Seasonality with multi family unit in Chicago

[Tyrese Packer]

Hi all — first post here!

I recently started my search for a multifamily property in Northwest Chicago. Financing is in place, but I’m currently in a favorable position where I’m not paying rent, so I’m considering waiting a few more months to purchase and targeting a January closing. That would give me some additional time to build reserves and go into the purchase with a stronger cash position.

My main question is around the opportunity cost of waiting. Given how challenging Chicago winters can be, I’m wondering how much seasonality should factor into the timing. If the units aren’t already leased at closing, I’d imagine finding tenants in the middle of winter could be more difficult, on top of inspections, moving, and generally managing a property being a bit more cumbersome during the winter months.

For those who have invested in Chicago multifamily, would you view the additional reserves from waiting as worth it, or would you prioritize getting into the property sooner? Curious to hear how others would approach the timing — maybe I’m overthinking the seasonality aspect.

[Aaron Zimmerman]

You will most likely find someone but you won't get max rents. Just get them on a lease that will end in May - July