New Member from Chicago and Oak Park
I am a new member to BP - great forum! I began investing in 1987 when I purchased three two-flats on the same block in Wicker Park. At that time the neighborhood was very rough, with gangs, etc. Being an architect by profession, I enjoyed being a part of the renewal of the neighborhood. At that time a 2000 sf two-flat in fair condition went for $60,000. Today, that same property goes for $400,000+.
In 2007 I slowed down, when I bought a home in Oak Park, and sold all but two properties. During the great recession things were slow, including my profession. I found money real tight to finance purchases and improvements.
I typically hold properties at least 8 years. At my peak, I owned 12 properties (34 units). Today I only hold a six-unit I bought in 1987,when it needed quite a bit of work and was difficult to obtain quality tenants. Until 10 years ago, I had a married couple manage the building and address repairs. They weren't the best, but at least I was able to muddle through and hold onto the building. Now my standards are much higher, my focus is on upgrading the units and building to serve a good base of tenants better. There is a big demand for apartments in this area, which is considered "cool" with many good restaurants.
I am in the process of refining my goals. I work full-time as an architect, working for a good firm. In it, I take satisfaction in improving the housing for elderly public housing. My family time is important. My six flat has a mortgage of $200,000, and a value of perhaps $800,000, so I have some equity and would like to achieve a greater cash flow. I am considering multi-unit properties in areas near my home, such as Oak Park, Forest Park, and Berwyn, or perhaps chicago. The challenges are finding properties in areas in which I would find tenants manageable.
I enjoy reading the forums, there are certainly a lot of knowledgeable people, some amazing achievements, and a whole range of ideas, solutions and case studies. I am open to any ideas.
Mike