New to Chicago Multi Family Commercial Investing

Spring Hill, FL · Member since 2017 · 33 posts · 6 votes

Hello, I would love to connect with some experienced people in the Chicago multi family business. I am trying to get a 12 unit place under contract for 550k, rents around $600+ per unit, tenants paying their own electric and heating (with me being responsible for garbage, water, sewer, and general hallway maintenance and landscaping) The building isnt very old for chicago, which is why I like it.

I am realizing I probably need a decent amount of advice from experienced investors in the area, I would love to connect with someone who might be able to offer some insight.

If anyone would have any interest in connecting, please drop me a message or say so here and I will message you myself.

Thanks everyone!

1 Reply

32 views

Investor-friendly agents in Chicago, IL

See the agents BiggerPockets members work with in Chicago, IL.

Most Popular Reply

John Warren

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

@George Leeman this sounds like a solid deal on the surface, but as a local investor and agent I would say be very careful that you aren't in a war zone. From the numbers, it sounds like South Side. Have you spoken to property managers yet? If you are out of state, I would actually be starting there as your operations will determine if the property will perform. You should connect with @Mark Ainley. His team manages all over the Chicago market and he would be a good data point for you on this deal.

1 Reply

See this reply in the discussion

3 Replies

Jump to latestLatest

Sort by

John Warren
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
5y
@George Leeman this sounds like a solid deal on the surface, but as a local investor and agent I would say be very careful that you aren't in a war zone. From the numbers, it sounds like South Side. Have you spoken to property managers yet? If you are out of state, I would actually be starting there as your operations will determine if the property will perform. You should connect with @Mark Ainley. His team manages all over the Chicago market and he would be a good data point for you on this deal.
1 Reply
Henry Lazerow
Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes
5y
100% agree with @John Warren make sure you aren't in a war zone and those prices for a newer built building are a red flag. There is a huge difference in a working class area and a high violence neighborhood. In one you will have constant turnover, non payment, etc. in the other it will just be lower rents and tenants who tend to stay long term and although occasional issues overall pay.
Feel free to message anyone on here not personally benefiting from the deal. Myself or John or Mark can give you a good honest feel on the exact location.
1 Reply
Jonathan KlemmBusiness Member
Moderator
Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
5y
Hey @George Leeman would definitely be open to connecting. May I ask what neighborhood your property is in? That can sometimes play a big role in why your numbers look one way on the surface but end up being a much bigger headache down the road.
Also, I love the 6-15 unit space.....definitely keep moving forward just continue to do your due diligence and build a solid team here in Chicago.
[email protected]
Quality Builders4.968 Reviews
Website View Page
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.