Where to invest in a multi family property? (taxes)

[allsunny]

Originally Posted by beb0p

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

.

Yep, thats why many listings say buyer responsible for city/ village inspection

[allsunny]

Originally Posted by 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. .

Your son lives there so there isn't really any way around it but generally speaking as a landlord you dont want to take on extra expenses which come with it. Like higher water bills, maintain /repair appliances, replace them when time and then whole issue of plumbing as the buildings are old so is plumbing if tenants do not replace lint traps from washers you'll end up with a nasty clogged drain and a need for a plumber. There is no up side to it unless you need it for yourself.

[ToriaT]

No the city does not come around every year to inspect. They only inspect when a house is sold and bought and also when permits are pulled. The buyer of the property is responsibly for an independent home inspection (I think this is optional but you'd be a fool not to do it). This is in addition to the city inspection noted above. The independent inspection is more comprehensive and of course it is not compulsory for you to perform the work. The city inspection is must do. Either the seller or buyer or a combination must perform the work within a certain time frame. This is just how it works in Berwyn it may not work that way on other municipalities. Also in Berwyn its not just for rental properties any property goes through the same process, houses included. As a note, the independent inspection I had done was very comprehensive and many pages long with photographs of the inspectors observations of all facets of the building, along with his recommendations. The city inspection is one page long with short items that need to be repaired or replaced.

[dtcabrera]

This has all been very helpful. If I do end up settling on a property in Berwyn I will def update this thread. thank you all for your input

[dtcabrera]

Does anybody know where the south Berwyn portion of the town begins? I have seen properties around 28th and Highland. I understand that south Berwyn is more desirable than the north. Thanks

[ToriaT]

That is certainly south Berwyn. Some say it begins at 22nd street but what they really mean is the area south of 26th street and west around Proksa park. However there are other areas that are nice such as the gold coast area. Also around the depot district there are a lot of nice older homes...not bungalows but other styles of houses that could be nice.

[dtcabrera]

I am back to update the thread as promised. I did end up closing on a great 2 flat in Berwyn! Thank you ToriaT for your help and replies! You seem to be very active on the forums in regards to Berwyn so I will enjoy reading those threads. Excited to hopefully see Berwyn live up to its full potential!

[ToriaT]

Congrats on your two flat. Good luck with the city inspectors. Don't let them convince you to put in egress windows unless you are changing the windows. There are a number of good facebook groups where you can get information on Berwyn that is very helpful such as Berwyn Cool Kids and Preservation and Restoration Berwyn.

[mike3070]

Dtcabrera, Welcome to the neighborhood.

ToriaT, I keep seeing info that the Berwyn Cool Kids Facebook group is a good resource for Berwyn info, but I'm not able to find a group with this name in Facebook. I'm only finding the Berwyn Cool Kids Book Club, or the Berwyn Area Cool Cats.

Any additional info you could give me would be appreciated.

Mike

[ToriaT]

IF you send me a private message with your name on Facebook I will add you.