All Forum Posts by: Steve Kachniewicz

ok a simple google search of crime rate Chicago  or crime rate and then the area you are looking for will give you all of the answers you need. I have two units currently for lease and I have had probably 12 people inquire and all of them but one live in the city. I have no idea why they are moving to the suburbs as Park Ridge is not really that far from the city and it borders the city of Chicago. But if the current trends continue with crime it will have an effect. That's all I am saying. Most young people don't mind because they think they're invincible to crime until it happens to them.  I have never spoken to a cop that didn't say that morale was at an all time low and that things are getting worse. But maybe you have different cop friends than I do.  I'll stay in the suburbs and you stay in the city. That much we can agree on. 

OK apparently you don't watch the news in the evening. I'm not going argue this but the element is coming into the wealthy neighborhoods because that's where they find what they want.  Lincoln Park Wicker Park Lake view Wrigley Ville Logan Square, Edgewater has all seen crime rates explode. Don't take my word for it look it up online. I'm just saying people are going  leave the city if things don't change. I have many friends That used to live in the city and have since moved to get away from the crime. Sure there  are vibrant  communities but you have to look over your shoulder when you walk down the street.  If you want to move to very select neighborhoods like Edison Park where it's all police officers and firemen sure it's safe. But there are very few places now that are truly safe.   I also have a lot of police officer friends that tell me it's only going to get worse. And they should know since they deal with that every day. There are just too many uncertainties with the city of Chicago to be investing money in my opinion. It's just an opinion.

not at the condos that I own. And I can buy them much cheaper than I can in decent neighborhoods in Chicago.  Plus my condos are in safe areas and there is no safe area in Chicago anymore. I'm just saying if I were choosing between suburbs and the city I would choose the suburbs 100% to invest in. Especially with the horrible school system that Chicago public schools has become

I have purchased all of my investment properties in Park Ridge. Condos close to Maine South High School. You would not believe how easy is to rent these units out. I rehab them and people flock because Park Ridge is Safe and the excellent school system. I would never even consider buying in Chicago at this point. Crime is rampant and taxes are insane! 

Basically it depends on finding the right deal, having enough cash to close the deal, and being able to sell your multi family unit for what you need to sell it for. There are so many factors it's impossible to know for sure if you can do it in two years but it sounds like you have a good plan.

I would Pass. Why take the risk? Or.....Tell them they can install one but they have to leave it in good condition when they leave and now you own it. But I would pass.

I buy condo's because they are very easy to manage as the association takes care of almost anything that will go wrong with the unit. With single-family homes there are constant repairs from new roof's to HVAC problems, to leaky basements, to peeling paint, to bug infestation, landscape issues, the list goes on and on. Plus I find more people prefer live in a condo if they are renting than a home. Homes are generally more expensive for the renter. Buying condos in good neighborhoods with good schools is the key. The taxes on condos are much less than on home's especially in cities. As far as appreciation if you are looking to make a killing on a rental property with appreciation good luck. I would say condo investing is in my opinion the way to go. Unless you want to own multi family unit buildings which are a whole Other story, I would go the condo route. I have a friend who has multi single-family homes for rent in the same city that I have condos in and all of my condos are rented and neither one of those homes are rented. He can't find renters for homes.

Hi Brian, that's a good area to have rental property. Flipping isn't quite as easy as it used to because housing prices have gone up. You really have to be selective. Buy-and-hold is my strategy but I would not be opposed to flipping if the right deal came along. My properties are in Park Ridge Illinois. Just northwest of the city. Have you had any issues with students trashing your places? That would be my only issue with renting two college kids. That and turnover is quite a bit I would imagine.

yea definitely let me know. I buy class A condos in the northwest suburbs primarily in Park Ridge. Good schools and good neighborhoods are key and I get great rent for them plus they are basically care free properties because the association does virtually everything for me. It's a win win plus my tenants are very good. Let me know if your interested in more info. 

Well the teachers union wants more money, every pension fund is under water in every city dept. crime is at an all time high so more money will be needed to fight it, and the only way to deal with it especially in the democratic Chicago machine is to raise taxes. Its inevitable. My property taxes in cook county will be going up 40% at 4 of my condos in park ridge! 40%! It's crazy. I would head to south west Michigan if I could. Kalamazoo, Grand Rapids, Holland, ect. Low taxes, and affordable units. Chicago and cook county is a cesspool of corruption and incompetence that will leave all of its citizens holding the bailout bag. Imo.