Hello everyone

Just recently I bought this property in Chicago and it needs some work in order to make it rentable. It will probably cost me $100K to renovate the whole place and rent it as is and keep it long term as future retirement plan or should I just sell it for a quick profit and move on since I really got a great deal on it and could probably make easy $60K profit

thank you

@Marek Sypolka there is no right answer to this question. If you can really make a quick 60k that could be great, but is this property in an area you like? Is there more upside appreciation over the next 5-10 years on this deal? Do you intend to build a portfolio in this area? You would need to give us a lot more back ground to help you make a decision like that. 

Thx for the reply 

This property I’m talking about is located on N Central Park ave right by Addison exit off of Kennedy expressway 

I’m not really familiar with the area since I live on northern suburbs and got this property by chance and I have no future plans investing in that area but thought it would be nice to have a rental property which is only 25 min drive from my house 

Thx

Originally posted by @John Warren :

@Marek Sypolka there is no right answer to this question. If you can really make a quick 60k that could be great, but is this property in an area you like? Is there more upside appreciation over the next 5-10 years on this deal? Do you intend to build a portfolio in this area? You would need to give us a lot more back ground to help you make a decision like that. 

Thx for the reply

This property I’m talking about is located on N Central Park ave right by Addison exit off of Kennedy expressway

I’m not really familiar with the area since I live on northern suburbs and got this property by chance and I have no future plans investing in that area but thought it would be nice to have a rental property which is only 25 min drive from my house

Thx

@Marek Sypolka check with @Brie Schmidt and @Charlie Shields . They should be able to give you info about that area. 

Hi Markel!

I have an offer on a three flat as well!

My strategy will be try to sell it and if I don't sell quickly I always have the option to rent it! So it's a win in any case!

Good Luck!

Hi Chiara, 

where is your property located, what are you asking?

Marek, 

Sorry if I wasn't clear. I made an offer to buy a three flats (I am not selling it...). The property is in Lincoln Square area.

@Marek Sypolka

If you are still interested in selling it send me a pm