DO NOT INVEST IN CHICAGO
The numbers look amazing on paper. Heck, I've even done 3 successful BRRRs there
But the fact that the city and the state it's so anti-landlord is very frustrating.
I have a property in the middle of BRRRR that I've finished remodeling. Bought it for $105k, do rehab and repairs worth of around $50k. I expect that it would be worth around $200k and can do full BRRRR. Then when I wanted to rent it out, suddenly an armed squatter take possession of the property. It's been 8 months since then. The police, sheriff, and what not can't help. I can't turn off the utilities for whatever reason.
And I keep piling property tax bills, and violations from the city for whatever reason, and the property was just laying there with squatter that I can't evict
Anyway, now I have this property at 5144 S Princeton, close to Washington Park, where I need someone to help remove the squatter, or even buy it for cash. I am willing to take a loss after all the repairs and remodels I did to the house.
I am just so done with Chicago