Live and Flip Chicago Area

[Tomas Saenz]

Happy 4th Weekend folks. I am looking to purchase my second property. I currently house hack but am looking on my next purchase to be a sort of "live and flip" approach. I love the buy and hold / cash flow approach for long term stability and financial freedom but I feel the "live and flip" approach can really accelerate my actual wealth building. My question is I am in the Chicago market and I am researching which neighborhoods/suburbs as well have potential to appreciate. Im currently looking at a 200k budget. Should I be focusing on SFH/Duplex's/Condos etc? I am open to any and all suggestions, thanks.

[Henry Lazerow]

With that budget condos will be your best bet. There is also a lot less competition for value add condos than houses/multi units. You can afford a 1 or 2br in prime areas (logan square, albany park, west town) these are my favorite for cash flow and strong appreciation easy to sell on the flip. For a house you will be pushed out far west still some decent areas like Belmont Craigin in price range though. Multi units need higher budget outside low income headache properties.