Multi families in the Chicago market advice

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Multi families in the Chicago market advice

Kevin Vasquez
Rental Property Investor · miami, FLORIDA (FL) · Member since 2017 · 25 posts · 1 vote

Hey guys!

I’m showing a lot of rental opportunities in the chi market especially for multi families.I live in Florida and only know of my market, taxes, opportunities, etc 

My questions are:

Would it be a good investment to move forward?

I’d have a property manager in place. Anything I should look for?

Are the taxes considerably higher?

Anything to take into account with the seasons?

Would you invest?

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

    @Kevin Vasquez Chicago is a great market. At the same time, it is a HUGE market so you will want to focus on one area or neighborhood to have success. You also will want to have a great property manager if you are going to be an out of state investor. You should connect with @Mark Ainley as his firm covers a large area of the city and specializes in the residential sized deals. 

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  • Mark AinleyBusiness Member
    Property Manager · Roselle, IL (Chicago Suburb) · Member since 2013 · 2k+ posts · 1k+ votes
    6y

    @John Warren and good to hear the interest in Chicago @Kevin Vasquez. What areas have you been looking at?  Taxes within Chicago city limit are lower then suburbs but there are pros and cons for both sides in looking in city vs suburbs. Reach out anytime. 

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  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    6y

    @Kevin Vasquez - Just curious what you are looking at that is indicating a lot of opportunity in Chicago?  Not saying there isn't just wondering the source.

    Like @John Warren, big market here, and you need to focus on some specific criteria so you can determine if the deals you are looking for are actually here.  

    Taxes are typically higher than other states and it does snow so that seasonality definitely affects the numbers.

    To your last question - I would invest, just gotta find the right deal......like always 

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  • Kevin Vasquez
    OP
    Rental Property Investor · miami, FLORIDA (FL) · Member since 2017 · 25 posts · 1 vote
    4y

    Thanks for all the insights guys. Most of the listings I’ve found were on loopnet. Living in Miami literally everything looks better price wise for an investment outside of FL lol. I would very much need a good PM. If anyone has connections with commercial real estate that would be great also. 

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