Hello, I am from out of town and never been in Chicago before. My strategy is Buy & Hold rentals and numbers analysis look nice in those neighborhoods, my goals are +12% CoC and +$150 Cash per door on multifamily.
What do you think about this neighborhoods? I am planning to book a trip there to get my feet wet, I want to ask to local investors first.
Any help will be greatly appreciated.
@Julio C. You'll find some great opportunities, but you need to go block by block and building by building to review each deal. One block will be stable and look great and the next street over will look terrible and most of the buildings boarded up.
A huge amount of the inventory in these areas are off market so start making contacts and friends fast. Plan on devoting time to setting up meetings and networking. You'll miss out on most of the good properties.
These are great areas for investors. The cap rates are attractive. But competition has increased during the last couple of years. The best properties go fast. You should link up with a broker that is very familiar with the South side of Chicago. I grew up on the South Side and I am very familiar with all of its nuances.