Rentals in Lincoln Park>Question Details

dontenny, Home Buyer in 60614

thinking of buying for inv a 2400 ft home in w/4 baths and 3 beds - 12 yrs old and nice - what is the rental mkt for it and what rental is poss..th

Asked by dontenny, 60614 Wed Dec 11, 2013

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22
Work with a Realtor and do the homework as per carrying costs of owning (Principal, Interest, Taxes, Insurance, Rehab Costs, etc) vs Rental Income for the area of the home. Feel free to contact me should you need any assistance.
Web Reference: http://www.BJDHOMES.com
0 votes Thank Flag Link Tue Dec 17, 2013
I would need a lot more information. If you need a management company that specializes in single family homes, contact http://www.goldcoastpropertymanagement.com

Mike
0 votes Thank Flag Link Fri Dec 13, 2013
Hello:

Great area to invest! If you are looking for mortgage options, I can help you with your financing. We have great investor programs. Please email or call me to discuss your situation.

We work with over 30 lenders to help you get the best possible financing. SMC carries an A+ Better Business Bureau Rating and we have worked in the community for over 15 years!

Please call or email me so we can set aside some time to get you prequalified; or visit my website to complete the application http://www.smartmortgageinc.com.

I look forward to working with you!

Best regards,

Patty Harrison
Smart Mortgage Centers
630-478-2684 / 630-854-3459 cell
patty@smartmtgs.net / http://www.smartmortgageinc.com
0 votes Thank Flag Link Thu Dec 12, 2013
you should speak to an agent in that area for this
0 votes Thank Flag Link Thu Dec 12, 2013
Hello,

The Lincoln Park rental market is strong. This time of year there isn't a whole lot of activity. Your best bet is to not close on the purchase until the end of February.

Best regards,

Ivan Sagel
312.515.7823
ivan@atproperties.com
0 votes Thank Flag Link Thu Dec 12, 2013
thanks - most helpful comment I received.
Flag Thu Dec 12, 2013
Lincoln Park is a fairly broad description and area, as it has moved farther and farther west in recent years. As others have said, your rental rates depend on so many factors, including exact location, layout, condition, school district, etc. There's really no way for us to give you sound advice in a broad forum such as this. I live and work in Lincoln Park and handle both sales and rentals there, so if you'd like more expertise, I'm happy to provide specific advice: cwilson@koenigstrey.com.
0 votes Thank Flag Link Wed Dec 11, 2013
It is all relative to a lot of different things.

Get a good realtor to help you out. Its free to use their services. Interview two or three agents and go with the one you mesh best with.
Web Reference: http://Americorpre.com
0 votes Thank Flag Link Wed Dec 11, 2013
Best advice- speak with a broker that you trust and who understands your goal- they'll need to view the property in order to best assess your needs. It worth your time for the long term. Happy to help!
0 votes Thank Flag Link Wed Dec 11, 2013
Also, what kind of return are you looking for on this investment? There are so many factors that go into a purchase like this.
Web Reference: http://Www.mredllc.net
0 votes Thank Flag Link Wed Dec 11, 2013
If you haven't decided on a lender, I would be happy to help you with financing. I work with over 40 different lenders, which allows me to provide my clients with more opportunities. We have plenty of options available for investment properties, feel free to contact me with questions or to get started!

Thank you,

Ashley Pimentel
Market Place Mortgage
Lombard, IL 60148
Phone: (630) 217-7013
apimentel@marketplacemc.com
0 votes Thank Flag Link Wed Dec 11, 2013
4 roommates or a lot of kids are headed your way.. executive rental is also possible.. you have to choose a path
0 votes Thank Flag Link Wed Dec 11, 2013
Don,

The rental rate depends on only on the location but also on the finishes and condition of the home. Always work with someone who has experience with rentals.

One of the things my mentor taught me five years ago design you rental for the type of renter you desire.

Best of luck.
0 votes Thank Flag Link Wed Dec 11, 2013
Hello Don,

A home that big, in decent condition and neighborhood should do great! Your realtor should be able to give you advice on rentals in the area. Let me know if you would like options to purchase the home, we have a lot of investment property programs and I would love to work with you.

With warm regards for the holiday,

Mary Kay Laurent
Associate Vice President of Mortgage Lending
marykay.laurent@guaranteedrate.com

http://www.guaranteedrate.com/MaryKayLaurent

o: 773.516.6859 - m: 312.403.4150 - f: 773.328.1740
3940 North Ravenswood , Chicago, IL 60613
NMLS ID: 870598
0 votes Thank Flag Link Wed Dec 11, 2013
It depends on the location, the finish level of the property, the time of year, and several other factors. Rate of return is the most important aspect of an investment property. Simply getting an estimates of rents is not enough - an accurate analysis takes into consideration not just revenue, but all of the cost associated with the acquisition, holding, maintenance, debt service, etc. I would be happy to help with that analysis as myself and my firm work with several investors. Regards.

Stephen
0 votes Thank Flag Link Wed Dec 11, 2013
Location is key. Rental mkt is hot. Contact me, we will talk and decide if we want to work together and go from there.
0 votes Thank Flag Link Wed Dec 11, 2013
The rental market is very strong right now in Lincoln Park. However, we need many more details to give you proper advice. I would be happy to discuss with you in greater detail.
0 votes Thank Flag Link Wed Dec 11, 2013
If you are jumping into the investment arena, you should really have a Realtor working with you that can tell you the specifics of what you have and the spefics of the market. Really too broad a question for this forum. Too many variables.

The money you spend on a realtor will come back many times as you save needless mistakes and missteps trying to do it yourself. Don't find out the hard way as many do.
0 votes Thank Flag Link Wed Dec 11, 2013
Location is the key here, and how the property compares to others in the neighborhood. There is plenty of demand for rentals of that size in many neighborhoods, but the specifics will vary depending on these factors.
0 votes Thank Flag Link Wed Dec 11, 2013
I agree you should have an agent view the property. The hard part is picking one that you are comfortable with. I would like to get to know you first a d then view the property. I can help

Shawn Carver
(586)246-8829
0 votes Thank Flag Link Wed Dec 11, 2013
What are the cross streets? Is it a detached single family, townhome or condo? What is the elementary school that it feeds into?
0 votes Thank Flag Link Wed Dec 11, 2013
Anyone that gives you advice without viewing the property should be disregarded. I would be happy to view the property and discuss renting/management of the property going forward.

Mark Malave
773-435-1605
Web Reference: http://Www.markmalave.com
0 votes Thank Flag Link Wed Dec 11, 2013
Anyone that gives you advice without viewing the property should be disregarded. I would be happy to view the property and discuss renting/management of the property going forward.

Mark Malave
773-435-1605
Web Reference: http://Www.markmalave.com
0 votes Thank Flag Link Wed Dec 11, 2013
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