Updated over 6 years ago on . Most recent reply
Elite Invest Turnkey Experience
Hello all!
I am currently looking into purchasing a duplex through Elite Invest in Chicago.
I would love to speak personally with some investor's that have worked with Alex and Elite Invest to see how their experience was and is going.
They yield quite high rent returns in their pro-forma and wanted to see if they execute those numbers often.
Send me a PM or respond on here!!
Look forward to speaking to some of you,
Marc
Most Popular Reply
Sorry you had issues ^ these problems are typical to those areas. You are rarely going to get top notch work to code in a sub 200k D/F neighborhoods. Hardly anyone is even pulling permits down there until they already have violations.
This is why I always guide clients to the north side or to the class B/C parts of the southside such as Mckinley Park, Bridgeport, Bronzeville, Kenwood, etc. You wont get 10 caps there but it'll be steady profitable returns with low vacancy.
The whole idea of doing rehabs from out of state in D/F neighborhoods is extremely risky it's usually better to just take a lower stable return on a stabilized rented building. Chicago already offers higher cap rates then most cities of it's caliber. It's also good to have a 3rd party realtor representing your best interest (not a realtor who owns property) and then negotiate management by shopping rates.