Rental Property Investor Will be in Chicago 8/19-23 - Networking?

Question

Hi Friends,

So....as an out of state investor investigating my next market, Chicago has made it to my short list.  I've been warned.  And warned.  And, I've also heard from some Chicagoland locals on BP not to believe the naysayers 100%.

Since I'll already be in Chicago for a few days this month, and since I understand the importance of building a strong team that understands the market well, I'm wondering if:

1. Folks in Chicago are safely "meeting" during COVID-19

2. If any Property Managers, Real Estate Agents or Turnkey providers are interested and available to meet with me.

By the way, Chicago appeals to me for several reasons - not the least of which is that my son will be attending college there (which is why I'm coming there this month!!!)

Let me know, Chicago peeps, and if you're so inclined - give me some recommendations while you're at it.

Carolina

Aaron Zimmerman · Answer

@Carolina Selva Mark’s podcast is really great. I’ve learned a ton from it - lot of gems.

Just be aware of local laws. It’s very important.

Brie Schmidt · Answer

North Park is a great area, I bought over there in 2011 and have had a handful of their students as tenants over the years.  All very polite and respectful kids.  Expect prices in the $550k-$650k range, moderate cash flow. With 25% down you can expect cash flow around $800/mo and a CoC of about 6.5%

Carolina Selva · Answer

Agreed, Aaron!! I've recently started listening as well. And yes, the laws can be dicey, which is why I need a knowledgeable team.

Carolina Selva · Answer

Great point, Brie! And part of the reason I'm looking to connect with folks and find out about their areas.  I'm looking for B/C neighborhood buy and holds, cash-flowing or easily cash-flowable as rentals.  Prefer multi-family, but would consider SFR as well.  My son will be going to college in the North Park area, and I recently heard on the Straight Up Chicago Investors podcast that may be a changing/worthy area to look at.

Brie Schmidt · Answer

@Carolina Selva - What areas are you looking to invest in? Most investors here specialize in specific areas and that experiences is relevant to that area, and not applicable to other areas.

Carolina Selva · Answer

Thank you Mark! I'll check out the podcast ASAP and reach out as soon as plans firm up. :o)

Mark Ainley · Answer

@Carolina Selva Always happy to connect in person or even now via zoom.  Reach out anytime or check out our Chicago Podcast where you can find some key Chicago players to meet with.

Rental Property Investor Will be in Chicago 8/19-23 - Networking?

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