Berwyn or Humboldt Park - Single family house
Hi! I am trying to venture out and buy my first single detached house to rent, rehab and sell. I have experience with with condos in the city buy and renting out but do not have experience with single homes nor rehabbing. So I am excited to venture into this new project but I am aware that I will have to roll up my sleeves and I will have tons to learn. So far, I have two offers accepted by the owners AS-IS condition one in Berwyn and one in Humbold Park. Both homes are similar size, condition and price points (it matches the comps as well). Do any of you have any tips or suggestions on which would be a better investment?
Thanks!
Most Popular Reply
@Ana Maria the big difference here is that Berwyn has a point of sale inspection and you should know what the violations are beforehand. For Chicago, you want to look up any violations on line but there isn't a point of sale inspection process like there is in the suburbs. A lot of investors that understand Chicago get hammered when they pivot to some of the collar counties like Berwyn because they assume the permit process will be the same (it won't). Make sure your team (realtor, attorney, contractor, etc) is advising you on all of these items.