Buying a Fixer Upper

Send us Fan MailHas your shower suddenly gone ice cold? Today on Better House Chicago, we are talking all things water heaters. We cover why waiting for an emergency replacement is the most expensive mistake you can make, and how upgrading to a new heat pump water heater operating at 385 percent efficiency could save you thousands of dollars. Let's dive in!

Send us Fan MailAre new condo loan rules complicating your path to homeownership? You aren't alone. Recent changes to Fannie Mae and Freddie Mac guidelines have made condo warrantability a major hurdle, with strict reviews on life and safety projects stalling everyday deals. But what if the best solution is to bypass the condo entirely and buy the whole building?   In this episode of Better House Chicago, Wayne Beals and Derek Walvoord sit down with local Chicago lending expert, former realtor, and seasoned investor Greg Kohlhagen. Greg breaks down exactly why condo financing is getting stricter and reveals the massive pivot happening in the market: financing for multi-unit buildings has actually become easier.   Discover how everyday buyers are using the strategy of house hacking to purchase 2-flats and 3-flats with as little as 3.5% to 5% down. Greg explains the concept of the "invisible cosigner"—how using 75% of a building's market-rate rental income can significantly boost your qualifying purchasing power, allowing you to get paid to live in your own investment.  In this episode, we cover: What "non-warrantable" means and why HOA reserve reviews are derailing traditional condo loans.   The modern definition of house hacking in Chicago.   How to leverage projected rental income to qualify for a larger multi-unit property.  Why owning a 2-to-4 unit building offers more control, stability, and exit liquidity than buying a condo or a 5+ unit commercial building. The hidden benefits of being a live-in landlord

Send us Fan MailWelcome back to a brand new season of Better House Chicago! Hosts Wayne and Derek are catching up on a crazy, weather-beaten summer and diving deep into a real estate market that has officially flipped on its head. With Chicago's appreciation rates blowing past the national average, buyers and sellers are navigating a highly competitive landscape that feels like a tale of two cities.In This Episode, We Cover:The 12.9% Price Surge: Wayne breaks down the staggering year-over-year median sale price increase strictly within the city of Chicago. The median price recently hit $420,000, which completely dwarfs the 1.8% national appreciation rate.  Bidding Wars & Buyer Fatigue: Hear the wild story of an Albany Park listing that jumped from an asking price of $970,000 to a final sale of $1.15 million in its very first weekend. This property saw massive competition, pulling in five offers and 26 showings right out of the gate.  South Side Value: Derek explains why neighborhoods like South Shore and Woodlawn are becoming hotspots for buyers seeking affordability. He notes that habitable bungalows can still be found in the low to mid $200s, while $600,000 to $800,000 gets you into the highest-end bracket in the Jackson Park Highlands.  Neighborhood Developments: The hosts take a look at how the newly opened Obama Presidential Center is bringing amenities and tourism to the area. They also discuss the upcoming quantum computing campus on the southeast side, which is expected to drive high-paying jobs in the area.  Tool Talk & Home Resiliency: Derek shares his newfound love for oscillating tools for precise trimming and flooring projects. The guys also discuss why hybrid heat pumps are a highly efficient way to handle Chicago's fluctuating winter weather and fuel costs. Preservation Watch: Derek shares a quick update on the historic O'Leary mansion. The property is currently tied up in a messy probate situation and is entering demo court.

Send us Fan MailJeff and his partner wanted an all electric home on the North Side of Chicago on a budget...a tall order.  In this episode, we tell his story with guest experts Craig Matteson from ARC Insulation, and Christopher Muhhamad from Going Green HVAC, who helped Jeff transform his mid century Sauganash home. Got a topic you want to hear us cover?  Connect with Derek and Wayne at BetterHouseChicago.com, of give us a call or text at 312-772-3257.

Send us Fan MailAll electric homes are growing in popularity, and that's in no small part to the work of Sophia Seol, Electrification Researcher at Slipstream.  Sophia has been helping developers and homeowners go all electric since 2020 by helping to administer the Com Ed All Electric Homes Incentive Program.  This program is especially timely with the city of Chicago considering the Clean and Affordable Buildings Ordinance (CABO). Learn everything you need to know on todays podcast and visit ComEd's All Electric Homes Website for detailed program info.

Send us Fan MailFinding the recent polar vortex conditions a little uncomfortable?  You're not alone, most of Chicago's homeowners find themselves unprepared for multiple days below zero.  Wayne and Derek are joined by Special Guest Keon Medlock, who shares his knowledge about air sealing and insulation.  Keon has decades of experience make homes more comfortable and offers simple insights into how you can make your home better shelter in ultra cold weather.

Send us Fan MailSelling a house in 2024? Get insider secrets from expert Realtors Derek Walvoord and Wayne Beals on this no-nonsense podcast! Learn pricing strategies and staging tactics to attract buyers, identify market trends, learn how to use data to give you a crystal ball view and maximize offers, and secure your dream sale. Ditch the stress, dominate the market, and cash in on your biggest asset. 

Send us Fan MailFrom the outside, you wouldn't know it only cost $14 Dollar per month to heat, cool and power Tom Bassett-Dilley's Oak Park Bungalow. The unassuming building retains all of its character and fits perfectly into the backdrop of his quiet South East Oak Park community. He shares how he decarbonized without moving out, over time in phases, and on a very practical budget. Tom also shares his journey and the experiences that influenced him as he grew into a leading architect designing energy efficient and PHIUS (passive house) homes.  

Send us Fan MailOne path to a great real estate deal is to buy a building nobody else wants to deal with, and Wayne & Derek have found a lot of them over the years.  But how do you buy a building when the bank doesn't want to give you a mortgage?  In this Episode, Wayne and Derek share their thoughts on finding the right place for you and using construction financing.  SPECIAL GUEST:  John Edel shares his extensive experience making unwanted buildings cool places to be.  He shares his experiences renovating a monster Brownstone in Bronzeville, reclaiming an abandoned varnish factory in Bridgeport with Santa Claus, and his success revitalizing a former meat packing building now called The Plant and with his Company Bubbly Dynamics.  Musical interludes by J. Davis Trio.

Send us Fan MailInduction Cooking, Heat Pump Water Heaters and Clothes Dryers, and Cold Climate Heat Pumps are popping up in appliance stores, homes centers and heating & cooling supply centers all over the Chicagoland Area.  Is our future an all-electric one? You bet, and it's exciting! Wayne & Derek discuss how these modern electric replacements for our old natural gas appliances are improving our lifestyles, comfort, safety and efficiency at home.  Special Guest:  Steven Vance, founder of chicagocityscape.com, shares his plans to electrify his Two Flat in the East Garfield Community.