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!