Finding Commercial Real Estate Mentor

[Mei Bae Wu]

Hi there!

I have huge aspirations of developing a commercial property in Woodlawn for University of Chicago students. 

Think hostels + sorority house. 

I’m currently in the process of getting my real estate license with an emphasis on commercial real estate and would love to network with you guys. 

Leave a reply if you’re open to connecting and sharing some wisdom!

xoxo

Mei Bae 

[Mei Bae Wu]

Quote from @Jonathan Klemm:

Hey @Mei Bae Wu - Love this idea....do you have some buildings in mind to redevelop or are you thinking of building new?

That area of Chicago would be great for something like that - however - the legalities and city bureaucracy will be very difficult to deal with.  I believe you'll have to get a hotel license if you are trying to legally rent by the room.  

I am not completely sure, but I'd advise you to look into that further before you invest too much time.

I was thinking building from the ground up! Found a really cheap plot of land that seems like a decent size and located 10min from University of Chicago. 

Would you recommend redeveloping or starting from scratch?

Since it’s an opportunity area, I would have thought that the city would be easier to work with. 

Ohhhh interesting, I didn’t think of that. I’m going to try to talk to corporate from Chicago Hostel to get some intel.