Property Q&A in Irving Park>Question Details

Lewis Jones, Real Estate Pro in Evanston, IL

What advice do you have for real estate investors looking to Irving Park?

Asked by Lewis Jones, Evanston, IL Mon Dec 10, 2012

What type of return should investors see in their properties?

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Answers

10
buy homes that are priced well, get income property, go to the restaurants, marry rich
1 vote Thank Flag Link Mon Dec 10, 2012
As with any investment - do your due diligence.

Form the team of Realtor, Lender, attorney, rehabber, etc to calculate income and expenses.
0 votes Thank Flag Link Mon Dec 10, 2012
This is a tough question to answer, without enough information!

type of property, reason for investing in it ..... Is your investor looking to buy, rehab and sell?
or is your investor interested in a long time rental property. Both are available in the Irving Park area,
but how much return, truly can only be established if and when a particular property can be looked at.
\

How much upgrade work does the property need, how many units, location, size of units, parking available, in unit washer and dryers etc. and how much for the size and location and upgrades could the rent be. Then all potential numbers can be put together ......

The rental market in general in the Chicago Area is very active.... so it truly depends on what your
investor is looking at, and how much money he has to invest.

Good Luck


Hope this helps...

Most Sincerely yours,
Edith YourRealtor4Life and your Chicago and Northern Illinois and RElocation Expert
Working always in the very BEST interest of her clients at @Properties North Shore
Edith speaks French, German, Spanish & more
Get to know Edith and her Service her website is
http://tinyurl.com/YourRealtor4Life
EdithDoesItRight@yahoo.com
0 votes Thank Flag Link Mon Dec 10, 2012
It really all depends upon the investment in the area. Feel free to email me at jmichaels@remax.net and I will work with you and your investor to find a suitable investment
0 votes Thank Flag Link Mon Dec 10, 2012
Buy/renovate/rent or buy/renovate/sell? The neighborhood can support both models.

Erik Sachs
RpV Realty and Development
Cell 773/368-5515
Email esachs@rpvinc.com
0 votes Thank Flag Link Mon Dec 10, 2012
Lewis,

Irving Park is a great area. Over the years it has been one of the more stable areas. Working with a Broker that knows how to run an excellent Comparable Market Analysis will place your investor exactly where they want to be. Also if your investor is lucky enough they might be able to pick up a good deal. But when these come up be ready to move!

Best of luck,

Manuel Brown, Broker
iMove chicago
0 votes Thank Flag Link Mon Dec 10, 2012
I agree with Sohail. 7% is the minimum most like to see.
0 votes Thank Flag Link Mon Dec 10, 2012
Lewis,

Most investors are looking for a cap rate of 7% plus.. 8% to 10% seem to be the sweet spot for most.



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 Mon Dec 10, 2012
It depends greatly on where you are within the Irving Park neighborhood. It is a large neighborhood with many sub-neighborhoods within it. Work with an agent that knows the neighborhood well.
0 votes Thank Flag Link Mon Dec 10, 2012
I think the IP neighborhood is fine for investments. It is a popular and stable area. The return, ROI, you can expect should at least be comparable to what similar comps have been getting. Each investment type acts somewhat differently. I do not know what you are looking for.
0 votes Thank Flag Link Mon Dec 10, 2012
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