Amitjv, Home Buyer in Chicago, IL

what is the rentability of units in 653 N Kingsbury, Chicago IL. is it a good building to buy investment properties?

Asked by Amitjv, Chicago, IL Mon Apr 25, 2011

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Answers

9
HI there!

Thank you for posting a question.
If you do not already have a real estate expert who specializes in assisting investors assisting you with your search for an investment property, that is the best bet for you and should be your next move.
An experienced investment specialist will be able to provide you with specific data regarding recent rental prices and rates for properties in this building so that you won't have to be posting on random websites.

Let us know if you want some help - give us a call and we will put you in touch with one of our specialists asap.

312.242.1000.
Thank you again - and good luck to you!
Web Reference: http://www.dreamtown.com
0 votes Thank Flag Link Tue May 3, 2011
you will rent it all day for a reasonable price.. what is your strategy to invest? what is your experience? what is your current salary(what is your time worth), where are you getting down payment and why in real estate? do you live near by or are you using a rental service, who fixes stuff, do you know how to evict, how long until a special assesment happens?, what are your other options?..you need to sell me..and if you can do that your ready to purchase..stop in my office this week- web site below.
Web Reference: http://www.joeschiller.net
0 votes Thank Flag Link Tue Apr 26, 2011
You dont get a high return, but you can rent it out easily. The good thing is that the you can buy low, rent it out for a few years, and then hope for the market to turn, and make a good profit when you sell it.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
Web Reference: http://americorpre.com
0 votes Thank Flag Link Tue Apr 26, 2011
Dear Amit & Realtors,

Here are my numbers:

Asking list price $ 239,000
Interest Rate: 5% $500 per month for every 100k you borrow- (based on credit/ you could do arm which is closer to 3.85% if you qualify)
Loan Amount: $200,000 ( this could be lower based on down payment & actual purchase price) $ 1,000 plus association 650 + $ 1650 plus taxes $ 400.00 per month brings you to break even. Return on income, this is without any $$ down in the calculation.

You would also qualify for a number of tax benefits & write-offs, not to mention the increase in value of time of ownership if you are able to hold on to the unit long enough ie return on investment.

Please know there are many units in the chicago downtown market that offer better views & are competitively priced to this unit. I would love the opportunity to show you some!

Feel free to contact me at urvashi@atproperties.com & i can send you some listings Please know that I am not afraid of any well constructed glass or any other kind of sound real estate investment & YOU should not be either! It's the best market for buyers in the last 9 years :)

Best regards,

Urv
0 votes Thank Flag Link Mon Apr 25, 2011
I do not think the numbers make sense unless you get a one bedroom under 200K and you put more than 20% down and then it barely works. Forget about 2 bedroom units. If you have a month vacant your out of luck. Most high rises do not make sense as rentals unless your mortgage is very low because the assessments and taxes are too high. Watch out for all these glass buildings. The big shot developers did not use the best quality windows.
0 votes Thank Flag Link Mon Apr 25, 2011
Dear Amit,

Please know that unlike in past years, 653 N Kingsbury and many other condos building in downtown are at price points where you can get some cash-flow from renting the unit. 1 bed plus den units rent between $2100- $2500 per month at 653 N Kingsbury. Depending on your purchase price you could get some cash flow. Please know that the building association dues cover heat, air conditioning, water, gas, parking, common Insurance, doorman, exercise facilities. For this reason, the association dues are a little higher.

If you are looking for a nice investment property downtown you would have to be sure that the association will allow you rent out the unit. Please know there are many short & long term considerations, buyers need to make when selecting the right unit for future investment needs in today's market place, most importantly how long you want to keep the property & whether you intend to ever live in it.

Feel free to contact me at 312-671-9207 or email urvashi@atproperties.com if you would like me to send you a copy of the current real estate data trends & investor specific questionnaire which helps investors calculate return on investment, return on income and tax benefits of owning investment property.


Best regards,

Urvashi
0 votes Thank Flag Link Mon Apr 25, 2011
Amitjv,
It is an attractive high rise designed by notable architect Lucien LaGrange. It has high assessments though. There are currently 6 active listings, 3 sales in the last 6 months (1 short sale and 1 foreclosure). 3 for rent and 3 rented in last 6 months. Check with your realtor if there are any special assesments being levied. If you don't have a realtor, please give me a call and I would be happy to look into it for you. I can also run rent vs monthly mortgage pro-forma to see if this is a good investment property.
Jesse McGrath
@properties
312-545-2775
jmcgrath@atproperties.com
0 votes Thank Flag Link Mon Apr 25, 2011
Definitely worth looking into. Let me know if I can provide you with specific information.

Cari Potter
815-531-5566
cpott43@sbcglobal.net
0 votes Thank Flag Link Mon Apr 25, 2011
You would definitely want to have your agent check to see what the association says in regards to rentals. Some buildings have a specific limit to how many rentals are allowed in a building at a time, so you would want to double check to make sure they are not at their rental capacity so that if you were to purchase in the building you would have the ability to rent out your units. There are several buildings in the River North area that have properties that are great deals for investors/in town condos. Feel free to email me directly with any other questions, sdonnellan@yahoo.com

Sarah Donnellan
RE/MAX VISION 212
708-595-2774
0 votes Thank Flag Link Mon Apr 25, 2011
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