All Forum Posts by: Dominick Adolfo

Can't go wrong with Beverly and Mt Greenwood.

Hi Hannibal,

Welcome to BP.  Congrats on your first deal.  I saw you at Timothy OTooles years ago, great stuff.   Did you run the numbers on your 3 unit as a long term rental as a back up strategy in case the city interferes with the airbnb model?

Hipsters...

Agnes,

Good and bad tenants can be found in any neighborhood.  A higher end or middle class neighbor may yield better tenants % wise overall but screening is still very important.   Also, typically in those neighborhoods you give up some cash flow.   It all depends on your risk appetite and investment strategy.

I am also buy and hold investor.  I stick around Palos, Oak Lawn, Chicago Ridge and the Mt Greenwood/Beverly area just because I'm close by and self manage.  My advice is what Michael said, just start doing your research and keep running numbers.  

Within 5 miles of Oak Lawn there can be a huge difference in property prices and appreciation or depreciation.

@Chris Wienke One of the biggest things I have learned in flipping a condo is similar to what you mentioned. You need to leave yourself outs, one of them being the association allows rentals. If for some reason or another you can't get rid of it, hopefully the numbers work to rent it. Another area to look at is the condo's financials and any anticipated special assessments. A good association will have a nice CapEx fund.

I personally stay away from condos/townhomes as I don't want to have to answer or have to be in compliance with an association's rulebook.  It's one less control you have of the situation.  Not to say there are not people who flip condos, there are plenty, just make sure you leave your self outs.  Just my $.02

I'm in Mt. Greenwood and have spent a lot of time in Oak Lawn.  Let me know if there is anything else I can help you with. 

where is the next one?

This sounds great but unfortunately I will be out of town.  Please keep me updated with any future events you plan to hold.  

@Jarrett Harris Check out http://www.millerlaundry.com/ in Alsip. They offer both lease and own. If you lease, Mike Dragon is the multi housing manager over there and a great guy.

I treat people the way I want to be treated. I have no problem telling them up front.