Investor · Pickering, Ontario · Member since 2016 · 2 posts · 0 votes
Hello BPers!
I am looking into investing in Chicago. I have a few investments in Florida, so I'm familiar with the process of buying in the US. Can any Chicago locals recommend any neighborhoods I should look into for buy & hold rental units?
Ideal property would be built 1980 or newer, 3bdrm + 2bth, Rent is 1% of the purchase price.
Realtor · Oak Lawn, IL · Member since 2014 · 39 posts · 9 votes
10y
Hi Saira,
Are you looking for monthly cashflow? Long term buy and hold appreciation? What is your main goal? Will you be using a local property manager to manage it?
I am familiar with many areas of the city/south suburbs, and those sorts of answers would help me guide you in the right areas where you can achieve your goals.
Realtor · Oak Lawn, IL · Member since 2014 · 39 posts · 9 votes
10y
Hi Saira,
Are you looking for monthly cashflow? Long term buy and hold appreciation? What is your main goal? Will you be using a local property manager to manage it?
I am familiar with many areas of the city/south suburbs, and those sorts of answers would help me guide you in the right areas where you can achieve your goals.
Real Estate Broker · Chicago, IL · Member since 2016 · 57 posts · 23 votes
10y
Hi Saira Khan I work with multiple investors like yourself who are looking to find properties and live out of state. Chicago is a great place to invest and I can share some of the things we do for our other investors that have produced the most return. Chicago although being a great place to invest doesn't have many multi unit investment properties built after 1980. I have a few properties in mind currently...
Investor · Pickering, Ontario · Member since 2016 · 2 posts · 0 votes
10y
@Rob M. I guess a reasonable balance between appreciation and cashflow. Definitely can't do anything that is cashflow negative, but something that pays for itself and has good appreciation would be great. Looking at a 10-15 year horizon. Yes, a local property manager would look after it.
@Ashour Rehana How about single family homes? Are there any that would meet this criteria?
Real Estate Agent · Chicago, IL · Member since 2013 · 386 posts · 218 votes
10y
1980 and earlier is very hard in Chicago.
Those would be considered new properties and expensive.
Chicago is a city of neighborhoods and the "vibe" of streets changes very quickly depending on where you are.
Don't be fooled by cheap or yield.
I would highly recommend if you are serious to make a trip down and explore.
I would also wonder why not just invest in your backyard, got to be easier to find deals 10-15 minutes from your house. Plus I'd imagine Canadian tenants are much nicer :-)
Flipper / Rehabber / Real Estate Investor · Toronto, Ontario · Member since 2012 · 392 posts · 77 votes
10y
Hi @Saira Khan, I've been investing in the Chicago market from Toronto for the last several years so drop me a line if you want and we can discuss what it's like investing there from the GTA.
Btw, I second everything that @Nick Patterson mentions above - he's right on.
Owner · Downey, CA · Member since 2015 · 71 posts · 22 votes
10y
Hello all,
I too am looking to invest in the Chicago area. I'm looking for quality flips as well as long term buy and holds. Anyone that can help please drop me a message.
Thank you
It is amazing to learn that the shape of RE World is perfectly round.....
I've seen many many investors (including myself, up to some extent) saying that Chicago is not a good market, negative population growth, high taxes, tenant friendly laws and so on. With this in mind, many investors from Chicago are looking for investment opportunities outside Illinois. I spent lots of time analyzing other markets such as Northwest Indiana, Dallas, Huston, St. Lois etc. However, for most of these markets, you hardly cross 1% rule with CoC 12%-18% (Turnkey properties, with 20% down). I am sure local investors would be making more than this because they know the market and can do manage/rehab the property by themselves. After analyzing this markets when I look at my own portfolio, it makes me feel good about Chicago market and I ask myself why should I look for other markets when I can make much better ROI on my own backyard, in the area I know very well.
However, I've seen many domestic and international investors looking for investment opportunities around Chicago. I am sure they are doing so for a reason.
This makes me think that we often don't recognize and appreciate opportunities in front of us and keep looking for something else. When it comes to selecting a market, we often got influenced by stories, perception, belief, attitude and emotions. Bottomline is...there are good deals in every market, we just need to find it and act on it......
Realtor · Oak Lawn, IL · Member since 2014 · 39 posts · 9 votes
10y
I've grown up/lived on the southwest side of Chicago for the past 40 years. Also lived in the West Loop near the now smoking hot Ukranian Village. Drop me a line on here if you ever need a background on a certain neighborhood. I've got a good handle on the entire surrounding area from living here, and I'm always willing to help when I can.
I am looking into investing in Chicago. I have a few investments in Florida, so I'm familiar with the process of buying in the US. Can any Chicago locals recommend any neighborhoods I should look into for buy & hold rental units?
Ideal property would be built 1980 or newer, 3bdrm + 2bth, Rent is 1% of the purchase price.
Why 1980 or newer? Many properties in Chicago are brick so the outside is solid and people redo the entire inside so its like new at least on the inside. So a gut rehab might achive the same objectives. What areas in Chicago are you looking at? I am active in Chicago and happy to help