Vicky D., Both Buyer and Seller in Chicago, IL

I am an out-of-state investor and would like a little help from the locals!

Asked by Vicky D., Chicago, IL Wed Jul 25, 2012

What is the best, hottest area to buy in for multifamily properties? Which areas of the city should I avoid? I am looking at small rehab costs and reselling the properties quickly. Thanks in advance for all the advice!

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17
Are you looking for 2-4 units or 4 and above-Are you planning to have any family or friends living in any of them? You can have them rehabbed and then sold although some cant be sold for 90 plus days depending on what type of sale they were--Would love to help out-Call Cheryl 708 421-6174
I am a realtor that covers Chicagoland and the surrounding suburbs and have alot of info on these types of properties
1 vote Thank Flag Link Fri Jul 27, 2012
Hello:

I would like to connect you with my wife who is a RE Broker and is in the top 50 of her company of 1500 agents. We work together as a team for this type of client. We own properties ourselves and have been doing this type of investments for 25+ years.There are several questions we will need to address before getting started, but all of our properties are in areas that have rented easily and have solf within 60 days of list including the new construction ones I have built.

Thank you,
John G Moustis
President / Owner
SPARTAN CONSTRUCTION & DESIGN, INC.
Phone & Fax: 630-963-6020
Email: jmoustis@spartancontractor.com
Website: http://www.spartancontractor.com
Lic.No. GC024703-I & R-I-18615-10-02820

Quality building, remodeling & consulting services in the Chicagoland area since 1991
1 vote Thank Flag Link Wed Jul 25, 2012
I actually specialize in dealing with rehabbers, and flippers. You ask a great question that is commonly asked. There are great deals all over the city, but sharing this information on a public website is a little dangerous for you, because other investors will look at this and try to move into your same area. At which point the area will get saturated with too many investors and then there are no longer good deals. It also depends on your target price point. This is really a topic that is better discussed offline and away from others. Please feel free to call me at (773) 309-4714 and we can discuss your investment strategy.


Tim Zielonka
Team FREE
Rising Realty
1 vote Thank Flag Link Wed Jul 25, 2012
You've got the right idea,, keep the rehab costs down to a minimum, most buildings can be purchased already fixed cheaper than you can fix them so it doesnt pay to do much rehab now days

we have plenty of properties that you can choose from that might work for you here at http://www.urbchicago.com , check it out, if you dont see anything give us a call, we have access to all the best deals prior to them even hitting the market
0 votes Thank Flag Link Mon Sep 3, 2012
Vicky-

I am a realtor, general contractor and property manager. We currently manage over 150 units in chicago for investors like yourself. We operate on Chicago's North and South side and can provide a large variety of investment options. We can source, renovate, rent and manage the property for you. Please let me know if you have any questions.

Erik Sachs
RpV Realty
Cell 773/368-5515
Email esachs@rpvinc.com
0 votes Thank Flag Link Fri Aug 3, 2012
Logan Square is a great area. It may be affordable still for the right property. Lakeview is awesome but expensive. A beautiful sleeper area is West Ridge
0 votes Thank Flag Link Thu Aug 2, 2012
Thanks!
Flag Fri Aug 3, 2012
I appreciate the kind advice from some of you. Rehabbing a property overseas now...that is why the simple question was asked. Thank you.
0 votes Thank Flag Link Mon Jul 30, 2012
As others have said, I'm not sure this can be accomplished long distance. The last out-of-town investor I worked with was surprised and disappointed by the lack of "cheap and flippable" options for him in the areas he targeted. Closer to home might be easier and less costly.
0 votes Thank Flag Link Wed Jul 25, 2012
So you want the best and hottest area w/ small rehab costs and the ability to quickly flip! Doesn't everyone? Hundreds of professionals in the area who scour the neighborhoods and do just that. Unless you plan on moving here and doing your due diligence, stay where you are at, invest there and over time "hopefully" watch your investment flourish. The real estate market is depressed and with the combination of extremely low borrowing costs it is a fantastic time to be a buyer. For what you are looking to do, you will likely need only CASH to purchase because the great opportunities disappear soon after they hit the market.
0 votes Thank Flag Link Wed Jul 25, 2012
One area you might consider in the North West burbs s Huntley IL. Many new businesses are opening (some with help from the Village) and yesterday, a new hospital was approved which will add 1,100 jobs. There is a lot of land ready to develop. Check out the development site at http://www.huntleyfirst.com Prices are relatively low and demand is growing. Huntley is about 45 minutes from Chicago.
0 votes Thank Flag Link Wed Jul 25, 2012
wait.. are you sure your not from around here??? sure sounds like the 100 clients that are on my site every week.. so you want some easy money.. keep your bags packed and move on through my friend..the only easy money around here is owned by professionals who do this with teams of pros.. that being said if you have cash I would buy in south loop or by midway airport.. sound like a good idea so you will be bidding with about 25 others unless you have cash and bid within 24 hours of it hitting the market
0 votes Thank Flag Link Wed Jul 25, 2012
Thanks Joseph for the advice. I don't think "flipping" properties is easy money, and do believe it is a challenge.
Flag Wed Jul 25, 2012
Sounds like somebody has been watching too many late night real estate investment infomercials.
You know who makes money at real estate? People who know their market, do their homework and don't believe most of what is told to them about how to get rich.
Good luck.
0 votes Thank Flag Link Wed Jul 25, 2012
I would need a better understanding of your goals. It sounds like you may be looking to flip a property but your success would totally be a function of what you are willing to do. The market is surprisingly efficient so that properties with tenants already sell for a fair price. The only way to flip at a profit would be to buy a property that has vacancies or has under market rents and then fix the situation and resell it. Hard to do.

You could call me to discuss further. We share our commission with buyers and still provide full service. I'm at 312-738-0232.
Web Reference: http://LucidRealty.com
0 votes Thank Flag Link Wed Jul 25, 2012
There are many great areas and wide variety of multi level homes on the market. I would suggest, Old Town, Lakeview, Wicker Park, Bucktown, Lincoln Park, Andersonville, Roscoe Village. All are close to downtown, restuarants, shopping, public transportation. If you are looking for a close suburb to the city: Oak Park, River Forest, Forest Park, Park Ridge, Evanston. I am currently helping a couple look for a rental income property in the Oak Park area and finding many distressed properties at very low prices. It depends on how much you are willing to spend on sale price and rehab and are you considering the possibility of renting out the units. The Chicago rental market is hot, good rentals are gone in days and often with several applications on them. Please contact me if you would like to discuss this more in detail and I can have you listings sent by the end of the day.

Carly Mazur
Carly.Mazur@bairdwarner.com
0 votes Thank Flag Link Wed Jul 25, 2012
There's plenty of activity in Multifamily specially in some areas of Chicago. But the question is how much risk are you willing to consider?

Give us a call to explore some options.

Jose Hernandez
Coldwell Banker Residential
312-788-7079
Jose.Hernandez@CBexchange.com
0 votes Thank Flag Link Wed Jul 25, 2012
I do bot know of any 'hot' area for multiunit buildings. I guess all areas are hot if the price is right, but you cannot flip anyting in this market. You need to buy and hold for a while and management fees will kill any positive cash flow for an out of town investor. Find another town.
0 votes Thank Flag Link Wed Jul 25, 2012
Hi Vicky,

Areas that will take longer to sell and considered war zones would be Engelwood and Roseland areas. When you say multifamily does that mean 2 to 4 units or 5 or more?
0 votes Thank Flag Link Wed Jul 25, 2012
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