Looking for Single Famly/Multifamily in Chicago IL and collar counties

Financial Advisor · Guadalajara, Mexico · Member since 2026 · 2 posts · 5 votes

Dear Community

I am an investor living in Mexico but investing in real estate in Chicago IL and collar counties. I am looking to connect wit people dealing with sales and buying properties in Chicago to find potential investment opportunities. I have already started with 1 single family home and it is currently rented,

Happy to connect with someone!!

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Kyle Jones
Chicago, Cook County · Member since 2026 · 28 posts · 9 votes
1d
Welcome, Armando. Buying from Mexico, the thing I'd worry about most is the costs you can't see in listing photos, because in Chicago those usually live in the basement, the back porch, and the tax bill.
- Get the sewer line scoped with a camera on anything older. A lot of Chicago housing still has old clay lines, and roots or a collapsed section can be a five-figure surprise that never shows up in photos.
- Ask about basement water history and whether there is a backflow or overhead sewer setup. Heavy rains back up a lot of Chicago basements, and a finished basement can hide it.
- On 2 to 4 flats, check the city permit history for the garden unit and the rear porches. Unpermitted basement units and old wood porches are common, and both can turn into real repair bills or lost rent.
- Underwrite on the property tax after a sale, not the current bill. Cook County reassessments can move taxes a lot, and that changes the numbers more than people expect.
- Know that most Chicago rentals fall under the city's landlord tenant ordinance, which has strict security deposit rules. The collar counties are mostly different, so it is worth knowing which rules apply before you pick a market.
- Since you can't be there, plan how you will verify repair work before paying for it: dated photos or video for each stage, and payments tied to finished work.
Congrats on getting the first one rented. Happy to answer questions on the Chicago side.
Kyle
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Stephen Foster
Member since 2026 · 9 posts · 3 votes
1d
I'm a mortgage broker. Living outside the US doesn't stop you from financing Chicago rentals. Look at foreign-national DSCR loans, which qualify on rent vs. payment rather than US income. Expect a bigger down payment, reserves in a US bank account, a valid passport/visa, and often an LLC to hold title. Your existing rented SFR helps, so have the lease and management statements ready.
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Ametria Chaney
Realtor · Memphis, Shelby County · Member since 2026 · 235 posts · 78 votes
1d
Armando, welcome to BiggerPockets — and congrats on getting the first one rented! Buying in Chicago from Mexico is absolutely doable, but I'd build your team before you start making offers: an investor-friendly agent, a lender experienced with foreign-national buyers, and a solid property manager if you're going the rental route. The collar counties each have very different price points and rental demand, so get clear on your strategy first — cash flow, appreciation, or a mix. Kyle's advice above on sewers, permits, and taxes is spot-on for Chicago specifically. A knowledgeable local Realtor can be a huge asset for navigating neighborhoods from a distance. Best of luck as you grow the portfolio!
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Mike FisherBusiness Member
New Lenox, IL · Member since 2024 · 138 posts · 68 votes
23h
Welcome, Armando, and congrats on getting the first one rented. Owning from Mexico, a few things help remote owners the most:
1. Keep a separate bank account for each property so rent, repairs and reserves never mix with personal money.
2. Get a monthly owner statement that shows every dollar in and out, with the invoices attached.
3. Set a repair approval limit in writing. Small fixes get done fast; anything above it comes to you with photos first.
4. Know which rules apply before you buy. Chicago has its own landlord tenant ordinance, and many suburbs require a rental license and an inspection before a tenant moves in.
Kyle's points on sewers and taxes are spot on. Happy to answer questions on the south and southwest suburbs side.
Mike, M Property Group LLC
[email protected]
M Property Group LLC | MF Cashflow Property Management4.995 Reviews
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Henry Lazerow
Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes
5h
Welcome! I actually just sold a deal for a client from Mexico; I sold them a 2 unit in Avondale in 2018 for $300k and we just sold it for $880k all wired back to mexico! They had their friend who is a GC in Chicago do a nice rehab to it though.

Why chicago and what parts? A word of caution: I often have out-of-state buyers send me deals with high cashflow ratios but they are in C or D areas. The cheap properties here are cheap for a reason: constant evictions and those evictions take a whopping 6 plus months. The expensive properties are also expensive for a reason: high demand, amazing tenants, sub 3% vacancy and high annual rent growth. The suburbs/collar counties were cheap a few years ago, but now they are higher priced even those with pretty crappy credit tenants have nearly doubled. I just sold my suburb 4 unit and am now focusing only on Class A/B Chicago properties. Most of my clients doing well in Chicago are buying 3 or 4 units in class A B areas and doing cosmetic rehab to create significant equity 100k plus and then renting them up at high rates or living in a unit to hold for a few years then flip or refi, works very well as you can get very high rents often 50% or double what the MLS listed them at after even basic updates and adding laundry. Lots of MLS rents are way below market.

Kyle brings up great points. Check the sewer, check the porches and confirm the legality of gardens. Any of these three can be huge costs if get wrong.

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Crystal SmithPro Member
Moderator
Real Estate Broker · Chicago, IL · Member since 2014 · 2k+ posts · 1k+ votes
56m
Quote from @Armando Castro:
Dear Community
I am an investor living in Mexico but investing in real estate in Chicago IL and collar counties. I am looking to connect wit people dealing with sales and buying properties in Chicago to find potential investment opportunities. I have already started with 1 single family home and it is currently rented,
Happy to connect with someone!!
Welcome to BP. Feel free to send me a private DM and we can set up a time to talk.
312-681-7487
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Gregory AcsPro Member
Lender · MD · Member since 2025 · 253 posts · 97 votes
1m
Great to hear you've already started building your rental portfolio in Chicago! Are you primarily looking for single-family rentals or multifamily properties for your next investment? Also, are you planning to finance the purchase or buy with cash?
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