Chicago commercial multi-family real estate - looking to connect!

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Chicago commercial multi-family real estate - looking to connect!

Kevin Klaas
New to Real Estate · Milwaukee, WI · Member since 2020 · 25 posts · 20 votes

Hi! 

I am looking to connect with Chicago commercial multi-family investors. I am a motivated new real estate investor (current portfolio: 1 duplex) looking to expand my network in the Chicago area. I have a passion for real estate investing and I am excited to connect with others who feel the same way. 

Please reach out, would love to chat! 
-Kevin

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Jake FugmanBusiness Member
Real Estate Broker · Chicago, IL · Member since 2016 · 256 posts · 250 votes
5y

@Kevin Klaas  Hey Kevin!  Congrats on your plans to build the portfolio.  The Chicago market is super diverse and has a lot to offer all shapes/sizes of investors.  If you need assistance analyzing any multifamily 2-4 unit deals or 5+ deals under $2M let me know - that is where I have the most experience and would be happy to help. 

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  • Jake FugmanBusiness Member
    Real Estate Broker · Chicago, IL · Member since 2016 · 256 posts · 250 votes
    5y

    @Kevin Klaas  Hey Kevin!  Congrats on your plans to build the portfolio.  The Chicago market is super diverse and has a lot to offer all shapes/sizes of investors.  If you need assistance analyzing any multifamily 2-4 unit deals or 5+ deals under $2M let me know - that is where I have the most experience and would be happy to help. 

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  • Michael J Scanlon
    Realtor · Chicago, IL · Member since 2019 · 222 posts · 153 votes
    5y

    Hey @Kevin Klaas


    I would absolutely reach out to @Jake Fugman. His commercial expertise is tops here in Chicago. 

    1Reply
  • John Warren
    Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
    5y

    @Kevin Klaas welcome to the forums. There are quite a few brokerages that specialize in commercial RE. Any agent can sell commercial real estate of course, and many of us that focus on residential will cross over from time to time. I would start with the areas you are interested in and then work backwards. I am happy to put you in touch with the commercial agents that I have worked with, but Chicago is a big enough market that they don't all cover the whole city. Most of the agents I have worked with for commercial deals don't frequent BP much from what I can tell. 

    1Reply
  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    4y

    @Kevin Klaas - Happy to connect and see how we might be able to help!  

    You'll find that there are tons of great Chicago investors here on the forums that are more than willing to network and help any way they can (as you can see you already have some of the top agents on your thread with @Jake Fugman, @Michael J Scanlon, & @John Warren).

    Are you currently in Milwaukee and looking to start investing here in Chicago?

    [email protected]
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  • Dave Polhill
    Financial Advisor · Saint Charles, IL · Member since 2021 · 3 posts · 6 votes
    4y

    Hey Kevin, what are you looking to do in the Chicago area?

    0Reply
  • Michael K.
    Investor · Chicago, IL · Member since 2018 · 352 posts · 176 votes
    4y

    Hi Kevin, welcome to the Chicago scene. I currently own / manage 6 units across 2 buildings and am relatively familiar with the Chicago MF market. What sort of price range and CAP rate are you looking for? Feel free to reach out if you need someone to bounce ideas off of or would like to learn more about various areas of the city. Cheers!

    0Reply
  • Tony Freeman
    Real Estate Agent · Chicago, IL · Member since 2021 · 27 posts · 39 votes
    4y

    Hi Kevin!

    I'm glad to hear you are starting to expand into the commercial side of things! I have a great connection for you. His name is @Jonathan Klemm. I have worked with him on multiple deals and not only is he an experienced investor/developer, he also is a contractor and knows all the ins and outs of rehab work. He is currently looking at some commercial things as well and I'm sure he'd love to spread some of his knowledge!

    0Reply
  • Emily Irish-Ryan
    Member since 2018 · 3 posts · 1 vote
    4y

    Hi Kevin—Im in a similar situation (current duplex owner, looking to expand my network/investing opportunities) and would love to connect. Is your duplex in Milwaukee or Chicago and which city do you live in?

    0Reply
  • Kevin Klaas
    OP
    New to Real Estate · Milwaukee, WI · Member since 2020 · 25 posts · 20 votes
    4y

    @Jake Fugman

    Thank you, Jake. I am very new to the Chicago market. I am currently living in Milwaukee but will be settling in Chicago long-term in the summer of 2022. Some concerns I have with the Chicago market include the stagnant population growth as well as high property taxes. I'm sure there are submarkets within Chicago that don't reflect the overall trends of the city. Are there any real estate networking events/groups in Chicago that you would recommend?

    @John Warren

    Thank you for your insight. Areas I would be interested in are safe, blue collar, class B/C neighborhoods that are in the path of progress maybe along I90/I94 corridor. Are there networking events or meetup groups you would recommend specifically for commercial multi-family?

    @Jonathan Klemm

    Thank you, Jonathan. I currently live in Milwaukee but I spend most weekends in Chicago. I'll be moving to Chicago permanently in the summer of 2022. Thought it was never too early to start networking. Any groups/networking events that you would recommend? 

    @Dave Polhill

    Hi Dave. Looking to start connecting with other commercial (5+ units) multi-family investors in the Chicago area. I am currently house hacking in a duplex in Milwaukee and I am hooked on multi-family investing. I think going bigger is the way to go due to economies of scale with bigger margins and better cash flow. Do you currently invest in Chicago? If so, where do you invest?

    @Michael K.

    Hi Michael, thanks for the reply. What kind of CAP rates are you seeing for like 5-20 units in the NW suburbs. I would imagine CAP rates overall are super low right now given the insane real estate market. I don't know have an exact CAP rate I aiming for. I do know that higher rates come with more risk (like 10+% are more likely going to be properties that are in high crime areas or require large rehabs) versus lower CAP rates (<5% that are likely stable properties with almost no value-add opportunity). Those numbers are estimates. Ultimately, safe location is key to me. I think investing in like B neighborhoods with B/C class buildings is the sweet spot of MF investing. Ideally, I look for the value-add deals (cosmetic rehabs, poor management, RUBS, etc).

    @Tony Freeman

    Thank you, Tony.


    @Emily Irish-Ryan

    Hi Emily - my duplex is in Milwaukee. But I will be living/investing in Chicago long-term. Are you house hacking as well? Where in Chicago are you investing?

    1Reply
  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    4y

    @Kevin Klaas - Never too early to start netowrking!  Here's a list that @Mark Ainley put together of Chicago meetups.  https://www.straightupchicagoi...

    Also, Make sure you check out the podcast!

    Our meetup should be up there shortly actually too, but here is a link to it on meetup:

    https://www.meetup.com/chicago...

    Look forward to connecting in person or virtually soon!

    [email protected]
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  • John Warren
    Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
    4y

    @Kevin Klaas there are definitely multifamily specific meetups in the area. BP doesn't like them being promoted on the forums, but if you hit up @Mark Ainley and @Tom Shallcross they can send you the list they have. @April Pangilinan might know about one too. 

    2Reply
  • Jason Albasha
    Lender · Chicago · Member since 2018 · 118 posts · 66 votes
    4y

    Hi @Kevin Klaas, welcome to the forums! Let me know if you have any questions regarding financing your deals. 

    0Reply
  • April Pangilinan
    Rental Property Investor · Berwyn, IL · Member since 2019 · 17 posts · 8 votes
    4y

    Thanks for the mention @John Warren!! We host a monthly gathering for REI, check us out would love to connect! Congrats on the Duplex! https://www.meetup.com/windy-c...

    0Reply
  • Elyse Simpson
    Lender · Joliet, IL · Member since 2021 · 33 posts · 7 votes
    4y

    Hi, @Kevin Klaas! A little late to the game here, but our company started in Wisconsin (my beloved home state) and we are now located here in Joliet! We would be more than happy to help you with any financial assistance you may need. Thanks!

    0Reply
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