Chicago, IL · Member since 2016 · 4 posts · 1 vote
Hi everyone, new to BP, looks like this is a great place for both real estate networking and getting advise from experienced people.
I have some experience in buying, rehabbing and selling residential properties. Last year I've done 4 deals with my parter and local GC in Madison WI. Now I'm here in Chicago trying to do the same. I'm working on getting my real estate broker's license, also meeting GCs and subcontractors. I can also do a lot of carpentry work myself, therefore I have knowledge of rehab process.
I would appreciate any advice on geographic areas to get started in Chicagoland, current market; possibly meet local pros for potential partnership.
Real Estate Agent/Investor · Chicago, IL · Member since 2015 · 229 posts · 108 votes
10y
Yea its really crazy thats a mortgage payment in itself but the bad they is it may lower but it'll never go away. Im helping a good friend of mine find a condo and nearly fell out of my chair when i saw 1300+ for hoa fees a MONTH unreal you could barely give those away. Yes it would be great to keep in contact with each other best advice i could give is to get active on here and you will be amazed at the things that you will learn and the people you will meet.
Chicago, IL · Member since 2016 · 4 posts · 1 vote
10y
Thanks Nick. Also thanks for invite to the meet up, we'll see if I can change my Tuesday's schedule to make it.
I live in Lincoln Park, beautiful area and a bit too expensive to start.
I was looking at condos in uptown, single family homes in Belmont Cragin area. I was looking for an investment of around 220k, but it always depends on the project, basically enough to acquire a house or condo and enough to rehab it - basic package.
I would be carefull with condos since they can be tricky sometimes if you don't know all of things to look for when buying. HOA fees can tend to raise whenever plus if there or any special assessments that can be a hefty amount as well and really make the buying and selling process a nightmare. I know belmont cragin area is less pricey than even uptown since they are redoing the wilson redline. Prices has been going up and its getting a little crazy around there price wise.
Lincoln park is an awesome area to live but to invest its not the best area because of the very high prices.
Real Estate Agent/Investor · Chicago, IL · Member since 2015 · 229 posts · 108 votes
10y
Yea its really crazy thats a mortgage payment in itself but the bad they is it may lower but it'll never go away. Im helping a good friend of mine find a condo and nearly fell out of my chair when i saw 1300+ for hoa fees a MONTH unreal you could barely give those away. Yes it would be great to keep in contact with each other best advice i could give is to get active on here and you will be amazed at the things that you will learn and the people you will meet.
Real Estate Consultant · Chicago, IL · Member since 2014 · 720 posts · 439 votes
10y
@Alexander Burdeinyi welcome to BP where you'll find an amaizing group of people willing to answer your questions and jump in to help with your needs!
Flipping in the North Side is all about finding good deals. The North Side of Chicago has the most amount of flipper in Chicagoland.
Best advice I can give you is - Focus on making your money when you buy! The neighborhoods you chose are great, and it should be easy to resale remodeled homes.
You might be able to find a condo here and there, however the competition on the condo is fierce as you do a lesser amount of work versus houses. Again, if you find a deal - jump in.
Residential Real Estate Broker · Chicago, IL · Member since 2015 · 51 posts · 21 votes
10y
Chicago is a hot spot for real estate investment. The key is going to be to keep eyes on the market and be ready to jump if the right property presents itself. My investors have had success in the NW side of the city and NW suburbs. Good luck starting up and feel free to reach out.
Chicago, IL · Member since 2016 · 4 posts · 1 vote
10y
Al Canaveral Lumi Ispas
Thank you guys for response and advice. Just need to get my hands on it. I realize that condominium would be harder to get, indeed there is less work to do, and margins are lower than in a house reno. In Madison I've done some crazy rehabs, it was fun, I'd upload pictures of before and after if it was possible, and maybe it is, I'm still new to BP.
Anyway thanks for advice, we'll keep in touch