All Forum Posts by: Julece Glaum

Possibly but I actually want to offer it for student housing at the moment, which requires some of the same infrastructure as a condo.

Hi BP,

I have the opportunity to do something I've always wanted a gut rehab in the Lincoln Park neighborhood!  I found a property but it's completely gutted and I don't think the rough in is done either.  Anyway, I'm trying to gauge how much condo quality rehab is per square foot in Chicago on the north side.  The building is set up for 6 units 2 3/1 and 4 2/1. Any help is appreciated.

Tony congrats.  You are correct that South Shore is under valued.  I was looking at a property on 73rd Place and the owner had several offers mine included and got close to asking.  

I would have to concur that unless you are in Chicago or have boots on the ground here, it's not really strong advice.  I live on the south side in Washington Park, not ideal by any means but when I lived downtown in the South Loop, (one of the priciest neighborhoods in the country) there was shooting at the Taste of Chicago.  That being said, it can be a crap shoot.  Some neighborhoods like Lakeview have very high crime rates but people don't pay it any attention because it's on the north side.  I happened to attend DePaul university so we get updates on the crime stats monthly.  

As I will always say, plan, plan plan.  Its real estate there is money to be made no matter what.

I have to say this thread has made my afternoon.  It reminds me of a home I wanted in I think Olympia Fields which a South Suburb, that came equipped with red "grow lighting" in the main bath, and mirrors at every corner so you could literally watch your back from any place in the home.  There were also holes in odd locations in the walls and floors all over the place.  It was a good deal but the idea of having to always wonder who was coming by late at night made us pass.  

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James great to meet you and welcome!  I think a good start is to define property type and then unit number.  Location would be next.  If you have these things in mind you won't be as swayed when you start looking at properties.  There's a lot in Chicago in good and bad areas so it's important to know what you want as a group and the profit margin you hope to hit.  Most likely you will be looking at suburban homes and that can be daunting if you choose to rent.  The up side is getting a few of them together if you decide thats the strategy you want to go with.

Ersi Bice

 I have to agree with others who live in cities not large towns.  The difference being where people choose to live depends a lot on several factors.  Not always education and the lack thereof as suggested by some.  For us here in Chicago I often hear people say to visitors don't go past 35th Street south; too dangerous.  Well when I lived downtown, I wouldn't go to 35th.  Its a lot to do with perception.  Here far South has a very negative connotation, but I was in the area of the President's home with secret service and the whole nine yards looking at a property when shots rang out.  Bad neighborhood? Nope million dollar homes. Literally.  So you may as many have said invest in the path of progress.  See who lives in the area.  I was shocked to find that a very accomplished attorney I know lives in an area I consider suspect.  It can be that way.  Some people choose to live in a place for financial reasons, others familial.  What ever offer them the best property YOU can afford.  Make a plan and stick to it.  I have an investor friend who rents condo-quality apartments to Section 8 tenants.  They stay forever because its their plan to maintain their units.  It can go both ways.  Plan plan plan, have contingencies in place and make sure you're not being biased (as strong of a word as I will use on BP) as others seem to be.

Long story long, its real estate you can make money either  way, but like any investment take care of the investment. 

If the owner is willing to leave then you may be able to give cash for keys and assume making the payments via a quit claim deed that you record with the county.  Again the lender may not like the idea but often if they know the owner is totally out the picture you could have a foot in the door.  With the tax sale coming quickly this isnt a good contender but I know a tax buyer and you can run it by them.  I'll give you the info. 

@MikeChubb nice to meet you. Really there isn't much of a deal except to buy and hold. You, by your numbers listed, have 9% equity. Not much for HML but maybe a private lender who knows you and can see this as a long term situation.

Now if you can get the rehab down that will increase value and try to get the Village to work with you on the violations.  It might help.