Chuck L, Home Buyer in Chicago, IL

2150 West Devon Avenue #5W, Chicago IL 60659. Right time to buy this property?

Asked by Chuck L, Chicago, IL Wed Dec 5, 2012

2150 West Devon Avenue #5W, Chicago IL 60659
Good timing to get in for this property as investment? How is the building/HOA. Thx

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BEST ANSWER
Engage a real estate broker to assist you in the process. How's the HOA? are there building violations? What are the seller's requirements in writing up an offer? Are you aware of what's in the seller's addendums to buy this place? Can this unit be financed? What is your plan with the unit and eventual exit plan? Have you discussed possible tax implications with purchasing this property? What can the unit rent for and how long will it take to rent it? Have you done a cash flow analysis assuming different scenarios?

These are all questions you can go over with your real estate broker.

Feel free to contact me should you like any help.

Jeff Nobleza
Baird & Warner
773 677 5340
0 votes Thank Flag Link Wed Dec 5, 2012
Its a pretty cool property , great exterior , but its 230k !
0 votes Thank Flag Link Thu May 16, 2013
I am always under the opinion that the best time to get a property you like is right now. If you do not have a realtor, give us a call and we can refer a great one to you. If you need to be pre qualified, we can do that for you as well. Contact

Sean Cochran
630-330-2229
sean@qualitymortgagelending.net
Web Reference: http://www.seanccochran.com
0 votes Thank Flag Link Sun Dec 16, 2012
It's hard to go wrong paying $89,000 for a 3 bedroom/2 bath condo, but the other sales in the building have also been foreclosures or short sales. I would be curious to know how many are vacant. It says highest and best offers due by 12/6/12, so it's probably too late for you. A Realtor would have been able to tell you that. Sounds like you've been thinking long and hard about this decision.
0 votes Thank Flag Link Fri Dec 14, 2012
You will need to be pre-qualified to purchase this condo. I would be happy to help with the financial paperwork. Joanna Weiss 773-327-3580
0 votes Thank Flag Link Thu Dec 13, 2012
Chuck,

The building is solid, and I can answer any questions that you have on this building. I have unit currently for sale as a short sale and I am familiar with the entire building.

Feel free to contact me with any questions you may have.






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 Thu Dec 6, 2012
email me at jmichaels@remax.net and I can advise you on this
0 votes Thank Flag Link Wed Dec 5, 2012
Are you working with a Realtor?
Yes ...ask him/her
No ....why not? ...A Realtor will utilize his/her expertise in evaluating this and other properties.

It IS the Right time for those who have done their homework to Purchase. Depending on the area, Prices are still very low and Interest Rates are at All time Lows.

Get yourself pre approved and work with a Realtor.
0 votes Thank Flag Link Wed Dec 5, 2012
Could be, but you would want your agent to get you more info on the place. If your not working with an agent, go get one. Its free to use their services!
0 votes Thank Flag Link Wed Dec 5, 2012
Dear Chuck,

The price for the condo is certainly a great price. You certainly do have to know what condition the home owners association is in. Also, if you are looking to purchase and rent the condo you will also need to know what the association by-laws are. Hopefully the listing agent already has the information about the HOA and association by-laws.

I know rented a really nice 2 bedroom / 2 Bathroom condo quality for $1350 a month. The developer deconstructed from condos.

It sounds like you should team up with a Realtor that will work with you in finding investments properties.

Best of luck,
0 votes Thank Flag Link Wed Dec 5, 2012
You need to do some homework on the HOA as it is unclear if they allow rentals or if the commercial units are part of the association or if you can get financing in the building. If you do not want to work with an agent contact the other agent directly and ask these things, but remember they work for the seller.
The rental market is not so good in winter so not clear how fast it would rent.
0 votes Thank Flag Link Wed Dec 5, 2012
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