Oak Park, IL · Member since 2014 · 285 posts · 114 votes
Properties in this area are hot. I lost two foreclosure deals in the same week despite of bidding above the price. This one was listed for 184000, I bid 176000 right away. Bank asked me to up my bid, I offered 180000 and they accepted. This area appreciates well and it is a big 2-flat. Minimum expected total rent is $2800, and work needed is cosmetic. Deals are harder than ever to find. A few years ago, this would have a hard time selling for 140000, 150000, but currently I am very happy with the deal. My motto is to buy cash flow plus appreciation, in A- areas at least. All nine properties (2-Flats, Condos, SFH's, Townhomes etc.) that I own are within 1.5 miles of my primary residence in Oak Park, and I could walk to each of them. BP has been a great resource. I am planning next buy next year and this will be commercial at least a 6-unit, I will be asking BP pros about mortgage qualification requirements.
Buffalo Grove, IL · Member since 2015 · 31 posts · 1 vote
10y
Congrats on the purchase! I still haven't bought anything, been lurking a while and I've seen a bunch of nicely priced properties in/around Forest Park. What scares me off a little is the proximity to Maywood, which is not the best area. I do agree that the area will pick up soon, it's a short commute to the city and Oak Park is pretty expensive.
Banker · Downers Grove, IL · Member since 2014 · 396 posts · 107 votes
10y
@Atul Mohlajee Congrats! I used to work in Forest Park and would go to all the bars on Madison Street. Great area. Let me know if you ever need a home equity as I can do them at 90% ltv on primary homes and 75% on Investment.
Investor · Chicago, IL · Member since 2016 · 3 posts · 0 votes
10y
Congrats as well. I too really like Forest Park. Currently have a duplex that we purchased out of foreclosure less than 90 days ago and have rented out already. As you said, opportunities not as easy to come by in the area, but always looking for the right opportunity. We have struggled a bit with rehab costs on this project. I guess that's to be somewhat expected with most of the homes in the area 80+ years old. Would love to hear if you have found some local contractors that you would recommend. Do you handle the property management yourself?
Investor · Forest Park, IL · Member since 2016 · 2 posts · 0 votes
10y
Chris I have a great G.C. that lives in Forest Park. Reasonably priced and gets projects done fast and on budget. Let me know if you want his name, good guy to know!
Oak Park, IL · Member since 2014 · 285 posts · 114 votes
10y
This one is only cosmetic repair. But still, please send me name of the GC for future other projects. I self manage everything which is why I buy close by so that I am a yell distance from home so if my family needs some help I am available. Also, I can visit properties at any time and drive by most of them even running errands.
Investor · Oak Park, IL · Member since 2014 · 307 posts · 150 votes
10y
@Atul Mohlajee I am in Oak Park, too, and agree Forest Park definitely has some opportunities. And it's good to have them so close by. I like the good access to the Blue Line to downtown and relative stability of the neighborhood. Madison Street has a pretty decent shopping/restaurant district. The schools are not considered as good as Oak Park's but property taxes are much lower. The cash flow can be achievable. Does anyone know of a good source for properties with 4-12 units?