Home Buying in Chicago>Question Details

Smyri777, Home Buyer in Las Vegas, NV

foreign investor looking for to buy a duplex, triplex or bigger from chicago area to buy & rent

Asked by Smyri777, Las Vegas, NV Thu Oct 4, 2012

I´m a foreign investor looking for to buy a duplex, triplex or bigger from chicago area to buy & hold. I was in chicago 3 weeks ago and liked Lawndale, Back of the Yards (60623, 60624, 60609) areas. High ROI is what I´m looking for section 8 tenants.

Looking for local contact who knows these areas and could check out some houses for me from those areas. Also help me out it there is some need to do some fixing up section 8 issues etc.

Buying cash...

Help the community by answering this question:

Answers

9
Long Distance Management + High Risk/Return properties usually spells disaster. I certainly can be done, but please have a very high risk appetite as well.

In my experience, the following scenarios work better :

1) Local Presence + High Risk/Return
2) Long Distance Management + Core/Low Risk Class A properties in excellent locations

We have many long distance landlords in the Lower Fairfield County - an affluent neighborhood with exception rents and stability. The Long Distance Management model works great here.

Feel free to call to discuss.

Nick Gandhi
Equity Capital Real Estate
(203) 280 3838
0 votes Thank Flag Link Sun Oct 7, 2012
Hello Mr. Foreign Investor located in balmy Las Vegas.

I thought I'd give you a couple of pointers since I've spent several years as a buyers agent doing a lot of work around Chicago that is focused on duplexes, triplexes, etc.

First, in Chicago, we call these buildings multi-units. A duplex in Chicago means an apartment/condo with two floors. Two apartment buildings are "two flats".

Three apartments = "three flat"

Four apartments = "four flat"

Five apartment = logic breaks down, and due to many investors having difficulty counting correctly, all larger buildings simply referred to as "multi-units"

soda = pop

jerk = jag

Please be very careful as a long distance absentee landlord. I'm not writing this facetiously.
One of the worst things to happen to Chicago housing is the preponderance of absentee landlords collecting section 8 rents. Yes, there are local owners who keep an eye on their property and successfully rehab buildings. These people are actually a benefit to the blocks in which they renovate run-down dwellings.

However, many landlords will allow anybody willing to pay them to occupy a unit with complete disregard to this person's character (not illegal to discriminate against somebody with poor references, previous evictions, etc.). Many blocks in Chicago are ravaged by only one or two terrible buildings, generally the result of an absentee landlord just looking for a "high ROI" and not interested in the chaos taking place around his building due to his poor judgement in tenant choice.

Best of luck, and just remember, the "el" does not signify a missing letter or local slang for a 'loser'.
0 votes Thank Flag Link Thu Oct 4, 2012
We are not a broker, we find properties, flip them or rehab them for the investor. We understand this area very well and we can start sending you properties immediately. Contact me if you are interested.
0 votes Thank Flag Link Thu Oct 4, 2012
Hi. REIGN INTERNATIONAL is a real estate consulting firm that has the experience and expertise to tailor a RE portfolio to fit your needs and strategy. Let's talk more so I may learn what your goals are and maybe a chance to earn your business. Email me joey.ri@kw.com.
0 votes Thank Flag Link Thu Oct 4, 2012
Opportunities exist. Do you have the appetite for high risk and the possible headaches of long distance management?
0 votes Thank Flag Link Thu Oct 4, 2012
Good afternoon. I will be more than glad to help you out!

You can contact me via email: ricardomorales@remax.net

You can check my website: http://www.TheHomeChicago.com

Let me know!
0 votes Thank Flag Link Thu Oct 4, 2012
come into my office and we can get started
0 votes Thank Flag Link Thu Oct 4, 2012
I am sure there are a lot of agents out there to help. Find some ones that work that area. Interview two or three.
0 votes Thank Flag Link Thu Oct 4, 2012
To do what you are suggesting is a very poor way to invest. You will end up with a very high maintenance investment and the potential ROI you 'think' you will have on paper will vanish over time. I would not do it that way.
0 votes Thank Flag Link Thu Oct 4, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer