All Forum Posts by: Elbert D.

the south side of Chicago has very nice areas as well. Oak lawn, Beverly, Orland, etc......melrose park is a decent area but as everyone mentioned prices are rising fast and a lot of properties are overpriced right now. Melrose park isn't that far from Oak Park which is a high end area but close to Austin which is still being gentrified heavy. I was just over there recently and for any out of state investor I would recommend you use a property manager. If your looking for rentals I'm sure you could get 10-11% in melrose park, pay close attention to the taxes because they would kill the CCR.hopefukly prices come down soon. The market correction will balance everything out

your going have a extremely hard time finding a good GC who isn't expensive, but also does great quality rehabs and that wants to work. Also that isn't late a lot and leaves early lol.....it's the truth. You basically have to go through a trial and error process. Some contractors don't have all their permits and or licenses and if the city of Chicago catches them...yikes.....have atleast ten questions if not more for these general contractors and look at their past projects, ask for their clients numbers of previous work, if you can go see some of it yourself! 

So yeah basically keep looking and just be mentally prepared to have to go through a ton of GCs to find a good one. Best of luck. 

Start off with net 30 accounts. It's going take about a year to be able to apply for business credit. Keep using your net 30 accounts and pay them off in full. There is a thread here about what to do as far as acquiring those accounts and with who. 

Oh ok I see. Well I might be able to attend. Munster is a nice flipping area lol. Anyways, I'll reach out to you via PM if I'm able to attend. 

hey Lisa, do you live in Indiana?  I think I might be able attend this meet up. What time does it start? 

are you using the D&B number? 

I'm thinking about going. The time is the only thing holding me back since I have a ton of things to do that day 

I heard a lot of great things about prism title. It's near O'Hara airport 

it's actually very possible.....many investors(some here from BP) have contacted me about setting up an infrastructure to invest in Chicago and or Indiana. As long as you have a property manager who is good with finding quality tenants you should be fine. The same goes for rehabbing a rental or fox and flip as long as out of state and or international investors can use a rehab team here in Chicago and or Indiana they should be fine. Pics and videos are taken, the investor is also free to come look at the work that was done as well as enjoy their stay downtown. It's plenty to do downtown Chicago. This is an unbiased opinion of mine. I'm from here so I pretty much did everything lol. But as long as you have people on the ground or business's systems in place that's all that's matters. 

Hows it going @Wai Chan What neighbourhood is this property at your looking into? The south side of Chicago isnt that bad but certin areas you have to stay away from. One minute the area is good then the very thing you know you cross some railroad tracks and you wonder where you are. So, whenever I am looking at properties on the south side I have some very tight comps ran because you could end up in a bad area. Dont believe the BS media about Chicago south side. Its not as bad as people try to portray. 

1. Well that depends on what type of rental your looking for, I can tell you certain areas to stay away from but then again some investors may want to buy in those areas. For example Englewood still has a ways to go because that area truly varies block by block. But some investors want it because there are a lot of MFHs over there that are brick or stone.

2. Are you referring to MFHs that are set up as 2/1s? because the standard for SFHs are 3/2 and some people want 2/2 for MFHs 

3. You can look up cook county property tax just google it also its a formula they use for calculating taxes, watch those property taxes! They will kill your Cash on Cash return. Also for MFHs pay close attention to rehab numbers a good GC is kinda expensive in Chicago. Literally you pay for what you get and I have yet to see a cheap GC with quality work

4. Insurance usually is on Average about 1500 in Illinois, watch those rehab numbers! Oh yeah for MFHs the landlord pays for the water as well so you might want to include that expense into your expenses. I usually use about $50 per month for water bill expenses when analysing properties. 

5.  I think I covered everything, if you want to know more just PM me