Where are the hot areas for sales in the Chicago area right now? Looking to buy for under $75K, fix up sell and make a little money.

Asked by Jeff LeBlanc, Las Vegas, NV Wed Sep 19, 2012

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Waldemar Smolinski’s answer
Waldemar Smo…, Agent, Chicago, IL
Thu Sep 20, 2012

I've been doing exactly what you're looking to do for several of my clients for the past 3 or 4 years, even when the market wasn't as good as it is now.

I find them properties on the Northwest side, because with my 18 years experience in this area and nearly 700 closed transactions, I tend to be very accurate about the potential resale value of a property needing rehab. I avoid areas where I'm less familiar, to prevent costly errors.

In this area the acquisition cost is a little higher than you mentioned, i.e. $75k-150k, but the upside is higher, too, and the buyers are strong, so the properties sell and close sooner. My clients typically net $40k-100k per transaction, occasionally more.

Please contact me directly for more details.

Waldemar "Val" Smolinski
Century 21 McMullen
0 votes
Jose Hernand…, Agent, Chicago, IL
Wed Sep 19, 2012
Hi Jeff,

We've noticed activity in certain parts of the city and it is possible, it just depends on your strategy and risk. Feel free to contact us at anytime.

Jose Hernandez
Coldwell Banker
0 votes
Philip Sencer, Agent, Chicago, IL
Wed Sep 19, 2012
This is not the market to flip within 1 year. You need to hold a bit. It's a big city, but for 75K you really will need to hold what you buy, not flip. You can find condos and 2-flats and houses, but none of the areas are really 'hot'. Individual properties pop up which are better values than others. If you do not know the area you should not rely on one of us.
0 votes
Bill J Delig…, Agent, Naperville, IL
Wed Sep 19, 2012
It depends on your risk tolerance. For the hot hot areas, $75k won't buy you much. For other less desirable areas, $75k can buy you a brick 2 flat with $2k/mo income.
0 votes
Suzanne Hami…, Agent, Orland Park, IL
Wed Sep 19, 2012
I do a lot in the south suburbs. Often you can get homes for 25-50k and rehab and resell with 20-30% return. Single-family homes which are easier to sell.

For you the hot areas would be areas with a lot of low-priced property that can be rehabbed and flipped for more. I help a lot of investors. It is important to know your market and rehab based on what you want to accomplish.

Please feel free to call. I would be happy to help.

Suzanne Hamilton
Managing Broker/Owner
RE marketing consultants, Inc.
0 votes
Matt Laricy, Agent, Chicago, IL
Wed Sep 19, 2012
Market in the downtown area is going up. Things dont last long, and theres not much out there. If you go to the outskirts, you can find something for 75k. Not sure how stable it is, but its possible. Get an agent that works that area, and see if they can help you out.
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Right now I'm still learning the market there. I did speak with one Realtor and he recommended the West and SW suburbs. Naperville, Downer's Grove, Woodridge, Bolingbrook, Lockport, Joliet. Maybe even St. Charles or Geneva and sent me some listings for these areas. Warned against rehabs in the city due to theft of materials.
Flag Wed Sep 19, 2012
Jorge Vega, Agent, Chicago, IL
Wed Sep 19, 2012
When it comes to investing its not all about hot areas. We would really have to find out what your goals, time line and profit margin will be. There are many great areas in Chicago and many investors are making a good living working these areas. Take the time to speak with a couple of Realtors. Good luck!
Web Reference:  http://www.myownhome.info
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