looking to purchase a triplex or multifamily in chicago suburb

Member since 2022 · 62 posts · 39 votes

Hi everyone, i hope everyone is doing great. my name is cris and i live in san diego california now. i'm a out of state investor who own 2 properties in rockford il. I'm looking to purcahse a triplex or 2 unit using fha loan also live in one unit. any advice on which suburb of chicago is good to buy this type of property or where i can find that type of property spending no more than 350k. any advide will be very appreciated

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John Warren

Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes

@Kristin Vegas why not look in Rockford again? 350k won't get you very far in a lot of areas, especially if you are wanting to find cash flow.

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John Warren
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
2y
@Kristin Vegas why not look in Rockford again? 350k won't get you very far in a lot of areas, especially if you are wanting to find cash flow.
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Jake FugmanBusiness Member
Real Estate Broker · Chicago, IL · Member since 2016 · 256 posts · 250 votes
2y
You might consider the Elgin area. It's on the far NW side and has inventory in that price range, but consider that taxes are relatively high in Elgin VS most suburbs. If you are open to doing some light rehab some inventory might open up in Geneva and St Charles areas.
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Paul De Luca
Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes
2y
@Kristin Vegas

In addition to the areas @Jake Fugman recommended consider looking at Aurora as well.
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Mike K.
Member since 2024 · 84 posts · 106 votes
2y
Quote from @Kristin Vegas:

Hi everyone, i hope everyone is doing great. my name is cris and i live in san diego california now. i'm a out of state investor who own 2 properties in rockford il. I'm looking to purcahse a triplex or 2 unit using fha loan also live in one unit. any advice on which suburb of chicago is good to buy this type of property or where i can find that type of property spending no more than 350k. any advide will be very appreciated
Elgin and Aurora both have affordable properties. In both of these markets crime is much higher on the East side of the river, but prices are lower. Streamwood or Schaumburg would be good for affordable single family homes.
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Jonathan KlemmBusiness Member
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Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
2y
Hello @Kristin Vegas - All of the Chicago Suburbs are good to buy in lol it just depends on your specific goals, strategy, and team!
I really like the western suburbs like Cicero & Berwyn.
So are planning to moving into the property since you are using an FHA loan?
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Robert Rixer
Investor · Miami, FL · Member since 2015 · 355 posts · 268 votes
2y
You're best bet is to call a local multifamily broker. They'll be able to give you better and more concise insight.
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Kristin Vegas
OP
Member since 2022 · 62 posts · 39 votes
2y
Quote from @John Warren:

@Kristin Vegas why not look in Rockford again? 350k won't get you very far in a lot of areas, especially if you are wanting to find cash flow.

the reason i'm not looking in rockford is because i want to invest in another area, not too far from the city
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Kristin Vegas
OP
Member since 2022 · 62 posts · 39 votes
2y
Quote from @Robert Rixer:

You're best bet is to call a local multifamily broker. They'll be able to give you better and more concise insight.

thanks alot for that advice! i will
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John Warren
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
2y
@Kristin Vegas makes sense. I started in Berwyn and have done most of my investing there or in nearby areas like Bellwood or Cicero. The western suburbs are full of opportunities to invest. The 350k price point is one that will make it a bit more challenging the closer you get to the city. The market has really taken off these past few years.
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Kristin Vegas
OP
Member since 2022 · 62 posts · 39 votes
2y
Quote from @Jonathan Klemm:

Hello @Kristin Vegas - All of the Chicago Suburbs are good to buy in lol it just depends on your specific goals, strategy, and team!
I really like the western suburbs like Cicero & Berwyn.
So are planning to moving into the property since you are using an FHA loan?

yes i'm planning to move in one unit and rent the others
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Kristin Vegas
OP
Member since 2022 · 62 posts · 39 votes
2y
Quote from @John Warren:

@Kristin Vegas makes sense. I started in Berwyn and have done most of my investing there or in nearby areas like Bellwood or Cicero. The western suburbs are full of opportunities to invest. The 350k price point is one that will make it a bit more challenging the closer you get to the city. The market has really taken off these past few years.

thanks for that advide, i will do my reseach in those areas or other areas near
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Kevin Garvey
Realtor · Chicago, IL · Member since 2014 · 29 posts · 12 votes
2y
Both the west and the south suburbs have deals that can cash flow for 350k, especially if you're looking at living in the property. Berwyn and Cicero have a lot of 2-4 unit properties that would be ideal for house hacking.
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John Warren
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
2y
@Kevin Garvey but none of the Berwyn and Cicero ones will cash flow right now..... My team has been dominant in this area for years, but with the strong appreciation the last two years the numbers just don't work anymore (normally). This is a good time to already own here, but not the best time to enter for an entry level buyer in that price point.
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Jonathan KlemmBusiness Member
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Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
2y
That's beautiful @Kristin Vegas! House hacking is such a smooth (for lack of better words) way to get into real estate.
Make sure you hop on a call with @John Warren because he knows those western Chicago suburbs better than anyone I know!
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Kristin Vegas
OP
Member since 2022 · 62 posts · 39 votes
2y
Quote from @Jonathan Klemm:

That's beautiful @Kristin Vegas! House hacking is such a smooth (for lack of better words) way to get into real estate.
Make sure you hop on a call with @John Warren because he knows those western Chicago suburbs better than anyone I know!

sure will, thanks alot!
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