looking for a 2 flat or 3 flat in the jefferson park area of chicago ill

Asked by tigrlilly60, Chicago, IL Mon Dec 19, 2011

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16
Seth Captain, Agent, Chicago, IL
Tue Dec 20, 2011
A word of caution:

Be very careful financing multiple units in parts of Jeff Park. There are pockets of Jefferson Park that appear perfectly normal but have been hit hard by the foreclosure/short sale mess. What does this mean?

There are beautiful buildings that show good cap rates, but because the only comparables are $50k to greater than $100,000 less than asking price (and from distressed sales in different condition), you will find disbelieving owners unwilling to negotiate and lenders unwilling to lend without a sizable down payment.

Lesson: Before placing an offer, especially in Jeff Park (amongst other 'hoods), double check values despite a building being in good condition showing good income, if you plan on putting less than 20% down. Trust me, or you will waste money on an appraisal and two months of your time.

Best of Luck.
0 votes
Mark McCaffr…, Other Pro, Wilmette, IL
Mon Dec 19, 2011
I do a lot of inspections in Jefferson Park. Check out my website for pricing.
Web Reference:  http://hominspect.com
0 votes
Emery Yost, Agent, Chicago, IL
Mon Dec 19, 2011
I grew up in the neighborhood and have a wealth of knowledge to share with you. Call me at 312 218 2904

Emery Yost
Associate Broker Landmark Realtors
0 votes
Anthony Cast…, , Chicago, IL
Mon Dec 19, 2011
I will email you property listings at no charge after getting detailed information on what type of proeprty you are interested in and your financial information. Please email me back or call me at 708-310-9031. Thanks
0 votes
Grazyna Jank…, Agent, Chicago, IL
Mon Dec 19, 2011
I know Jefferson Park and I am working in this area. You can call me directly: 847-361-0516 or e'mail me: grace@properties10.com. I can send you a list of all properties available in Jefferson Park. If you have any questions, just call me or send me e'mail.
0 votes
Dirk Gould, Agent, Chicago, IL
Mon Dec 19, 2011
As many have pointed out to you already, you need to provide more information to allow one of us to offer you effective advice. The first question: will you live in the building? This is the most important initial question to steer you in the right direction. The answer will determine the amount of down payment required, whether you are bound by the terms of the Chicago Landlord Tenant Ordinance, your ability to avoid taxes upon its sale, etc.

I would be happy to help you as a full time agent or on a consulting basis

Dirk
0 votes
Joe Schiller, Agent, Chicago, IL
Mon Dec 19, 2011
I will put 10% more money in your pocket than many agent..maybe even most agents.. what exactly do you want and what exactly do you not want.. if we are sort of this and sort of that..your going to get a very sort of deal.. I am a Pro..work with me- email only to respond
Web Reference:  http://www.joeschiller.net
0 votes
Tinubu Aden…, , Chicago, IL
Mon Dec 19, 2011
seek the concept of an agent ! If your 1st term buyer, make sure that anything doing where properly documented, and prepare your self at any time for an inspection before negotiation with any agent in care, Make proper care of your broker before show case dealing...
0 votes
Matt Laricy, Agent, Chicago, IL
Mon Dec 19, 2011
I would get a good buyers agent. This way you have someone to walk you through the buying process, at no cost to you. Interview two or three agents, and go with the one you mesh best with.
Web Reference:  http://AmericorpRe.com
0 votes
Mark Bystrow…, Agent, Chicago, IL
Mon Dec 19, 2011
I work in this area and have seen most homes sold there within the last two years.
Send me an email and I will send you all properies available, also I can plug you in the automatic search so you don't miss on anything.
Mark B.
0 votes
Jeff Stewart, Agent, Chicago, IL
Mon Dec 19, 2011
Hey there,

As one of the neighborhood and multi-family experts, I would love to offer my help to you in the search for a building!

When purchasing, I have a quick two step plan on getting started:
- Step 1 is for us to sit down and talk about what you're looking for in a 2-3 flat. We've got location down but we'll discuss your budget, level of updates, characteristics (#beds/baths to what utilities each tenant pays for) and even what you should expect during the process.
- Step 2 is getting preapproved by your bank so we know exactly what we should be focusing on.

After that it's time for me to show you options of what is out there in the neighborhood. Ater you see some favorite's we'll set up a day for us to check them out! Pretty simple!

I'm available to chat via email or phone if you're able.

Jeff Stewart
REALTOR®, @properties
309-269-3499 CELL
jeffstewart@atproperties.com
0 votes
Bill J Delig…, Agent, Naperville, IL
Mon Dec 19, 2011
Plenty of 2-3 flats for sale starting from $140k
Get yourself preapproved
Work with a Realtor who will represent your interests.

I'd be glad to assist and presently have clients in the neighborhood.
Web Reference:  http://www.BJDHOMES.com
0 votes
Jeff Nobleza, Agent, Chicago, IL
Mon Dec 19, 2011
Before shopping I advise that you do your research on the area.

What are the absorption rates?
What are the local rental rates?
What kind of positive (or negative) cash flow will you be experiencing each month?
What monthly expenses will you be responsible for?
Are you familiar with the landlord/tenant laws in Chicago?

A good real estate agent should be able to walk you through the process and create pro-formas for you taking different scenarios into account. When interviewing a real estate agent make sure they can answer all these questions and that they can "run the numbers with you"

I'm a real estate agent that owns several properties and understands cash flow analysis and current market conditions. Feel free to contact me if you'd like to learn more.
0 votes
Jesse McGrath, Agent, Chicago, IL
Mon Dec 19, 2011
I can help! I have a lot of experience in that area and am good at running CAP rate for investment properties. I am also an architect and can see rehab possibilities where most agents will not. Feel free to ask me anything!
Jesse McGrath
312-545-2775
jmcgrath@atproperties.com
0 votes
Joseph Hedri…, Agent, Morton Grove, IL
Mon Dec 19, 2011
There are some for sale. What price range and when can you look?
0 votes
BJ Tregoning, Agent, Chicago, IL
Mon Dec 19, 2011
Give me a call or send me an email. I live in the area and can help you out.
0 votes
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