Strong Chicago Markets

[Account Closed]

Wondering if anyone could share some specific markets in the Chicago land area in which they've had some good success? I'm looking hard at Aurora and some pockets of Rockford, and I'd love to learn more about some areas of Cook County. 

Generally, looking for smaller multifamily properties for the BRRR strategy where rental rates relative to pricing and demographics seem favorable.

Thank you!

[Miguel Castillo]

@Matthew Olszak 

Aurora is tough on illegal units, they have inspectors constantly driving around looking things to ding you on, not joking. The city asked me to properly surface my gravel driveway, that cost me 3.5k.  They will require you to get a rental license which is about $125 and you will have to attend a mandatory 4 hour class.  Your unit will get inspected every year or every 2 years if they don't find anything wrong with it.  I mean they can be picky and all but I wouldn't let that deter me from buying, I'm actually going to make a few offers on some properties im Interested in.  As far as the tenant base, I have not had any section 8 experience and honestly I wouldn't consider it basically because I dont agree with the program itself, that's just my personal opinion.  I will tell you that Aurora has a big hispanic population, most of them don't have credit or can't purchase a house so they're always looking to rent.  Anytime one of my units is available I get a lot of calls from people interested in renting them, I've had 0% vacancy.  

No inspections prior to purchase, you will need to register your property as a rental as soon as possible otherwise you face a $500 fine.