Property Management Chicago 3flat

[Carmela Hunt]

HI! 

Any recommendations for good property managers for a 2 unit multi home? Logan Square Area.

I am a new homeowner, and by extension, landlord, to a recently bought Chicago 3 flat (3 unit multi home). I plan to live in one of the units, and rent the other two apartments. I work in a hospital, and wont be able to be as hands on in"landlording", as much as I want to.

Thank you in advance!

[Carmela Hunt]

@David Wren Hi David!

It depends on what type of property you are looking to invest in, and how much work or money you are willing to put down.

Logan Square, Hermosa and some areas of Humboldt Park are worth looking into. Unfortunately, these are also hot areas, so you have to study your comps diligently, act quickly, and be prepared for multiple offer situations.

Because of this, I suggest to start earnestly looking maybe 6 months in advance before your move. The closer you get to your move in, the more likely you will be forced to buy something overpriced. Also, headsup on the high property taxes we have here in Chicago.

In my case, I bought a 3 Flat, 1920's brick building. Im a first time homeowner, so I was able to get an FHA loan. I was turned down many times in favor of another buyer using conventional loans.

Hope this helps and good luck with your move!