Usually bigger buildings with more amenities have higher association costs, so I would avoid those if this is going to be an investment. And if you are looking for students, you should probably be looking in areas where University's are like Rogers Park, Lincoln Park, and Hyde Park. But also choose an area that you know and feel comfortable investing in.
I've got a condo that I can sell at a discount to you without realtor $37,500. Got all of the information that you will need and it can be rented out too. I just picked up a good deal fix and I am looking to flip. Contact me and we can discuss further.
While there are some cheap condo prices out there those prices are usually such for a reason.
Anoher opion migh be a townhouse which may or may not have the same condo type rules.
Just a heads up for you and please pass it on... NEVER purchase a Condo with out first having a copy of the Rules of the Condo as well as a current financial statement from the association as well as some other info ok?
By Law in IL the seller must make this available to you the buyer.
Hopefully you are thinking of working with a Realtor to help you out with all this...
Good luck... If you would like I cand send you some links to help you sort every thing out.
In some markets, like Oak Park, where I also sell homes, condos have been slammed for value & sometimes aren't even selling. But you know what is? The good 'old fashioned single family home.
The good news witht that is that in the hardest-hit markets, you can often buy a condo for an unbelievably cheap value.
As for renting out a condo after you buy it, that's totally dependent on each building's rules or "bylaws," as we call them. Do people sometimes break or ignore these bylaws? Of course! But I wouldnt recommend it. It's best to buy where you KNOW you can rent. And alas, I'm sorry to say, it's really on a case-by-case, building by building basis.
It's as simple as that. I do, however, fully support your idea, and think that if you can buy a condo (for pennies on what used to be the dollar) and rent it out, with a positive cashflow, you're in a great situation, and I fully support that.
I hope that's helpful to you!
If you have any questions, or want to chat further about this, don't hesitate to pick up the phone and give me a call or text me, at: 773-710-8818
Best of luck in your investment search! :)
Web Reference: http://mattdiehlrealtor.com
This is something on a case by case basis. Every condo building's association has different rules regarding renting out units - some have restrictions on the amount of time a unit can be rented, others have restrictions on the amount of rentals allowed in the building and the list goes on. In the 60626 neighborhood there is a very wide range of building types - small 3-unit buildings to massive highrises and this would be a question I would be able to ask each listing agent of a listing you really like.
Paying cash won't make any difference on being able to rent the condo out compared to someone who puts 5% down - it's all the same. Generally there are no extra fees (at least I haven't heard of any) unless there is a move in or move out fee that is assumed by the unit owner.
I'm actually working with a couple Buyers in the 60626 neighborhoods strictly for investment reasons so I feel I can be a ton of help for you - my contact information is below so please call or email me and I'm ready to get started immediately.
3101 N. Greenview Avenue, Chicago, IL 60657
309-269-3499 CELL | 773-305-0480 FAX