All Forum Posts by: Robert Leach

haha the East side could be considered a Z area on some blocks lol

 Specifically around St. Francis University, Louis Joliet Mall and West of downtown. The East side of Joliet and some of the far south near I-80 are a bit more dicey. Lately I have been working larger projects in Humbolt Park, Logan Square & downtown units which have been steady. I also have seen a ton of activity in the Western suburbs Oak Park, Downers Grove, Lombard etc.

Joliet is hardly a "ghetto". There are some dicey areas but for the most part Joliet is very under rated. I have completed several rehabs in Joliet, some with permits and some without depending on what needed to be done and what is required. Keep in mind that there are a lot of noob investors over bidding and over improving houses in the area and thus the numbers don't look as attractive once done. Typically from what I have seen and heard, older homes in Joliet are usually in need of mechanical repairs especially electrical. Most have forced air heating so your not dealing with old crappy boiler systems which gets expensive but also there is a lot of septic water services so you want to be sure you investigate that before you close. I would require a water test as well and check for lead. Happy hunting :)

Good luck with your plan. Humbolt Park is a very hot area right now so a good start if you can pull it all together.

 I never paid a cent of it because she owed me much more which I also never saw a dime.

@Joe Splitrock - Well I have been to court after the fact and learned the lesson well. The person claimed we broke a china hutch, took us to small claims and won. The judge in the case asked if we had any photos of the place before we moved her stuff out and when we couldn't provide them we lost period. Always better safe then sorry. 

Just my two cents...house looks okay but just okay. The wall paint color isn't a great choice, the kitchen cabinets don't match the counter tops, the flooring looks like a cheaper style laminate. This product is what I would refer to as builder grade quality and doesn't offer a wow effect at all in my opinion. I don't want to shoot it down because it looks very nice but as a buyer I just wouldn't pull the trigger on it as it sits. You absolutely need to stage it and lower the price.

Hi Lindsay

I would be happy to provide a repair bid once you close on your first property. Congrats on your decision, Chicago is a great investment market!

Hi Lois,

I have done several of these evictions and think I can offer some pointers here from my experience although each case is different.

1. Believe it or not, once the sheriff gains entry you will need to have people there to actually move whatever is left in the unit and you must cover it with plastic. Usually you have 24 hours to remove it or the property owner is sent a bill and the city will remove it. Don't expect the garbage truck to do this because in most cases they will not. 

2. Make certain you take time/date stamped photos on your cell phone before removing anything so there is no dispute later. 

3. The sheriff can be rough on doors, if you don't have a key already for the place and even if you do, it's a good idea to have a locksmith or contractor there to re-key the unit. it's not a bad idea to have your contractor with you so you can get a bid right away to fix everything. Last thing you want is the sheriff to kick the door in. 

Lastly, I agree with several on this post. Less is best and you should't make any contact with the tenant until the sheriff is present and kicking her to the curb if she is dumb enough to be there still when the sheriff does show up. Best of luck to you and glad to see you got your eviction!

Hi Ryan,

I have worked and invested in the Chicago market for many years now although the following is merely my opinion. Over my professional career, I have found there is more opportunity in a down market than up and frankly I think the numbers back this statement up across the board. Here is a great editorial on this very topic published in December of last year.

http://www.chicagotribune.com/business/ct-chicago-...

Taxes are not going away here or anywhere else. Investing in Indiana for instance has some benefits for sure but the potential growth there is far less than the upside of a Chicago property in 10 years. Take for instance Chicago's near South neighborhoods like Hyde Park or Jackson Park. The Obama Presidential Library will be constructed there which obviously means the city and state intend on policing and cleaning up the area. What do you think the upside on a buy and hold strategy is in those areas? Sure there is risk but an educated investor weighs them and decides how to bet. Me personally? I am buying up as much as I can in those areas especially within walking distance of the proposed library site. 

Would I rehab to the nines? NO! I would make repairs to bring the property into FHA/Section 8 standards and bide my time renting the property out a few years. My personal opinion is many of those properties could double in value over a ten year span but hey...what do I know.

If you are looking Northside, find a bungalow and build a 2nd story addition. The numbers work for such a project say around Logan Square and surrounding neighborhoods. I have seen ARV's as high as $650k.

If you follow a crowd you will be competing with them at some point, my suggestion is to look for the gems, know city plans for the neighborhood and by all means, drive the blocks. The city is a block by block opportunity. To know your target areas is to gain wealth.

Sorry for rambling but these kind of posts always amuse me with some of the fear responses. You can't steal second with your foot on first bro!

May your bottom line always be above the water line!