Home Buying in Chicago>Question Details

Greg, Home Buyer in Fairfax County, VA

With a budget of 40k cash or up to 140k financed (25% down), can I get a cash flow of about $400 on an investment property in a solid neighborhood?

Asked by Greg, Fairfax County, VA Tue Jan 1, 2013

Any advice on neighborhoods to look that are safe, desirable, and easily rentable? Only have a small budget for repairs (1-3k). And how much is the fee for property managers in Chicago?

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0 votes Thank Flag Link Wed Jan 2, 2013
Thanks for the responses. Not fully decided on Chicago just yet. Understand that it's not easy being out of state. I've already bought a couple of cash flowing properties in LV but recently it has become very much a seller's market there. So I'm just looking for opportunites elsewhere where I can get decent cash flow at the lower price ranges and hold very long term. Hoping for decent appreciation in the very long term. Also love getting to know different cities and traveling so that may be part of the motivation. I just know properties in my local area are way out of my budget so I'd probably have to wait much longer to save up a down payment. Otherwise, look elsewhere like Chicago, Atlanta, ...
0 votes Thank Flag Link Wed Jan 2, 2013
Sohail says it as well as it can be stated. Why are you looking in Chicago?
0 votes Thank Flag Link Wed Jan 2, 2013
Greg,

Of cours, you just need the right agent, right strategies and right plan of action.



Sohail A. Salahuddin | Group Founder

Innovative Property Consultants Group | Sales and Leasing

http://www.innovativepropertyconsultants.com



Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610 


O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030

"Locally Known, Globally Recognized"
0 votes Thank Flag Link Tue Jan 1, 2013
email me at jmichaels@remax.net and I will send you my list
0 votes Thank Flag Link Tue Jan 1, 2013
Yes, contact me and I'll tell you where and what to look for. Prop manager fees vary, say $80 -160 per month. Check my profile, then we can have a real conversation.

Best Regards
0 votes Thank Flag Link Tue Jan 1, 2013
Try Berwyn. There are nice two flats and three flats. It's easy to rent and it has a desirable location because of it's proximity to downtown. It's an 18 minute train ride to the Loop.

The area has become hot and good properties go under contract quickly. Downside is most are foreclosures/short sales and need a bit of work. Also, taxes on some properties can be a bit high.

Good Luck!
0 votes Thank Flag Link Tue Jan 1, 2013
Greg,

Chicago has allot of neighborhoods that are ideal for cash flow. The budget you have is somewhat unrealistic. The old saying is true, "you get what you pay for". If you want a cheap property then you will have no hard time finding one. The problem is that the properties available require substantial work and time. Occasionally you will get a great deal that comes on the market and when this happens you have to act fast. There are many people interested in Chicago and many of them from out of state or other countries so be prepared to pay over asking price. My suggestion, spend some time here and hire an agent to show you the way. Good luck and please let us know if we can be of any assistance.

Jorge Vega
Newman Realty
http://www.searchingchicago.com
0 votes Thank Flag Link Tue Jan 1, 2013
I dont think you can make $400 a month buying any condo. Its too tough. Usually the rate of return is much lower. Typically you make more long term, like when you resell a condo.
0 votes Thank Flag Link Tue Jan 1, 2013
Stay in Texas! On paper you can find a lot of 'potential' investments that meet your requirements, but when you do more homework on the financials of the building (for condos), the ability to rent and other intangibles(which you cannot do being out of state).....and most of which R E agents cannot discuss, your options are limited and those properties will sell very fast. You cannot compete being out of state. You need to know more about the city than you do in order to make a good decision. Do not trust what you hear from most folks on this site who want your business.
0 votes Thank Flag Link Tue Jan 1, 2013
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