I’m looking to invest in MFHs in Chicago.

8 Replies | Chicago, Illinois

I'm a military vet and I've yet to use my VA Loan, I want to invest in MFHs and I plan on living in one of the apartments, I'm looking for a good source of cash flow. I need some some advice, I lived in Chicago when I was a kid and I visited the city last summer after 20 years, me and my wife really liked Chicago. California has great weather but the properties are getting way over priced and Chicago seems more affordable.

I would appreciate any help and advice on which areas to look into, some good real estate agents/brokers as well as any advice on being a landlord in Chicago. 

@Joett Ocasio you came to the right place with all those questions. I’m a born/raised chicago guy of 39 years and real estate broker of 14 years myself. If you’d like to chat, I’d be happy to discuss options for you and what to expect for sure. My info is in my signature or always can DM me of course.

Otherwise, best of luck with everything. Chicago is an amazing city that I’ll never be able to leave, so obviously see the draw. My bests...

Originally posted by @Joett Ocasio :

I'm a military vet and I've yet to use my VA Loan, I want to invest in MFHs and I plan on living in one of the apartments, I'm looking for a good source of cash flow. I need some some advice, I lived in Chicago when I was a kid and I visited the city last summer after 20 years, me and my wife really liked Chicago. California has great weather but the properties are getting way over priced and Chicago seems more affordable.

I would appreciate any help and advice on which areas to look into, some good real estate agents/brokers as well as any advice on being a landlord in Chicago. 

 Chicago is such a huge market, it is hard to narrow it down.  What works for some may not work for others and there are a lot of personal factors that go into it.  

What is your budget?  

What areas are you familiar with?

Where will you both be working?

Do you want city or suburbs?

@Brie Schmidt my budget is around $300,000, I’m a little familiar with the Humboldt park area, I have an aunt that lives in that area, I did get to see some of some of the suburbs as well. We’re both flexible as to the area when it comes to work. I’m thinking more towards the city since I’ll be going to college .

Originally posted by @Joett Ocasio :

@Brie Schmidt my budget is around $300,000, I’m a little familiar with the Humboldt park area, I have an aunt that lives in that area, I did get to see some of some of the suburbs as well. We’re both flexible as to the area when it comes to work. I’m thinking more towards the city since I’ll be going to college .

 That area has gotten pretty expensive in the last few years.  I suggest setting up alerts in your budget online and start narrowing down areas you like - then we can help find you an agent who specializes in those areas.  

@Joett Ocasio

I grew up in Logan Square and that neighborhood along with Humboldt Park have gotten very expensive. I have a two flat and a single family in Dunning square; that's a nice neighborhood and you can still find good deals. Portage Park is also a nice area. I used my VA loan and house hacked when I got started. I would second what Brie said and find an agent that can help you with the area you want to invest in, my two cents.

Best,

Oscar

@Joett Ocasio my opinion is to stay in the city for better resale value. There’s a lot of options when buying in the city, its important to know what your long term needs are. Looking for great appreciation, large up front returns, or looking to house hack. Each requires a different area in the city to invest in, let me know if you need more info. Best