All Forum Posts by: Ronan M.

I have spoken to other investors from NY who have also said "wow..the numbers for Multi's in Chicago look great"

That can be true, but for the most part the properties they were looking at were on the Southside of Chicago. Its a totally different story for more affluent areas of the Northside. Much higher buy in prices and much less cash flow.

But that is not to say the Southside should be forgotten. There is money to be made if you have a strategy and most importantly boots on the ground.  The media quite RIGHTLY portrays Chicago as a lawless out of control place. I say RIGHTLY because the amount of shootings and gun violence in this city as a whole is a disgrace. Much of this (but not all) is in the South and West sides.  However we would be quite WRONG to assume that everyone who lives in those areas are gun slinging bandits. Its a small minority of out of control people that create all the negative headlines.

Much of the Southside is seeing great progress. Many of the residents are fine people who are just as tired of the violence and want no part of it.  For the investor you can acquire great properties at good prices and how you run your business and manage your properties will determine success or failure.

 There are many OOS investors who bought Southside properties because of great numbers on paper and the reality was a lot different.  It won't work without good local knowledge and hands on management.  

Also, don't look at any pro forma numbers on the fancy marketing materials. They tend to be pie in the sky especially for property on the Southside.  

I own and operate Multi's on the Southside of Chicago. Feel free to reach out to me if you would like any info.  

Have you checked the batteries ?

"I contacted a lender that posted in a Facebook"

nuff said...

I put screens on all my units whether or not they were there in the first place. Being able to open a window for fresh air or for a cool breeze is more of a basic than a luxury. If you are used to being able to open a window and then you can't because of no screens and flying bugs that would be a bummer IMO. 

But you should touch base with the HOA as they probably have guidelines as to the screens that can be used and the color etc etc .

The downside is of course tenants never take care of screens...and just like mini blinds they always seem to trash them. 

My only thoughts would be this - Englewood is developing  but it is still a tough enough area. Are you going to self manage and are you ok with that ?

Sorry !!  Hey at least I bumped the post back up to the top. 

Also now that I know what you are looking for if I get a lead I will let you know. 

Interested to see if anything comes back from this post. I might need the same services.

Well there is low income and then there is scumbags. Not everyone can be a Zuckerberg or a Bezos.  Some people have to flip burgers and wait tables. That's just life. And probably many of those that do are as good as person as the big earners. They just live a different life.

I would try to find out if all the tenants are low income BUT working... or are they NO income and up to no good. That makes a huge difference. If you cut grass or flip burgers 40 hrs a week you can only about afford $500 to $700 a month in rent. But they are still putting in an honest week of work. 

Try to find out as much as you can about the current tenant base. And don't be put off by a couple that pay each month but pay a bit late. That's a fact of life in the low income demographic.

And also do this (and I am serious...I do it all the time) stop a patrol car on the street, preferably outside the building and ask them how many times they have been to that building in the last 12 months. If they can't recall ever being there things are looking positive. If the cop tells you they are there every other week...keep looking for another building.

SpeedQueen is my brand of choice. They are much tougher, better built machine. But they are also the most expensive. For 12 units I would go with 2 washer and 2 dryers.

Best of luck with it.

Good read. Thanks for sharing @Bob Crane