All Forum Posts by: Ellyn Cook

@Crystal Smith agreed. The North Side is established so was hoping to jump in on the high amount of inventory.

West side isn’t bad commute at all and will definitely consider. Thank you! Was also considering Logan Square, Bucktown, Old Irving, Andersonville, etc if I can handle the commute or shift my focus to those areas too. Lots to process and consider :)

@Crystal Smith Yes, I agree completely. Every neighborhood is incredibly different, I should have worded my question better since this post is regarding flipping - any thoughts on our market as far as investment areas or up and coming areas that would be good areas to invest? I am leaning towards condos because there is a bigger supply and now with the City opening people will be moving back. Since River North has almost a 12 month supply it would give me room to come in with a better position to negotiate in this market. (Even though I've been in a bidding war for a condo!) But the down side is high HOA and more restrictions. So wanting to keep an open mind to other areas but I tend to work on the North Side so living in the unit while I flip it with an easy commute is ideal!

@Ian Walsh Good point! Every unit I've looked at I have run comps, market time, etc on other units in the building. I am slowly starting to look at cost of each renovation project. Any websites or programs that could help to track or get quotes easily? 

@Crystal Smith Absolutely! It's always great to look at rental caps and what other units rent for too. I see you are in Chicago too. Any thoughts on our market?

@Jonathan Klemm - Great insight! I might go two years on the first and hope to partner with an investor to possibly get another property at the same time. Do you know about investment type loans? Or do people tend to find investors that can provide a cash offer?

Agreed! I am ready to make moves! I am looking at properties that need a full cosmetic facelift. Great having the insight of comps and market trends to go off but need to drive deep into crunching the numbers to be profitable. 

@Jonathan Greene

Hi! Absolutely agree! I don't want to deal with any huge renovation projects on my first go around. Will go for a timeless clean look for easy resell. Most likely will sell the first time around (16 month goal) but it will depend on my position/market. Would love to keep rental properties. It will come down to financing too. I will need to work with my lender (and I possibly have an investor) to see if I can scale it quicker. I will check with each HOA, minutes, specials, etc. I wouldn't want to deal with that! Any more insight into timelines? Or how I could go about selling and avoid capital gain issues?

@Jonathan Klemm

Hi!

Long term goal is to have rentals but I will probably sell the first round. Was thinking 16 months. Put me in the hot spring market to sell. I will have to talk to my lender about this timeline! Do you know if I would have to pay on Capital gains at that time? Work it to wait another year?

Absolutely! Looking at the Near North side - River North, Lakeview, etc. Tons of inventory in River North but higher HOAs so needing to find a balance to make a smart investment. Really will just have to be case by case but that’s the market I work in. Also we are already seeing a upswing in people returning to the city so I think when it comes time for resell it will put me in a better position.

I see you are in Chicago! Any insight you’ve seen?

@Jason Richards hi!

Great information! I was thinking about living there for about 16 months, allow time for renovation and sell when the spring market is hot here in Chicago. Do you think there would be many issues with that timeline? I work with a lender often for clients. I will work with them in the next few months once I come up with a solid plan for my own financing/timeline. Down the road I want rental properties but will probably sell the first round to get more money to invest. Long term goal is to get a 3flat, renovate, rent out 3 units and live in one.

Great call on the HOA, I will read minutes and special projects and also talk through reno plans out the gate.

Hi All,

I am a Realtor. Been in the business only 6 months but finding success already. I am looking to buy my first condo in November which will also be an investment. I am wanting to live there while I flip it. I can be a minimalist so I have no fear of living through it. I am in Chicago and wanting to start with a condo and focus on cosmetic renovations for my first flip. I have found some properties and ran comps to see what I could resell for. I am new to this but wanted to be in RE investing for years now. Any advice would be much appreciated.