All Forum Posts by: Jeff Burdick

Dave K. How's it going. I have a couple of investors that invest up north in chicago. It's fine if they are aware of the limited cash flow and appreciation ceiling. Those areas are very expensive because they are well developed. The property taxes are high as well. I wouldn't recommend any investors invest there for cash flow since there are better opportunities available on the west and south side of chicago as well as the suburbs as well. But if you are head set on investing up north than that's fine too lol do what you want . For the most part I only send 11% cash on cash return or better to my investors and that's difficult to find in those areas of North chicago. Now if you are trying to flip up north that's different. But even then it's hard to find a good one because I'm sure if there are good deals located up north chicago it will be gone in a day or two. Anyone can PM me for tips, advice or looking for assistance. Thanks

Thank you, @G. Brian Davis. I really appreciate that advice and think that sounds like a great idea as I haven't been able to figure out what type of neighborhood to target in the Chicago area. I look forward to learning a ton from you and BP members before making that first jump!

Congrats on this smart decision John!  This is exactly what I did a couple years out of college  and it allowed me to live close to free.  I still own that property and it's one of my best real estate investments to this day.  I suggest looking at some the areas that are on the "fringe".  These are areas that are starting to turn over but aren't fully gentrified yet.  I also recommend finding a fantastic real estate agent. In this competitive market, their guidance is invaluable in finding the right property, negotiating the contract, and bringing the deal to fruition. If you'd like some names, let me know. 

As for doing research on your own, the problem with Zillow is it doesn't gold all the listings (typically 70%), can be outdated by 2 days to 2 weeks, and can be inaccurate at times. For 100% of the listings that are real time and accurate, and to avoid solicitation, I recommend downloading Home Scout in the app store. If you decide to do this, PM me and I'll give you a VIP code so it's free. 

Hope this all helps!

Hello all,

First of all thanks for taking the time for reading this. My name is Chris and I'm 26 years old, currently living in the NW suburbs of Chicago, IL. I recently got engaged, so I'm at that point in my life where things just got a lot more serious. I'm looking to get some life advice from some of you that have been there. Looking at my current situation and having the knowledge and wisdom from your experiences, please offer any advice of what path I should take next or what investments would be smart for me to make. I understand there are several different investment routes I could choose from, however, I just want to know which path YOU would personally take at this moment.

W-2 Gross Income: $100k+ (including fiance's income)
Credit: 785
Current Savings: 20k
Debt: $0
Living situation: At home with parents while we prepare for the wedding ($0 rent)

If you need any information on NW Chicago suburbs/city neighborhoods, I have a pretty good knowledge of the area. Feel free to reach out!

Thank you,

Chris

I'm looking in neighborhoods such as Avondale, Logan Square, Albany Park etc. Areas which I consider crime infested are North Lawndale, Englewood, and the Garfield Park areas. These seem to be the only neighborhoods where these deals exist

Hi guys,

My name is Quamal and I recently became a realtor about 3 months ago but I am mainly looking to invest. I'm located in Chicago, IL. I have this 15 year plan all written out but the first step is what's turning out to be the most difficult. Just like many other investors, I'm looking to house hack using the FHA loan. I would like 75% of the properties gross rents (preferably a 3 or 4 unit) to cover the mortgage. In the Chicago market, finding a deal that fits this criteria seems merely impossible UNLESS you're willing to live in a crime infested area. I feel that I have educated myself as much as I can and now I must take action but finding a deal of this caliber has turned out to be my greatest challenge. Do you guys have any advice for me?

Thank you

Hello PB community,

I'm looking to start my real estate investing career by purchasing multi family. I'd be living in one unit and rent out the other(s). Here's some more details about my situation.

I've got excellent credit (800+). The major limiting factor is that I've 12k in savings for down payment. So I'll be getting an FHA loan. May be a 203k if the place needs some work. I am handy and can do some work myself, aka paint and flooring. I do need to commute into the city each day for my full time job

So far my general questions are...

- Being that I'm so new does it make sense to try and go the 203k route or find a turnkey property?

- Knowing inventory is low and should I go the 203k route does it make sense to connect with a wholesaler or scour the MLS?

- I am hearing the South Shore area is a good place to look, what other areas or near burbs would you suggest?

- If you have a free few hours each weekend how would you best invest that time to learn?

Any other thoughts feedback are welcomed.

Best

Derek

Hi my name is Cristian and I'm from Chicago. I'm 20 years old and I have been interested in real estate for a couple of years now and it's something that I see my self doing for a long time. I'm just beginning in this industry so I don't have much knowledge or cash, all the knowledge I have is due to the BiggerPockets podcasts. If anyone can help me out that would be great thanks!