Investor · Chicago, IL · Member since 2012 · 11 posts · 1 vote
Hello All,
I've been toying with the idea of real estate investing for many (4) years now. I've browsed all the forums and read most of the recommended books. After requesting guidance from a friend who had previous investing experience I finally made my first purchase. I got a 3-Flat foreclosure that I'm in the process of rehabbing / rebuilding. I'm looking forward to forward to learning from this community as well as offering any information I can to other beginners [ I feel like I've learned a lot just making it this far .. although I'm now beginning myself :) ]
My intended strategy is Buy and Hold, but as I gain experience that strategy may be subject to change. Once I get my first property up and running I will be looking into all the angles to acquire my second.
Anyway, enough about me and Greetings to everyone.
Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
13y
Hey Nate J. Welcome to BiggerPockets! That's super exciting about your purchase! You'll have to keep us updated on how your adventure goes, as well as post any questions/problems you run into.
Rental Property Investor · Manteno, IL · Member since 2009 · 2k+ posts · 2k+ votes
13y
Congratulations and good luck. There are some great opportunities for investing in chicago. But be very cautious in your screening because Cook county has one of the worst set of landlord laws I know.
Evictions can take up to 5 or 6 months depending on the time of the year (its closer to 6 during the winter months - apparently the govt is ok letting people steal from other people during the holidays).
I haven't had any yet but have had to get awfully creative (i.e. cash for keys and forgiving the back rent) to avoid a couple already.
Real Estate Investor · Chicago, IL · Member since 2008 · 1k+ posts · 218 votes
13y
Nate J. So glad you are here. Great that you have finally engaged yourself in REI.
I also look forward to seeing some of your posts, and welcome a fellow Chicagoan to the boards!
Mike is on the money with his comments about how Tenant friendly Cook County is, but lump on top of that the city of Chicago and it is even worse. Each year the CLTO is updated, and as a landlord it is your job to keep up with the updates. Penalties for not following it can be severe, up to 3 times the Security Deposit (could get huge if you charge 1st and last month as security deposit).
Real Estate Agent · Milwaukee County, WI · Member since 2009 · 3k+ posts · 525 votes
13y
Welcome
I totally agree Illinois has tough landlord laws,
especially in Lake County. Here a recent article on
Chicago, Illinois rent hikes opportunities
" Year-over-year rise: 6.9% Vacancy rate: 4.1%
Median monthly rent: $1,586.50 "
Investor · Chicago, IL · Member since 2012 · 11 posts · 1 vote
13y
@Ryan @ Jenkins @Carolina. Thanks for the welcome and the input guys. I'm in Cook County, I currently live in the West Town / Noble Square area but will be moving to the new building once the complete rehab is done. I'm at the point where they are still ripping things out : ) Yup, I've heard from a lot of people that chicago can be tricky. I've been thinking about pulling this off for a while now so I was able to pull together a prretty solid team for advice ... hopefully that will keep me out of trouble (at least the big sort).