Which Chicago Suburbs are good areas for investing (flip)

Buying & Selling Real Estate
5yFollow

Which Chicago Suburbs are good areas for investing (flip)

Johnny Galvan
Member since 2019 · 9 posts · 0 votes

Hello,

I’ve been doing realty investing since 2014 and been happy and successful on this endeavor. Most of my investing has been FixNFlip and only in Chicago. I want to branch out to the burbs. Any good areas?

0Reply
92 views

Most Popular Reply

John Warren
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
5y

@Johnny Galvan there are many, many great areas in Chicago and there are just as many terrible areas. What qualifies as a "good" area for you? Why are you branching out to the burbs? I doubt you will find the suburbs any less competitive than the city. The whole Chicago metro area is on fire right now and there is low inventory. Any time I list a house it goes under contract quickly and there are multiple offers. 

1Reply
See this reply in the discussion

13 Replies

Jump to latestLatest
  • John Warren
    Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
    5y

    @Johnny Galvan there are many, many great areas in Chicago and there are just as many terrible areas. What qualifies as a "good" area for you? Why are you branching out to the burbs? I doubt you will find the suburbs any less competitive than the city. The whole Chicago metro area is on fire right now and there is low inventory. Any time I list a house it goes under contract quickly and there are multiple offers. 

    1Reply
  • Mark AinleyBusiness Member
    Property Manager · Roselle, IL (Chicago Suburb) · Member since 2013 · 2k+ posts · 1k+ votes
    5y

    @Johnny Galvan What is the price range you are working in?  Are you doing a heavy rehab on custom homes or looking for an area with more cookie cutter floorplans so you can comp out easier?

    [email protected]630-781-6744Podcast Guest on Show #72
    GC Realty & Development LLC4.61090 Reviews
    WebsiteView Page
    1Reply
  • Johnny Galvan
    OP
    Member since 2019 · 9 posts · 0 votes
    5y
    Originally posted by @John Warren:

    @Johnny Galvan there are many, many great areas in Chicago and there are just as many terrible areas. What qualifies as a "good" area for you? Why are you branching out to the burbs? I doubt you will find the suburbs any less competitive than the city. The whole Chicago metro area is on fire right now and there is low inventory. Any time I list a house it goes under contract quickly and there are multiple offers. 

     Hi John,

    Thanks for you input.   I mainly do my flips Southwest side of Chicago (Brighton Park, McKinely, Midway area).   I haven't done much of a market analysis of the burbs, only Oaklawn, Evergreen, and Beverly.   I was hoping the burbs weren't as competitive as the city.   Can you recommend any good areas?   I have no interest in the south/southeast side of Chicago.    Thank you!

    0Reply
  • Johnny Galvan
    OP
    Member since 2019 · 9 posts · 0 votes
    5y
    Originally posted by @Mark Ainley:

    @Johnny Galvan What is the price range you are working in?  Are you doing a heavy rehab on custom homes or looking for an area with more cookie cutter floorplans so you can comp out easier?

    Hi Mark,

    My main area is "Cookiee Cutter" comps.  Normally, I will buy at auction, but that's on hold for now (covid)  Most of my sales are from 200-300k.    Any suggestions on areas?   Thank you!

    0Reply
  • John Warren
    Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
    5y

    @Johnny Galvan I think that whole stretch by Midway is great for entry level stuff. I would stay focused there. It is hard to find a better price point if you venture further west or north west, and the stuff in that area can be had for a decent price. Inventory is low everywhere so its not like if you move 20-30 minutes out you will find an area where no one else is active. 

    0Reply
  • Johnny Galvan
    OP
    Member since 2019 · 9 posts · 0 votes
    5y

    @John Warren

    Any areas you recommend with a price point between 400-600k? Thanks

    0Reply
  • Crystal SmithPro Member
    Moderator
    Real Estate Broker · Chicago, IL · Member since 2014 · 2k+ posts · 1k+ votes
    5y
    Originally posted by @Johnny Galvan:

    Hello,

    I’ve been doing realty investing since 2014 and been happy and successful on this endeavor. Most of my investing has been FixNFlip and only in Chicago. I want to branch out to the burbs. Any good areas?

    If you're willing to throw a wide net & monitor AS-IS sales you'll find deals in the burbs. Spring Grove, Oak Park (our favorite), Riverwoods, Winnetka,  Lake Villa, Lindenhurst, Vernon Hills, Rolling Meadows, Elmwood Park,.... That's a cursory look based on our Hotsheet for today.

    312-681-7487
    1Reply
  • Johnny Galvan
    OP
    Member since 2019 · 9 posts · 0 votes
    5y

    @Crystal Smith

    Thank you for the info!

    0Reply
  • Victoria Ho
    Member since 2020 · 3 posts · 0 votes
    5y

    @ John Warrent and @ Crystal I'm looking at Sauk Village. Is it a good area to invest? why is the rent to price ratio is so high (2%)?

    0Reply
  • John Warren
    Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
    5y

    @Johnny Galvan I am about to list a beautiful rehab project in Forest Park that is right in the middle of that range. I think a lot of the near western suburbs have inventory in that price point. I would think of La Grange Park, Brookfield and Berwyn as well if you are wanting to hit 400-600k on the ARV.

    1Reply
  • John Warren
    Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
    5y

    @Victoria Ho Sauk Village could be profitable, but it is right by the border so you will continue to see decline as people shift across. The population decline in Illinois is happening a lot in C class suburbs that are far from the down town and close to the border. 

    1Reply
  • Johnny Galvan
    OP
    Member since 2019 · 9 posts · 0 votes
    5y
    Originally posted by @John Warren:

    @Johnny Galvan I am about to list a beautiful rehab project in Forest Park that is right in the middle of that range. I think a lot of the near western suburbs have inventory in that price point. I would think of La Grange Park, Brookfield and Berwyn as well if you are wanting to hit 400-600k on the ARV.

     Thanks for the info!

    0Reply
  • John Warren
    Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
    5y

    @Johnny Galvan of course! 

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free