Dallas, TX · Member since 2017 · 9 posts · 2 votes
My name is Kendra and I am interested in buying a property in West Englewood neighborhood in Chicago IL. I am located in Dallas, TX. The property is affordable and I can fix it up to add equity and increase revenue. I am nervous, mainly because this is new to me, but I am confident that I can do this. Can anyone share advice on managing properties in a not so nice neighborhood? Whether or not I should jump into an apartment building that needs to be rehabbed on my first deal, even though it is income producing? Any advice about rehab funds in Chicago or folks I should reach out to in order to successfully make this happen? Any information, contacts, and advice is greatly appreciated.
@Account Closed Wasn't Oakland once a murder Capital? Within the past 10 yrs or so? Before San Fran went crazy, now folks are pouring across to Oakland?
I tell people ALL the Time. I am from Brooklyn NY. You probably wouldn't like my "hood" back in the 80s but now tears-downs are $900K+, as Manhattan cap rates fell.
Put feet on the ground and stop watching Fox News. South side Chicago is Next!!! Always happy to show out of state investors around! :-)
@Darren Sager I am a native New Yorker, born and raised. I definitely agree NYC will always be a grade A market and a great place to invest if possible.
I'm just stating there are thousands of miles between the Atlantic and Pacific Oceans. To make such broad judgments about an entire metropolitan area based on 5-10 miles of the city is a poor assumption in my opinion.
My market is so competitive, I'm happy the media is keeping folks out. More for me :-)
Any out of towners who want a tour of the real Chicago, I am happy to connect!
@Ibn Abney I agree. You can make $$$ anywhere as long as you buy right. Let the media scare people away. I hope you make a fortune! Happy to go to Vito & Nick's anytime I'm in the windy city.
If you do not have someone who is familiar with that area, do not buy there. Chicago is difficult because it varies so much on a block to block basis. Also, it has tenant friendly laws. You may want to read up on Chicago Tenants rights.
Finally , it sounds like you want the biggest bang for your buck. As a fairly new investor myself, I will take smaller returns in exchange for sleeping well at night.
My name is Lisa Mazzarri, Property Manager in Chicago IL, Englewood is the area you may want to invest in because; investors and Millennial are buy up the area due to the affordability and in the near future will be most likely the next neighborhood to prosper. I work for one of the largest telecom company and my co-workers as well as the Asian community, Young white millennial are buying up the area. If you need to talk further just send me a personal email.
I live in Englewood, most of the people there are hard working people surrounded by Section 8 housing. Most of the owners of said housing don't look like the occupants