hello everyone and thank you for stopping by on my post. I am a new investor and looking to purchase my first 4 plex. I was hoping I would be able to find my building somewhere around the Chicago land area since I am based around that area, but the more I look at deals the more the numbers don't add up. at times the building prices are just outrageous and then it doesn't work or the taxes in the area kill the deal. so I have been considering perhaps getting my four plex in the Indiana where thing might be a little more manageable. areas such as merriville, dyer, monster..etc. was hoping if anyone had any ideas for this young investor. also if anyone is will to provide a little mentorship, it will be greatly appreciated. Thank you everyone once again.
Does it have to be 4 plex? It's much easier to find a good single family homes in the area you are looking for in Indiana. That been said, I think @Elliott Elkhoury was looking for a 4-plex buyer in IN.
You going to be house hacking or out right not living in it?
Maybe it could come back to your expectations might not be inline with what is available in todays market?
I've seen some decent triplex's that are good buys, some are turn key others you need to invest capital and over time bump up rents in the south side of Chicago.
Also don't think a seller is going to just hand over a mint property, top market rents for under market price not how the game works either. You need to invest time and money at times, meaning fixing up and putting sweat equity.
Its hard to find good cash flowing properties on the Northside. You have to find value add properties. May be better to try a two flat instead of starting out with 4.
@Federico Gutierrez I am considering house hacking if possible to start off, depending on the area of course. Like I mentioned though earlier though, it is just hard finding those deals that make sense as a investor.
Cmon you guys, if you are from Chicago talking about Chicago, you can't use the term 4 plex. here they are 4 flats.
Good luck in your search. in the city, the north side is solid and appreciates but you aren't going to find good cash flow from the start.
Other areas can find good cash flow if you section 8 but they don't appreciate and you deal with plenty of other issues.
Indiana does have some deals and better landlord tenant laws for the landlord.
Look in near West suburbs. That is where I have all 2-flats, 3 Flats, a 6 unit and others. Northside of Chicago is too expensive to make sense as a rental and a few other Chicago areas are cheap but unsafe.
Hey @Sezuo Daudu - Not sure I'd recommend starting with a 4-plex. Here in Indy, there are some great deals, but we find the most stability in SFH's and next Duplexes. A 4-Plex just won't attract as good of a tenant, you'll have more turnover, and more costs. They certainly look better on paper, but in the real world they just don't work as well. We used to own a few, and market a few, but we stopped doing it, as it wasn't in our best interests, nor in the best interests of our investors.
@Sezuo Daudu do some research on Milwaukee, WI. The numbers might make sense.
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