Home Buying in Chicago>Question Details

El, Renter in Chicago, IL

Can you buy a house in Chicago (around north side) with less than 70 k cash? rehab is not an issue but the main structure is.

Asked by El, Chicago, IL Wed Feb 1, 2012

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Working in the near West side and northwest sides of Chicago, I'll give you specific areas to look from my experience. Anything out of this box is a waste of time. Keep in mind that another $50k minimum should be on hand for proper rehab. However, if you just want a place to squat, almost all of these buildings will function as somewhat comfortable glorified outhouses.

Northside has no real boundaries, so we'll say north of Madison. South of Armitage, east of Austin, and west to Calfiornia. As you get further into Humboldt Park and Logan Square (east of Homan/Kimball) these properties will become far more difficult to find, but they do pop up.

Additionally, the East Garfield Park area east of California to Western, staying south of Grand, will yield some finds as well.

Heading north of Armitage, upwards to around Diversey, once in awhile Belmont, and west of Kimball will also bring up the occasional cheap cheap rehab, primarily in the section south of Fullerton/wrightwood. Don't bother looking further west than Central.

If you had aspirations of getting your under $70k property in Lakeview, or Andersonville, or Jeff Park, or for the most part anything out of the boundaries I just drew up, it's close to impossible.

Keep in mind loans like FHA 203k or HomePath (for Fannie properties) if you find yourself short of rehab cash. Or consider a cash-out traditional re-fi on your new home where instant equity is possible. And many times it is.

Beware of sleeping squatters when you view some of these places. You may want to bring some cookies to appease them. I find walnut raisin goes best.
1 vote Thank Flag Link Thu Feb 9, 2012
Hi there, yes you can purchase a property for 70k or less. Please call me at 708-310-9031. Thanks
0 votes Thank Flag Link Mon Feb 6, 2012
If you are looking to do a major rehab then Yes there are plenty of houses you can buy for that.
If you are looking for a house to move into a couple days after closing and don't want to worry about getting shot, then No.
There are plenty of REO's around to buy for dirt cheap. Condo's for less than $10K. Houses for $30-$40K. The condos usually have major legal issues. The houses typically are not habitable and need major rehab.
I suggest you figure out how big of a project you are willing to tackle and use that as a starting point when looking.
Web Reference: http://www.aic-chicago.com
0 votes Thank Flag Link Mon Feb 6, 2012
If you have the cash for the purchase and the knowledge & cash for the rehab, then tons of opportunities exist. Contact me if you need any help.
Web Reference: http://www.BJDHOMES.com
0 votes Thank Flag Link Sun Feb 5, 2012
Yes if you can find one that is priced low enough and is sound enough to qualify for FHA loan standards. If you are willing to look beyond the primo lakefront neighborhoods you may find something. I can help you with those locations. Price would have to be $430,000 (so the loan is under $417,000), and the place could not have any health or safety isses (leaking roof, etc). Maggie Finegan, Keller Williams Chicago
0 votes Thank Flag Link Thu Feb 2, 2012
No Way! Just not enough money for anything decent.
0 votes Thank Flag Link Thu Feb 2, 2012
we need to talk.. I assume your not able to get a loan and want to pay cash.. I can make anything happen-use my email..
Web Reference: http://www.joeschiller.net
0 votes Thank Flag Link Wed Feb 1, 2012
First step is to contact a realtor to set you up with the Multiple Listing Service and a list of the requested properties will be sent to you everyday. You can view at least the front of the home and decide which properties you have an interested in making an appointment. Debbie Bergthold-Smith Classic Real Estte
0 votes Thank Flag Link Wed Feb 1, 2012
Yes you should be able to . If you are intrested in doing so and are not working with a realtor please feel free to call me 708 925 4076 or email me at Diana@findingourbalance.com. I look forward to helping you find a place to call home.
0 votes Thank Flag Link Wed Feb 1, 2012
There are a lot of properties out there that can be had for around this price. Get a good buyers agent to walk you through the process.
0 votes Thank Flag Link Wed Feb 1, 2012
Hi, yes you can purchase a property for that price but there are a few factors to take into consideration. The best thing to do is start working with a realtor asap. Please feel free to call me at 708-310-9031 and I will provide you assistance at no charge. Thanks. Tony
0 votes Thank Flag Link Wed Feb 1, 2012
Location Location Location, the answer is yes but it depends were you are looking. Check my website and send me a email.
0 votes Thank Flag Link Wed Feb 1, 2012
Hey there,

It really depends on what you mean by "around North Side" as that's a pretty broad area. I just checked the MLS and drew a big search area from downtown up to Touhy, West to O'Hare and kept close to the expressway going back South and the least expensive house was $75,000. If you want to go further West or South then you will absolutely be able to find something. May I ask why you are looking to pay cash and not get financing?

Jeff Stewart
REALTOR®, @properties
3101 N. Greenview Avenue, Chicago, IL 60657
309-269-3499 CELL
0 votes Thank Flag Link Wed Feb 1, 2012
I work with investors and rehabbers. Check out my website. I can be reached at 708.668.6391
Web Reference: http://kkyan.com
0 votes Thank Flag Link Wed Feb 1, 2012
Yes, if you mean by the north side anything North of Madison. I have one at 4427 Carroll for 14,500, but needs lots of work.
0 votes Thank Flag Link Wed Feb 1, 2012
Yes, you can even buy a 2-4 unit building.

If you'd like to view a couple shoot me an email at jeff.nobleza@bairdwarner.com
0 votes Thank Flag Link Wed Feb 1, 2012
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