My First Turnkey - Elite Invest, Chicago

[David Fitch]

I got a lot of value from Michael L's ongoing post about his experience with Elite in Chicago, so I thought I'd replicate that for others. 

https://www.biggerpockets.com/forums/223/topics/16...

I live in Southern California now, but am from the midwest, spent many years living in downtown Chicago, and went to grad school at UChicago, which is right where these guys are operating, so I'm familiar with the area. 

I happened to be in Chicago for work last week, and gave them a heads up that I would be in town, that I wanted to meet up, check out their operation, etc. Long story short, I liked what I saw, and just signed an agreement for my first property with them. I close in Mid May, and I'll provide updates as they are warranted.

I went with a 3 unit / 4bd (12 total bds) building, gut rehabbed. $275k, 25% down, estimated monthly rent $3600, pending review by CHA (these are almost all Section 8 tenants). 

More to come!

[JR Hinds]

I've purchased 2 properties through Elite. I liked the work they did on the rehab on the two properties I purchased, but in all four units, it took them  a month or more to place tenants. My expectation was that the tenants would be in the property when we closed. And one unit has been vacant for 4 months now. When I asked about it, I was told to call back in a month and check on the status. I was disappointed that they weren't proactively sending me emails letting me know of the status, and expected me to put in the effort to contact them about it. The PM I have for my other multifamily unit is much more proactive with their communication.

Also, the projections they gave were high. I expected as much out of someone trying to sell a property. The 3 units that are rented ended up short of the rent projections they showed me. But with everything else I've experienced, I wouldn't recommend Elite as a PM.