Looking for a Realtor in Chicago

[Antonia Rigales]

I’m looking to buy my first multi unit investment property and wanted to reach out to the community to see if anyone has any recommendations on a Realtor in the downtown Chicago area. I’d ideally like to work with someone that has experience working with investors and  multi unit properties. Would appreciate any recommendations!! :) 

[John Warren]

@Antonia Rigales welcome to the community. If you are looking to invest downtown, are you looking primarily at condos? That is pretty much your only option there. Most investors I know focus on the 2–4-unit building stock here in this area since you can find cash flow. 

I know you mentioned looking to find an agent, but I would honestly identify your strategy first and then find the agent that can help there. 

[Antonia Rigales]

@John Warren Hi John — thanks for the reply! I’m looking at the 2-4 unit range to buy and hold long term. Id like it to be my primary residence initially and rent out the other units. Im open to neighborhoods in Chicago area that may still be up and coming but have high potential to appreciate. I would like to stay away from the suburbs for this endeavor. 

Is that what you meant by suggesting I figure out my strategy first or are you referring to Financing strategies or different methods depending on what the property costs, renovations needed, ROI, Cash flow, etc?

[Tom Casey]

Hi Antonia! I shot you a DM. I specialize primarily in downtown Chicago and surrounding neighborhoods. Lots of options depending on your budget!

[Drew Sygit]

@Antonia Rigales

Why does everyone want to start with an agent, when 95% of agents really only know how to work with owner-occupied properties?

Don't believe us? Ask agents what the Cap Rate, ROI or Cash-on-Cash is on a property they recommend you buy!

You should be building a team to maximize your probability of success!

While building your team, it's important you understand the motivations of everyone on your team.

Property Management Company (PMC): No one else on your team should be as vested in a long-term relationship with you as a PMC. They will have to manage whatever you buy on a daily basis until you sell the property or terminate them. You need to find a good one though, that is honest & competent. An honest PMC's incompetency will still cost you.

Sourcing: whether agent, wholesaler, flipper, etc. many only have a vested interest in a transaction. You want to find ones that are vested in developing a long-term business relationship with you. Otherwise, they will screw you for their own compensation.

Inspector: You want an unbiased and competent professional that will properly do their job and document it.

Contractor: Finding contractors that don't cut corners and overcharge is EXTREMELY difficult. Even if they are referred, you really don't know until AFTER they've done a job. The other 3 above should be able to provide referrals, but don't blindly trust anyone!

[John Warren]

@Antonia Rigales thanks for the info! I always recommend that new investors dial in on exactly which neighborhoods they are open to. I like that you identified that you want to get into the path of progress so you can potentially capture appreciation. If I were in your shoes, I would check out the area by the 606 which borders Humboldt Park, Logan Square and Hermosa. I also personally like Little Village as an area that could really pop. There are many other areas though, so part of it depends on which area of the city you want to use. Do you have a certain train line you need to catch? 

From there, you can back into your strategy and build your team. Not all agents will specialize in all areas. Chicago is huge, so you want to make sure your agent covers the spots you want to grow in. 

[Eudith Vacio]

Hey Antonia! I definitely agree with @John Warren, every agent specializes in different areas around Chicago but you've come to the right spot to find them :)

Is this an investment that you want to live in / house hack? What exactly are you looking to do?

[Jonathan Klemm]

Hey @Antonia Rigales - Definitely connect with @Eudith Vacio above.  She's an awesome agent and a chicago investor herself.

Also I encourage you to figure out your buying power as well.  Talk with @Andy Smith they work with a bunch of first-time investors at A&N mortgage.

[Jake Fugman]

@Antonia Rigales   BiggerPockets has an agent directory of investment friendly brokers.  You can find it under the NETWORK tab at top of your page.  

[Andy Smith]

Quote from @Jonathan Klemm:

Hey @Antonia Rigales - Definitely connect with @Eudith Vacio above.  She's an awesome agent and a chicago investor herself.

Also I encourage you to figure out your buying power as well.  Talk with @Andy Smith they work with a bunch of first-time investors at A&N mortgage.

 Hey Antonia, great to meet you. I have worked with a ton of first time investors, and I'm actually in the process of acquiring my first property as well; fun times! Let me know if I can answer any questions.

[Crystal Smith]

Quote from @Antonia Rigales:

I’m looking to buy my first multi unit investment property and wanted to reach out to the community to see if anyone has any recommendations on a Realtor in the downtown Chicago area. I’d ideally like to work with someone that has experience working with investors and  multi unit properties. Would appreciate any recommendations!! :) 

I agree with @John Warren. Downtown Chicago, which is River North, Gold Coast, Streeterville, LakeShore East, The loop and the West loop, mostly consist of condo and apartment buildings. There are little to no residential multifamilies (4 units or less) downtown.  There are however a number of mixed use properties available downtown.

[Michael K.]

Quote from @Antonia Rigales:

I’m looking to buy my first multi unit investment property and wanted to reach out to the community to see if anyone has any recommendations on a Realtor in the downtown Chicago area. I’d ideally like to work with someone that has experience working with investors and  multi unit properties. Would appreciate any recommendations!! :) 

 Hi Antonia! Welcome to the scene. Which areas in Chicago are you most interested in/ familiar with?