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The city has plenty of areas with a significant amount of ROI. Some areas are experiencing a lack of well rehabbed properties and a savvy investor can really take advantage of this. Then you have areas that have a high presence of investors. These investors are driving up prices and you have to be willing to make above full price offers and move fast. Our firm handles plenty of REO properties and we are always working with investors. Please feel free to contact me at 773-627-7608 so we can discuss your options further. Good Luck!!!
Real Estate Broker
Will you be self-managing your properties? In general, the worse the area, the higher ROI; but there is much more to consider in the equation. Are you still living in Florida? Are you familiar with Chicago? Feel free to contact me to discuss further.
All the best,
You had many great answers from Brokers. ROI is really going to depend on location with in the city. While many properties can be found in your price range it is really best to familiarize yourself with Chicago with a broker and determine with the amount of money you want to spend are the areas in your price range is where you would like to have you investment property. Firstly, I believe even as an investor you should understand, know, and like the area you are investing. This summer I work with a young investor helping him to rent some of his newly acquired apartments in West Ridge. The first thing out his mouth was he didn't like the area. I can tell you his attitude reflected how he felt and he did very little to improve the apartments. Net result, the apartments sat on the market for a very long time. For the simple improvements I had asked him to do his properties wouldn't have rented quickly. I work with a gentle that owns 20 units in 5701 Sheridan. Great guy. As he says," the way you finish your property will attract the type of renter you want. "
I see your question comes to all of us from Kissimmee FL. How familiar are you with the various neighborhoods is Chicago?
Team up with an agent that will work with you to determine all the factors that are important to you. Remember who you team up with should also have strong knowledge of the rental market.
Best of Luck,
Manuel Brown, Broker
I would suggest you start to find agents in the area who are already working with some investors and understand the dynamics of grabbing up deals like this for you.
Sohail A. Salahuddin | Founder
Innovative Property Consultants Group | Sales and Leasing
Jameson Sothebyâ€™s International Realty
425 W. North Ave. | Chicago, IL 60610 â€¨
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Second, as with any investment ROI must be evaluated on a risk adjusted basis. I can get you an incredibly high expected ROI by putting you in an incredibly risky investment. The most desirable neighborhoods are going to have the worst ROIs and the converse is also true - in general. There are exceptions. But by and large you will not get high ROIs in Lincoln Park.
So my recommendation is to align yourself with a local broker who watch for these types of properties and can be your local eyes & ears. They will save you $$$ and from future headaches.
Best of luck,