Home Buying in Chicago>Question Details

firsttimeinv…, Home Buyer in Chicago, IL

Interested in buying an investment property

Asked by firsttimeinvestor, Chicago, IL Thu Jan 3, 2013

Hello, I am interested in purchasing an investment property in Chicago, particularly a 2-3 flat rehabbed property in the $ 80-150 k range, I am looking for an experienced realtor that can assist me with this, thank you.

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Answers

19
Your price range is unrealistic for a turn-key investment. However, you can buy a solid building for 25% down and cash flow a couple hundred a month with a fifteen year mortgage. If you would like to learn more about investing in Chicago, contact me.

All the best,

Ivan Sagel
312.515.7823
Ivan@atproperties.com
0 votes Thank Flag Link Sun Jan 13, 2013
Hi Julian. We work with several experienced realtors we can suggest. Let us know if you need a re qual letter for financing.

Sean Cochran
Quality Mortgage Lending
630-330-2229
0 votes Thank Flag Link Tue Jan 8, 2013
Hello Julian,

Where are you looking to purchase? I have several properties in that price point in very good condition with tenants.

If you're interested feel free to contact me directly.

Good luck!
0 votes Thank Flag Link Sun Jan 6, 2013
On the lending side I have an Investment Renovation/Rehab loan with a Fannie Mae 30 year fixed rate. You can buy in investment property and get the money to fix it up all in one loan. If you want more info, go to http://www.new203k.com.
0 votes Thank Flag Link Sun Jan 6, 2013
Julian,

I think there's more to consider when looking to invest. If I was to sell you a 2 or 3 flat anywhere in Chicago I wouldn't be doing my job as your agent. I would need more information on exactly what your expectations are.

Feel free to contact me at anytime.

Jose Hernandez
Coldwell Banker
312-788-7079
0 votes Thank Flag Link Sun Jan 6, 2013
Hello Julian,

If you want to shop and look at what are your best options contact an agent that will guide you through the process. Interview a few of the ones who were kind enough to respond to your posting. I have a portfolio of about 10 two and three unit off market, south side income properties that can be sold individually. They are all brick, rehabbed and fully rented. They are also in your price range. If you have any further interest please email or call my cell phone number below to discuss.

I wish you the best of luck in your search.
Sincerely,

Ian Halpin / Broker
Jameson Sotheby’s International Realty
425 W. North Ave. / Chicago, IL 60610
O: 312.335.3220 / F: 312.229.9190 / C: 773.531.4479
ihalpin@jamesonsir.com | http://www.jamesonsir.com
0 votes Thank Flag Link Fri Jan 4, 2013
Julian - there are some great prospects listed below. I would recommend contacting several agents to see who you feel most comfortable with. Prepare a list of questions that address what you are looking for and what your expectiations are. But be cautious - dont just fall for an agent who tells you what you want to hear -
Should you have any questions regarding financing options for your upcoming purchase please let me know. I would be happy to help
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773-290-0455
0 votes Thank Flag Link Fri Jan 4, 2013
Julian,

You really put yourself out here. Every Broker will be looking to work with you. The first thing I would ask you is how familiar are you with the various Chicago Neighborhoods and do you have a ball park idea of what a two to three flat rehabbed already property, and do you plan to live in the property, or is it strictly investment with you not living in it? The neighborhood is really going to drive that $80-150K range. A property that reasonable in price will also be bombarded by savvy investor who will be making cash offers.

Find a Broker that knows the areas you want to look in and who will run good comparable to make sure your investment is sound.

Best of Luck and Happy New Years,

Manuel Brown, Broker
iMove Chicago
0 votes Thank Flag Link Fri Jan 4, 2013
An investment property in that range is possible in certain areas. You will need to discuss all your criteria and expectations with an experienced Real Estate Professional. You should not only interview real estate licensees but ask for references. Ask whoever you decide upon if they currently are working with investor/rehabbers that you might get a jump on a property that currently is not available. Also feel free to use my website http://www.idealhomesinchicagoland.com.
0 votes Thank Flag Link Fri Jan 4, 2013
Hello Julian,

You may need to adjust your expectations in terms of finding a property that is completely rehabbed within the price point you outlined.

Speak with a few of the agents that responded here on Trulia.com, ask questions like how many transactions they have done in the past 12 months (shows experience), are they familiar with REO's (which is more than likely what you may end up with), short sales, negotiation skills, etc...

Good luck.
0 votes Thank Flag Link Thu Jan 3, 2013
Hello Julian,

Take time to interview two or three agents. Write your goals down and be realistic the market is yours for the taking if you are willing to put in the work. Good luck!

Jorge Vega
Newman Realty Group
http://www.searchingchicago.com
0 votes Thank Flag Link Thu Jan 3, 2013
Here are some things to consider. Figure out what return you want after expenses? Factor in repairs, real estate taxes, vacancy factor in your equation, along with any mortgage payment. I recommend less debt the better. Good luck.
0 votes Thank Flag Link Thu Jan 3, 2013
You will be beseiged with responses. Choose an agent wisely. At that price point, I doubt that you can get a well-rehabbed property in a location that will command decent rents. You may want to explore a range of investment opportunities with the agent you select. Best of luck.
0 votes Thank Flag Link Thu Jan 3, 2013
I would love to help you find your investment property. I have investment property myself and there are definitely some rehab properties in your price range - or maybe slightly more. We need to discuss what specifics you are looking for within Chicago and then I can get you specific details. Call me at 708-267-2008.
0 votes Thank Flag Link Thu Jan 3, 2013
You will be very popular yet it will be very hard to find a 'rehabbed' 2-4 flat at that price point depending on your definition of 'rehabbed' and depending on where you want it to be located. I would need more information
0 votes Thank Flag Link Thu Jan 3, 2013
Depending on what area you want to own, semi rehabbed properties do exist. If paying CASH, prepare your Proof of Funds, if FINANCING get Pre Approved.
Web Reference: http://www.BJDHOMES.com
0 votes Thank Flag Link Thu Jan 3, 2013
There is a lot of them out there. I am sure someone on here will respond who has experience in this sort of this. Interview two or three of them, and go with the one you mesh best with.
0 votes Thank Flag Link Thu Jan 3, 2013
I have a number of investors I'm workign with right now, there are definitely good properties out there! Email me to further discuss, would love to help you out! leeryan2@gmail.com

Ryan Lee
Exit Strategy Realty
Real Estate Consultant/Investment Advisor
c-312.520.0053
0 votes Thank Flag Link Thu Jan 3, 2013
you will most likely be in the 150 range for a rehabbed unit-
0 votes Thank Flag Link Thu Jan 3, 2013
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