Rentals in Chicago>Question Details

Rashid Lohiya, Home Buyer in 90210

Hi, I'm looking to buy some rental properties in the Chicago area, and I'm looking for a good reputable, property manager. Any suggestions?

Asked by Rashid Lohiya, 90210 Tue Nov 23, 2010

Not the most expensive one please. I will be coming over and buying some foreclosure properties, I will need a property manager who will also oversee any rehab work required to get the property in order to rent.

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Rashid,
Chicago is a big place. You might want to clarify if you'll be interested in north, west, south or downtown. It will matter as to who you'll choose. Travel time from one side to the other could take hours... as for downtown that could be a matter of blocks.
0 votes Thank Flag Link Wed Nov 24, 2010
Hello Rashid,

I would certainly love the opportunity to find out if we would be a good fit. Currently, Green Brick Realty works with a holding company that purchases distressed properties in different areas throughout Chicago. Once we purchase these distressed properties, we then have bids from independent contractors to estimate the repairs needed to make these 2-4 flats livable as well as passable by CHA (Chicago Housing Authority) standards. This is important because the best way to have these condos occupied is through section 8. We run credit reports and do screening in order to occupy the units. We are a well establish and eco friendly company and I would love the opportunity to speak with you further in regards to cost, time frames, etc. Please let me know if you have any questions. You may contact me at Jgutman@greenbrickrealty.com or on my cell at 312-925-0024. Keep in mind, it is important to speak to multiple agents/property managers so you can find someone who best suits your needs.

Warm Regards,

John
0 votes Thank Flag Link Tue Nov 23, 2010
Since I managed 300-500 unit high rise properties prior to entering sales (the last bldg beginning during its construction stage), I am highly experienced in managing properties & staff. My office, City Point Realty, currently manages about a dozen properties, charging 6%-8% of monthly income. We also have been actively working with others, like yourself, who have purchased & rehabbed foreclosures throughout the city. Please contact me, Barbara Biederman, 773-914-5309, bbiederman@citypointrealty.com.
0 votes Thank Flag Link Tue Nov 23, 2010
My first question is where do you live? If you do not live in Chicago, why do you want to buy in Chicago?

There are several types of investors. Passive or Active. it appears you want to be the Passive type and that's ok but it requires you to understand the risks your taking while letting others manage your properties.

You need to find someone who has an understanding of the local real estate market and in your case someone who is SFR certified and has worked the Foreclosure market. Then understands your investment criteria and goals then sets up a plan.

You can visit my website and if you want to contact me personally for a Free Consultation you can do that as well.
0 votes Thank Flag Link Tue Nov 23, 2010
I think you will find the cost for property management for small properties scattered all around the city to be rather expensive particularly if they are required to oversee remodeling. They tend to charge by the hour or by the task and not by the month. I can give you some the 'usual suspects', the bigger names/more common names, but you really need to find a niche player who can be more flexible. I do not know any.
If you need some help finding property, please keep me in mind. My web site might have some useful information and you can search the MLS from it if you want. Depending on the work involved/property type etc and your frame of mind, I might be able to do it. I have bought and remodeled some property for myself over the years and know people in the trades.
0 votes Thank Flag Link Tue Nov 23, 2010
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