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Updated over 9 years ago on . Most recent reply

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Chris Wienke
  • Investor
  • Chicago, IL
0
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11
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Condo Flip Chicago South Suburbs?

Chris Wienke
  • Investor
  • Chicago, IL
Posted

Does anyone have experience flipping a condo in the South Suburbs of Chicago (or flipping a condo at all for that matter)?  It seems like a decent option and the condo market in the area I'm studying (Oak Lawn) is strong with ~4 months of inventory and 79% of attached 2BR/2BA properties selling over the past 12 months.  

I realize that rental rules could be an issue in the event it's not selling and plan B (BRRRR) needs to be executed. Assuming the building is renter friendly, what would some other major differentiators be between a SFH and condo? Financing issues? other things I know I'm not thinking of?

Any input would be appreciated - thanks from a newbie,

Chris 

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28
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Dominick Adolfo
  • Chicago, IL
10
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28
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Dominick Adolfo
  • Chicago, IL
Replied

@Chris Wienke One of the biggest things I have learned in flipping a condo is similar to what you mentioned. You need to leave yourself outs, one of them being the association allows rentals. If for some reason or another you can't get rid of it, hopefully the numbers work to rent it. Another area to look at is the condo's financials and any anticipated special assessments. A good association will have a nice CapEx fund.

I personally stay away from condos/townhomes as I don't want to have to answer or have to be in compliance with an association's rulebook.  It's one less control you have of the situation.  Not to say there are not people who flip condos, there are plenty, just make sure you leave your self outs.  Just my $.02

I'm in Mt. Greenwood and have spent a lot of time in Oak Lawn.  Let me know if there is anything else I can help you with. 

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