a 2nd entrance in basement to make it legal to rent as a larger unit.

[ToriaT]

They told me 1500 for heat for the whole building per year. Each building is different with how the utilities work. I had existing washer and dryer and did not want to change to coin op for one tenant so I include it. Water and garbage and sewerage fees are billed every three months by the city of Berwyn. My last bill was 333.71. I kind of stumbled into this so I was not aware of all the fees. Even so the market will only bear so much rent in a place. A few people who were interested told me my rent was too much. Personally I think its very reasonable for what they are getting. I think they were looking for Cicero prices. My building is not really a money making proposition. Its mainly a place for my son to live which in effect gets subsidized by the tenants...the rent they pay ends up paying for property taxes and some repairs. And he does not have to pay rent to a landlord but to me.

[ToriaT]

Be careful as Berwyn is very strict on code and on the legality of basement apartments. I have a room with a bath down there and I can't really rent it, not that I would want to but I'd have to go through some hoops with the city to do it.

[ToriaT]

Also it would cost a fortune to put in a second entrance as buidlings are solid brick there is some cases and there is no easy way to do it. Even though I had the place thoroughly inspected by an independent inspector you never know what the city is going to require until you buy it and they come out and do the inspection.

[beb0p]

Originally Posted by ToriaT

Also it would cost a fortune to put in a second entrance as buidlings are solid brick there is some cases and there is no easy way to do it. Even though I had the place thoroughly inspected by an independent inspector you never know what the city is going to require until you buy it and they come out and do the inspection.

Sorry, novice here. Why would the city come out to inspect the property after you purchased the property?

Where I live (CA), the city doesn't do that unless someone filed a complaint or some work is being done that require inspection.
.

[ToriaT]

It depends on each suburb. Each one has their own rules and regulations. I don't know what they are for any of the other ones I only know what it is for Berwyn. Either the seller or the buyer will have to pay and that is negotiated. When I bought it was "as is" as most places are but the seller did do a few things to bring things up to code and then I have to do the rest. Why would they? Basically the system of inspections and permits, and approved contractors are money making fee systems for municipalities. Also they do want to keep things safe.

[linicx]

Regardless of where you live, the job of the home inspector is to check and write an opion on the mechanical, HVAC, electrical and plumbing components in your house as working correctly as it relates to safety issues. They also check water stains and look at possibly leakl sources such as roof, as well as the possibility a sink or bathtub leaking. They may or may not note evidence of mold. A house that has been empty for awhile should probably have a mold inspection, anyway. Be aware, though, new construction exposed to the elements can develop mold over time too.

[beb0p]

Originally Posted by ToriaT

It depends on each suburb. Each one has their own rules and regulations. I don't know what they are for any of the other ones I only know what it is for Berwyn. Either the seller or the buyer will have to pay and that is negotiated. When I bought it was "as is" as most places are but the seller did do a few things to bring things up to code and then I have to do the rest. Why would they? Basically the system of inspections and permits, and approved contractors are money making fee systems for municipalities. Also they do want to keep things safe.

So every time a house is sold, they city comes out to inspect?

.

[knitgirl]

In Elgin, and apparently in Berwyn, the city inspects all rental properties once or twice a year and you need to have a license and repair any issues.