Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 11 years ago,

User Stats

6,117
Posts
5,051
Votes
Brie Schmidt
Agent
  • Real Estate Broker
  • Chicago, IL
5,051
Votes |
6,117
Posts

Knowing your market

Brie Schmidt
Agent
  • Real Estate Broker
  • Chicago, IL
ModeratorPosted

My husband and I started looking for investment properties late 2010. We saw so many properties in so many areas before finding our first in June 2010. Since then I have alerts on Redfin and at least glance at every property listed on the North side of Chicago. Even when we are not buying I look at the alerts and start to realize trends in certain neighborhoods, ect.

Well this time it really paid off. Last March a house came on the market in the North Center neighborhood for $299k, it was quirky (used to be a psychic reading place) and was partially converted from a 2 flat to a single family. But that area is well established and in a good school district. We had always planned on buying another investment property before buying one for ourselves but at this price point we couldnt pass it up. Within 3 days they had 12 offers and with a 325k offer we won the bid. After months of BS with Chicago zoning we finally closed in June. The house needed a new kitchen and mechanicals but we ended up putting 70k in (mostly personal choices not really geared at adding value) so we completed it in September and we all in for $395k - well we got the appraisal back today for $575k and are ecstatic. I know part of the increase is from the rehab - but I also think we bought it at least 100k under market.

This was our first rehab and while it is not an area of business we usually do - smart buying really paid off for us.

business profile image
Second City Real Estate
5.0 stars
20 Reviews

Loading replies...