Good property management companies in Austin Neighborhood Chicago

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Looking for references for good property management company in Austin neighborhood in Chicago area. Any reference much appreciated. Please let me know if you have references on insurance too. Thanks!

Originally posted by @Deepak Kumar :

Looking for references for good property management company in Austin neighborhood in Chicago area. Any reference much appreciated. Please let me know if you have references on insurance too. Thanks!

 I hope you looked up crime data before buying

@Deepak Kumar Austin is a rough neighborhood. Good PMs prefer to work in nicer neighborhoods. Therefore, my best advice is to go on a site that lists rentals and call one of the PM companies with listings near your property.

Thanks @Brie Schmidt  , I have bought the property yet. Still in investigative phase.. But I did check the crime rates, it seems slightly higher than Lakeview area but not much different. I checked on https://www.crimereports.com/. Any suggestions on better places to check out the crime rates etc while looking for properties?

Thanks @John Casmon for pointing that out. Could you suggest some good neighborhoods in Chicago with cap rate 10 or above? I can only see those cap rates in Austin area. :-(

Originally posted by @Deepak Kumar :

Thanks @Brie Schmidt , I have bought the property yet. Still in investigative phase.. But I did check the crime rates, it seems slightly higher than Lakeview area but not much different. I checked on https://www.crimereports.com/. Any suggestions on better places to check out the crime rates etc while looking for properties?

Thanks @John Casmon for pointing that out. Could you suggest some good neighborhoods in Chicago with cap rate 10 or above? I can only see those cap rates in Austin area. :-(

 You need to look at the actual crimes.  Lakeview is car break ins, not drugs and murder.  Lakeview has 0 murders for every 100k people.  Austin is 95.5 per 100k people ranking #9 in Chicago for highest murder rate.  

You will not find a 10 cap rate in a decent neighborhood.  Vacancy rates can be 40%-50% in the rough areas like Austin

@Deepak Kumar I think you should come to chicago and check out the neighborhoods for yourself before investing in them. Some part of Austin are great (Galewood area and some parts around Oak Park) while majority of remaining part are very rough.

@Deepak Kumar It's near to impossible to find a good property management company that will work in Austin. The amount of work it takes to collect rent isn't worth whatever they are getting paid. 


What type of property are you trying to buy?

@Deepak Kumar   I used to live next door to Austin in Oak Park.  When one of my wife's friend's came to visit she needed to get something at radio shack, so she looked up the nearest one that happened to be in the Austin neighborhood and she decided it was close enough to walk.  It ended up being one of the scariest experiences of her life and was literally chased by not one but two different groups of what she described as gang members.  Chicago's neighborhoods can vary drastically block to block, and I recommend driving the neighborhoods of any area you are seriously considering.   I also agree with Brie that you don't want to buy in areas with 10 cap properties in Chicago.  Target 7-8 caps and you can find some great working class areas with good tenants.

@Deepak Kumar I am in Oak Park regularity, and have quite a few friends who are purchasing in the Austin neighborhood. I can tell you that as an out of state investor you should run far, far away from any "deal" in the Austin neighborhood. As others have said, there are some better areas like the Galewood area, but most of the multifamily stuff is not in areas where you can make money unless you are local. 

Thanks @Brie Schmidt that is very helpful. Much appreciated.

Thanks @Jay Thomas yeah I think that would be a good idea. Just trying to figure things out remotely though.

Could you guys suggest some good/ok-type neighborhoods in Chicago, I am OK with little bit bad but not as bad as Austin seems to be? How is South side, is it same story as Austin?

@Deepak Kumar if you want western suburbs you can try Cicero, Broadview or Melrose Park. They are all lower income C neighborhoods where there is pretty good cash flow. 

Thanks @Bob Floss II Totally agree. Very hard to find PM for Austin. We are basically looking for a good cashflow property (multiplex 20+ units) something which could give 20% or above ROI. I am OK in area with low income tenants but should not be ridden with crimes like in Austin.

Thanks @Tobias Falzone for sharing the story, that is certainly scary as hell. I am not looking at Austin anymore.

Thanks @John Warren for the info. Agreed, definitely not buying there.

Thanks all you guys. Much helpful. So with my requirements (good cashflow but ok with low income tenants but not ridden with crimes like Austin) in mind, how are the following neighborhoods?

1. South Chicago area, like near S South Chicago & S Harbor Ave

2. South Shore like near E 75th St & S Yates Blvd

3. Near Washington Park

4. Near Jackson Park

5. Indian Village

Thanks!

Thanks for the mention @Brie Schmidt and @John Warren

@Deepak Kumar as an out of state investor Austin and some other areas would be huge challenge. If the Southside of Chicago is of interest to you the following areas might be more suitable. 

Chatham/Grand Crossing/South Shore/Woodlawn/Jackson Park HIghlands/Brainerd/Bronzeville/Kenwood

Feel free to send me a PM if you need any more info.

Thx

@Deepak Kumar  Come here and check out the areas at various times of the day and see for yourself. While the crime, and types of crimes may not be ideal, you're most likely going to be buying buildings are great discounts and with renovation, will be creating large equity positions for yourself based on other renovated buildings. Take all advice with a grain of salt, and trust your own instincts in the end. Most of the investors that replied to this discussion, and BP overall tend to avoid these areas, for obvious reasons. I'm from the suburbs, but I see the value in these types of neighborhoods, especially when examining the cashflow and equity numbers. If you want more insight on some of these neighborhoods, PM me.