Looking for advice on investment in Chicago

Member since 2019 · 12 posts · 1 vote

I am a WA state resident and looking to invest in SFH or multifamily in Chicago. I would like to pick your brain and hear your experiences if you are a out of state investor and currently own SFH or multi family in chicago. Really appreciate your help!

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Mark AinleyBusiness Member

Property Manager · Roselle, IL (Chicago Suburb) · Member since 2013 · 2k+ posts · 1k+ votes

@Smita Rahatadkar and @Constantia Petrou there are a lot of West Coast investors around here and I hope some of them post but if they don’t @Patrick Britton might be a good reference who is also a Realtor.

I see out of state people make a few mistakes in their approach like not using attorneys to represent them in the purchase or downplaying issues that come up on inspections up front. We do have an older housing stock here in Chicago and like you said harsher winters so making sure you buy something in good shape is important for your long term cash flow.

The key is to find a solid team here or a couple of trust worthy people with a team for you to use and you are set.

[email protected]630-781-6744 Podcast Guest on Show #72

GC Realty & Development LLC4.61078 Reviews

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Constantia Petrou
Investor · Burlingame, CA · Member since 2016 · 63 posts · 3 votes
6y
@Smita Rahatadkar Would be very interested in this question as well. I m on the West Coast as well and the dreadful Chicago winters would appear to be a challenge in terms of property management and maintenance as well as vacancy rates
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Mark AinleyBusiness Member
Property Manager · Roselle, IL (Chicago Suburb) · Member since 2013 · 2k+ posts · 1k+ votes
6y
@Smita Rahatadkar and @Constantia Petrou there are a lot of West Coast investors around here and I hope some of them post but if they don’t @Patrick Britton might be a good reference who is also a Realtor.
I see out of state people make a few mistakes in their approach like not using attorneys to represent them in the purchase or downplaying issues that come up on inspections up front. We do have an older housing stock here in Chicago and like you said harsher winters so making sure you buy something in good shape is important for your long term cash flow.
The key is to find a solid team here or a couple of trust worthy people with a team for you to use and you are set.
[email protected]630-781-6744 Podcast Guest on Show #72
GC Realty & Development LLC4.61078 Reviews
Website View Page
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Patrick Britton
Ann Arbor, MI · Member since 2014 · 1k+ posts · 997 votes
6y
@Smita Rahatadkar @Constantia Petrou feel free to send me a PM. I used to live in Bellingham WA and started picking up rentals in Jan 2018. Now i've got 11 properties (12 doors) under my belt so I am confident saying I know more than the average person when it comes to rentals in Chi-town. :)
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Smita Rahatadkar
OP
Member since 2019 · 12 posts · 1 vote
6y
Thank you @Mark Ainley. Yes I observed lot of old houses. I am actually comparing between Chicago and Kansas City. But don't have solid data points. @Patrick Britton It's impressive that you already have 12 doors. I will PM you. Thank you!
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Marc Edwards
Real Estate Agent · Blue Springs, MO · Member since 2015 · 104 posts · 49 votes
6y
@Smita Rahatadkar @Constantia Petrou I agree with what has already been stated I just wanted to include some of what I see is that investors in general have problems with their property management companies. You can buy a great property and still loose money if your pm company is hurting by not following through with what they say they will. They will Nickel and Dime you for everything and some do this especially if you are from out of state so be aware. So you have to make sure you get good references and interview a few before making a choice. To answer the question I do not no much about the Chicago market, I have heard that it is good but I do know the Kansas City market pretty well as I was born and raised here. With our job growth and low unemployment rates compared to other markets ours is pretty strong for buy and holds not to mention your money goes further here than in most states. I believe if you find a good agent and have a good property management company its definitely worth looking into KC and Chicago. I'm an agent here and don't mind answering any questions that you may have. Many out of state investors are really flocking to these cities as I have helped a couple myself. Good luck with your real estate endeavors.
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