Apartment Deal in Chicago

[David Evans]

Investment Info:

Large multi-family (5+ units) buy & hold investment in Chicago.

Sale price: $655,000

Bought, renovated and stabilized eight unit apartment building in Chicago.

What made you interested in investing in this type of deal?

Investing in Multifamily as a strategy for growing wealth

How did you find this deal and how did you negotiate it?

Off market deal through lender recommendation

How did you finance this deal?

Conventional financing

How did you add value to the deal?

Making upgrades to units

What was the outcome?

Sold for small profit.

Lessons learned? Challenges?

✅ Family and business rarely mix: unless it's a parent grooming a son/daughter to work in the family business, I'd advise against doing it.
✅ No one is going to care about your property as much as you do: if you are lucky enough to find them, compensate them well.
✅ Vet your service providers with the same scrutiny as you would prospective tenants.
✅ Maintaining good tenant relations are essential to the financial viability of your property.
✅ Vacancy will kill the financial viability for bldg.