All Forum Posts by: Jeff Burdick

It would, but the idea is that the rehab will also significantly increase the rent so that the property would still cash flow. For example, I just purchased a property that would rent for approx. $3000 as is, but will rent for approx. $5800 when the rehab is complete. So that additional revenue will allow me to have a significantly higher PITI and still have positive cash flow.

 I agree with Jaclyn about each individual neighborhood being totally different and I'd even go further to say that within neighborhoods things can change from one part to another.  For example, Logan Square changes quite a bit as you travel west.  

 I watch the entire northeast side of the city.  From the Loop through Edgewater and over to Avondale and Irving Park are the areas I follow closest.  

I agree that there is a lot out there that's overpriced.  But if you dig deep and have some vision, you can still find deals. I closed on a property on Thursday that I think is going to be a great investment for me.  

Welcome Ryan. I am an investor in Chicago. In regards to flipping houses to fund buy and hold investments, I'd look into the BRRRR method. It is the best of both worlds in terms of the quick return of capital that you get with flipping along with the long term appreciation of buy and hold.

Let me know if you have any questions about the north side of the city, I pay pretty close attention to whats happening in various neighborhoods.  

One of the biggest pros of allowing pets is that tenants are more likely to remain long term tenants because their options are so limited.  If relatively few places allow pets in your area, they're probably not going to want to leave...even if you gradually increase their rent.

 The downside is that pets can cause damage to the property.  

Are you looking for the city or the suburbs? Finding a SFH in the city for under 200K in a good area will be a bit challenging, but not impossible if you're willing to do a lot of work.

If you're looking in the city, I'd concentrate my search in Jefferson Park and Portage Park.  

 The thing I like about Chicago is that its economy is incredibly diverse so its not dependent on any one industry.  Detroit is still heavily tied to the auto industry so when the auto industry is doing well, real estate is as well, but when the auto industry is laying off, real estate gets hammered.  I lived in southeast Michigan through the great recession and it was brutal seeing what happening to a lot of people.  

Welcome Sean.  Just curious...why do you want to invest in the D instead of Chicago?  

 Welcome Lauren!  I'm an investor on the north side of Chicago.  What areas are you looking to invest in?  

Welcome Zak. I do use rentometer some...though I'd use a bit of caution as rentometer seems to skew a bit high in my experience. You can also find rents on the MLS. I feel that like with time, you just get a feel for what rents are going for based on the size/condition of the unit and the location.

Your account says you're from Sydney.  How long have you been in Chicago?