How can make sure that the property that i will buy will be fully rented ? i have a budget about $650,000 and looking in the lakeview area

Asked by Gabriel, Chicago, IL Mon Apr 1, 2013

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Mike Opyd, Agent, Chicago, IL
Thu Apr 4, 2013
There's never a guarantee it will be rented but you can put yourself in the best situation by buying in the more desirable areas. I would research which areas are the most popular in the city and see if anything your looking for is within your budget.
0 votes
Helen Mandel, , Chicago, IL
Tue Apr 2, 2013
There is never a guarantee.
However we have shortage of rental units in the city.
If the units are priced correctly you should be able to rent them quickly.
You should look at other simular rental units in the area to see wht you can get for rent.
If you would like to see comparables I would be happy to provide them to you.
0 votes
JIM Michaels, Agent, Chicago, IL
Tue Apr 2, 2013
email me at jmichaels@rremax.net and I will send you my list of fully rented investment properties in the lakeview area
0 votes
Dirk Gould, Agent, Chicago, IL
Mon Apr 1, 2013
The best way to ensure that you have a minimal vacancy rate is to choose a location near public transportation, choose a building with parking options, and choose a realtor who knows investment properties. I am a Certified Investment Agent Specialist. I would be happy to help you in any way that I can.
0 votes
Tamara Vesna…, Agent, Chicago, IL
Mon Apr 1, 2013
Good day Gabriel. Please contact me with all your questions via e-mail. The owners of the building will need to provide new buyer with leases for the units... and for the rest I could help you find the tenants for the those that are not rented. I see you said your budget is $650 K, how soon you like to purchase the new property? Thank you for posting your info & thank you for the opportunity. I do work with Short sale, REO, Foreclosures ... I hope I could fing a great property for you. Thank you! TV
0 votes
Geoff Ommen, Agent, Barrington, IL
Mon Apr 1, 2013
Being a landlord is similar to selling any sort of space (think airline, hotel etc). Having all your units full every month would be 100% utilization. No business runs at 100% capacity forever. You must make allowances for non-use along with costs associated with renting out the units.

If you plan on using an agent to rent out the units, you should plan on 10 months of revenue per year per unit. 1 month will go to commissions and 1 month is 30 days on market. If you get a multi year tennant, or rent the place without an agent, the additional revenue goes to your bottom line.

As the other agent suggested below, buying a rented out property gives you some initial clarity on rent rates and income streams. However, once those contracts are up it may be a different story.

Geoff Ommen
Broker Baird & Warner
847-271-2622
geoff.ommen@bairdwarner.com
http://www.geoffgetsit.com
0 votes
Lucid Realty…, Agent, Addison, IL
Mon Apr 1, 2013
Often the properties are rented when they are on the market. That's the best scenario because it tells you exactly what the market value of the rents are. You should get a rent roll that will help you confirm the rents.

If they are not already rented then you need to really study the area rents.

Make sure you are working with a realtor that is financially savvy so that they know how to evaluate the opportunities. Because Lakeview is so popular the returns are often lower there on investment properties.

If you would like to discuss further you can call me at 312-738-0232 and I can tell you about our commission sharing program that can be worth thousands of dollars to you.
Web Reference:  http://LucidRealty.com
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