Michael, Renter in Los Angeles, CA

I WANT TO BUY A MULTI-UNIT PLACE IN CHICAGO, FIRST ONE (PROPERTY VIRGIN) NEED ADVISE

Asked by Michael, Los Angeles, CA Sat May 18, 2013

I am originally from Chicago and now split my time between NYC, LA and CHI. But I have some money saved up and want to look at buying a mulit-unit place but for all cash most likely. I want to start small 2-4 units but I have created my spreadsheets for NOI and CAP Rates but feel like I need more professional mentoring/guidance. I know the popular areas really well (OLD TOWN, GOLD COAST, RIVER NORTH, WICKER PARK etc.) but the numbers I am calculating there kinda stink. I don't want to get caught with my pants down on first time out but I LOVE looking and figuring this all out. Can anyone on here help with some advice and some real leads on legit people in town? I don't need people trying to sell me stuff I need a buyers agent first to help me look out for those trying to just dump property on the new kid.

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17
you need Rashad Carmichael real estate broker and coach host of resource radio
http://www.findchicagohomesforsale.com/property/615-9075-900…

http://www.myaffordablehomes.com specializing in equity and cash flow real estate
0 votes Thank Flag Link Tue May 21, 2013
Are you going to manage the property from afar? There is a higher risk for the kid to get burned if you are not around to learn from the mistakes that you or the people you hire make.

Opportunities exist - if you qualify, leverage your assets and take advantage of the low borrowing costs and get a loan.

Feel free to contact me should you have any questions.
0 votes Thank Flag Link Mon May 20, 2013
Your primary focus as a first time investor should be strong positive cash flow and low vacancy rates. For that, you need to shift your focus away from the comfortable neighborhoods you listed above. There are plenty of solid neighborhoods further north and west that will work just fine for you.
0 votes Thank Flag Link Sun May 19, 2013
Hi Michael,

I have a 2 flat in the Irving Park area (near Irving Park and Pulaski) w/ great long term renters. property is not yet listed and has net rental income of 2,650/mo. If you want more information feel free to have your Broker contact me at vetvet68@msn.com. Good luck
0 votes Thank Flag Link Sat May 18, 2013
always looking for possible right opportunity...email me
thelinmd78@yahoo.com
Flag Sat May 18, 2013
Michael-

It is a great time to invest in Chicago!

I can introduce you to a few areas that will possibly work for your investment strategy. My company is a full service real estate brokerage, property manager and general contractor. We specialize in working with clients like yourself that not only need to find property, but also need a way to match actual operating income to proforma/spreadsheet income.

Let me know if I can help - best of luck regardless.

Erik Sachs
RpV Realty and Development
Cell 773/368-5515
Email esachs@rpvinc.com
0 votes Thank Flag Link Sat May 18, 2013
email me at jmichaels@remax.net and I will send you my list of properties in those areas
0 votes Thank Flag Link Sat May 18, 2013
You will be very popular on this site. I do not think the numbers will work very well in the areas you mentioned. Prices are just too high. There are other ares a little farther from the downtown. Let me know if you want to talk about it. My web site talks about my Rebate to buyer clients.
0 votes Thank Flag Link Sat May 18, 2013
Wow....I would buy you lunch and have a meet up at my very cool office and hear you out..I have had my pants down and gotten spanked plus I got a seasoned master in my office w
Who will give us some guru advice..I have about 100 million in sales experience...hope to hear from you
0 votes Thank Flag Link Sat May 18, 2013
Dear Michael,

Two flats and four flats are very popular investor buildings. Have you considered parts of Edgewater or Rogers Park. Sounds like you want an investment property that will be easy to rent as well.

I have learned from the many owners I work with you design your rental for the type of renter you want. That doesn't mean you have to go crazy on finishes but do place finishes that are inviting and the renter will respect.
0 votes Thank Flag Link Sat May 18, 2013
Exactly, easy to rent with limited hassles. Nothing is hassle free but looking for the right place and around good universities is always smart.
Flag Sat May 18, 2013
There are some excellent neighborhoods for you to look at which I encourage all my investor clients to consider. Call me 773-914-5309, or email bbiederman@citypointrealty.com.
0 votes Thank Flag Link Sat May 18, 2013
I would like to recommend that you utilize my free website at http://www.idealhomesinchicagoland.com. You will be able to search for properties throughout Chicago and the surrounding areas. My website features up to date information, so you will not be finding homes and properties that are no longer available like on some of the realty websites that you may be using. My website also offers an array of neighborhood and market information that can help you make your determination on homes and locations. My featured partners are industry leaders that can assist you in making any realty transaction easy and transparent. I welcome you to utilize this amazing tool. As always I will be available to answer any questions that you may have.
0 votes Thank Flag Link Sat May 18, 2013
I want to be clear I am not looking for a quick buck or a flip. This is all about building long term wealth play here not anything more. But I am EXTREMELY frugal and that is how I have been successful thus far and don't see that changing anytime soon.
0 votes Thank Flag Link Sat May 18, 2013
Choose a good broker with a proven track record.
0 votes Thank Flag Link Sat May 18, 2013
Michael,

I live in one of the the neighborhoods you mentioned, and yes the number will not work in any of these areas. I've lived in Chicago for about 30 years, so do I know the neighborhoods and market conditions, I would say so. Feel free to check out my reviews and blogs and give me a call.

Thanks!
0 votes Thank Flag Link Sat May 18, 2013
Hello Michael
Feel free to call me 7089254076 or email diana@findingourbalance with all of your questions and concerns . I"ll be more than happy to assist you through this process .
0 votes Thank Flag Link Sat May 18, 2013
Good morning , I have very good property to flip or rent in the northside area non listed at this time
Send me an email barcelonarealtor@gmail.com
0 votes Thank Flag Link Sat May 18, 2013
You will get many responses here.
I would be glad to talk to you any time. Just call or write me back. My bio here tells who I am. Best of luck, this is an excellent way to build long term wealth.
Dave Hanna 773 732 9123
0 votes Thank Flag Link Sat May 18, 2013
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