Chicago and surrounding area real estate

14 Replies | Chicago, Illinois

Hello my name is Ian. I'm looking to get into real estate. My plan is to buy a multifamily and rent it out for some passive income. I would love any suggestions and or resources. I've been reading a lot of book and articles if anyone has any suggestions. If anyone has been successful buying rental property in Chicago I'd love to pick your brain.

Thank you in advance.

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@Ian Rowland welcome to the forums! I own 38 units in the western suburbs of Chicago, and am seeing excellent returns currently. The key is to buy right, and probably even more importantly, manage right. I also host one local meetup in Forest Park, IL, and attend a land lord meeting in Berwyn. The networking is crucial as I have met some of the most important contractors, lenders, attorneys and inspectors through my network. 

@Ian Rowland

Your plan is so doable! I started house-hacking three years ago and currently have 2 properties and look for my 3rd now!
Keep reading, listening to podcast, and networking is key! Network with others, attend different events. I have met so many people that have provided me invaluable information.

@John Warren also has helped me, as well!

@Ian Rowland Confirming your financing strategy should always be your first step. A lot of investors try to focus on a specific property type, CAP rate, or price first but then are surprised to find financing wont work out for a variety of reasons. I always recommend you nail down your budget based on cash on hand, acceptable ROI, rehab, and loan type FIRST then work backwards with a good agent to setup a search. Good luck!

Originally posted by @John Warren :

@Ian Rowland welcome to the forums! I own 38 units in the western suburbs of Chicago, and am seeing excellent returns currently. The key is to buy right, and probably even more importantly, manage right. I also host one local meetup in Forest Park, IL, and attend a land lord meeting in Berwyn. The networking is crucial as I have met some of the most important contractors, lenders, attorneys and inspectors through my network. 

 Thank you and that's part of me posting I'm trying to build a network. I can read as many books and podcasts but I'd like to hear real world examples. Can you tell me more about the meetup you host?

Originally posted by @Eudith Vacio :

@Ian Rowland

Your plan is so doable! I started house-hacking three years ago and currently have 2 properties and look for my 3rd now!
Keep reading, listening to podcast, and networking is key! Network with others, attend different events. I have met so many people that have provided me invaluable information.

@John Warren also has helped me, as well!

 That's awesome that you are working on your third property. I realize that I need to network and go to some events. If you know any good events or suggestions I would love to hear them.

Originally posted by @Jake Fugman :

@Ian Rowland Confirming your financing strategy should always be your first step. A lot of investors try to focus on a specific property type, CAP rate, or price first but then are surprised to find financing wont work out for a variety of reasons. I always recommend you nail down your budget based on cash on hand, acceptable ROI, rehab, and loan type FIRST then work backwards with a good agent to setup a search. Good luck!

 That makes a lot of sense I will have to keep that in mind thank you so much.

@John Warren Thanks for your helpful posts! I am very new to the site and I am still figuring out how to navigate all the wonderful resources. I am curious where I can find the schedule for the meeting you host in Forest Park? 

Originally posted by @Ian Rowland :

Hello my name is Ian. I'm looking to get into real estate. My plan is to buy a multifamily and rent it out for some passive income. I would love any suggestions and or resources. I've been reading a lot of book and articles if anyone has any suggestions. If anyone has been successful buying rental property in Chicago I'd love to pick your brain.

Thank you in advance.

I am an investor in the city.  Feel free to ask away.  Or PM me if you'd prefer.   

Connect with @Jeff Burdick above and as many local investors as you can. Also check out our local meet ups they are often posted in the BP events sections. 

I house hack a 4 unit in Edgewater/Rogers Park area. Most people house hack their first deal as this way you only need to put 3.5-5% down and have seller give a closing credit so you don't pay any close costs out of pocket (close costs normally 2% range). When you buy non-owner occupant it requires 25% down which is a lot for a new investor. I really like the gentrifying areas of Chicago and it's what myself and my clients mainly focus on.