Guidance for a newbie investor in the Chicago market

[Vaidehi Telkar]

I am looking to make a real estate investment purely for rental income and investment purpose. I am looking more for a long (ish) term investment which can generate decent cash flow and grow in value in the future. What would be the best areas to invest in and around Chicago for multi family units? Investing in condos - is it a bad idea? 

For reference I live in the South Loop area and definitely love it. I am open to investing in and around the city, also would be ok with the suburbs. Have been looking at Aurora as a prospective location. 

Also, any tips for finding good listings? 

[Paul De Luca]

@Vaidehi Telkar

Welcome to the forums! The best area for you to invest in depends on what you're looking for and the areas you're comfortable investing in. 2-4 unit properties are abundant in neighborhoods all over the city but some neighborhoods definitely have more inventory than others. 

Personally I'm not a fan of investing in condos since they can be difficult to cash flow when there are high HOA fees, potential special assessments, rules & regulations, etc.