Investing in Chicago

7 Replies

Hi, is anyone on here an active investor in the Chicago market? If so, I have a few questions about starting out. Thanks!

Originally posted by @Adam Kerr :

Hi, is anyone on here an active investor in the Chicago market? If so, I have a few questions about starting out. Thanks!

 Hi @AdamKerr, 

What are your questions?

@Adam Kerr :  Post a question & you'll get responses from Chicago investors.

@Adam Kerr Welcome to BP!  There are a ton of investors that are experienced in different parts of the Chicago market on here.  If you ask a question, you'll likely get some great insight & advice to help you on your way.

The answer to your question is....

Make offers and see what happens.  It typically will all fall into place.

Thanks for the responses everyone. I'm looking at flipping my first property and have a good handle on the construction end of it but need to better educate myself on how to fund the project and which properties are best to start with. Any help on the questions below would be quite helpful!

1. Are there any suggestions in in regards to the type of place to start with? Condo vs. 2 or 3 flat? 2 bed/1 Bath vs. 3 bed/2 bath? I'm focused on Old Town, Lincoln Park, Wicker Park, Lakeview and Bucktown as I'm familiar with these neighborhoods. Any suggestions on other neighborhoods are welcomed. 

2. Any suggestions on good lenders to speak with? I'm not sure if this is the right forum for this question but any direction would be helpful. I've spoken to one guy but he's been difficult to pin down for a meeting. Also, any suggestions on the best type of loan would be helpful as well. I intend to put down 5%.

Thanks and I appreciate all the help!

Adam 

@Adam Kerr Hey Adam, to answer a few of your questions. The neighborhoods you mentioned would be good, because they are hot neighborhoods. However, there are not many deals left out there which will give you a high return. I would recommend starting with a SFH or a condo if you can find one at the right price.

As far as your financial question. You can acquire a property with 5% down on a conventional loan. Just make sure you have enough money for the repairs or look into a 203k loan. Hope this helps!

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