Live in Flip Chicago Suburbs

[Michael Moskos]

Hello BP Community!

I love in the Southwest suburbs of Chicago and currently own ons 3-Flat in Chicago and two larger multi-family properties with my Mother in Milwaukee and Bloomington, IL. I started investing in my first year out of school. Since, I have saved some money for my next deal, and I want to purchase a live in flip and or BRRRR.

I have been searching for a distressed property with the following criteria (I tried to keep it simple).

Criteria: 3bed / 2 bath; 1,050+ Sq Ft; less than $225,000 purchase price

Location: DuPage County; Cook County (suburbs only) - Arlington Heights, Palatine, Wheeling, Buffalo Grove, Des Plaines, etc.

Rehab Budget: $55 - $65K (objective is to finance and borrow rehab costs).

So far it's been difficult to find a property on the MLS. I've either missed the mark on some of my offers because other investors have been faster, or struggled to find good value. I'm wondering, does anyone have any feedback on my strategy/process, recommendations on my area, or strategies you have used in these markets to successfully invest in the Chicago suburban market? If so, i would love to hear your stories!

Thanks!

Mike

[John Warren]

@Michael Moskos your strategy is totally fine, but I think you are looking in too broad of an area. If you are looking all over the suburbs, then you are probably missing things. Inventory is moving very, very quickly right now in the Chicago market and when I list a property it is typically gone pretty fast if it is priced aggressively. Maybe narrow your focus so you can spend more time looking in a specific area.