Chicago Rentals

[Jessica A. Smith]

Morning BP!

I have a general question for those of you that have rentals in the Chicago area. How would you suggest going about selecting a good area? Do you aways look at school ratings or crime rate? Any websites you can suggest to narrow down searches?

[Larry Fried]

@Jessica A. Smith Hi, I see you are in Texas?  Are you looking to do multis, 2-4 flats, single family?  Are you looking to work with a turnkey company or build your own on the ground team?

I use Trulia.com a lot for an initial view on the crime and it breaks it down block by block. Just put in an address. But talking to people who know the area, such as other investors, property managers, real estate agents can help you refine what you see on Trulia, which is very imperfect. Chicago is tricky, because crime is quite high in the areas that are most affordable for investors now for solid properties, such as in the south of Chicago. Get out into the surrounding Illinois suburbs for single family and the taxes are really high. That is why I found the Indiana side of the border to be a much more conducive place for investing. Still in the metro Chicago area, and with much lower taxes and much more landlord friendly. Plus there is an excellent turnkey company I work with there for very affordable B neighborhood SFR properties.

[Adrien C.]

Hi Larry- which turn key company do you use here in NWI? 

[Jessica A. Smith]

Larry Fried I'm looking to deal with SF to start. I'm in the process of determining the best route to go as far as team building. I currently have a contractor, but missing the remaining pieces. Could you pm me info on the turn key company you work with?

[Crystal Smith]

Originally posted by @Jessica A. Smith:

Morning BP!

I have a general question for those of you that have rentals in the Chicago area. How would you suggest going about selecting a good area? Do you aways look at school ratings or crime rate? Any websites you can suggest to narrow down searches?

 We use Trulia to evaluate crime rates. 

[Chase London]

@Jessica A. Smith I would avoid englewood are between Normal St. and Western Ave, Also the Eastside from King Dr to the lakefront 69th to 83rd. There are nice blocks mixed in there but unless your from here (and actually live in these hoods you really wouldnt know).

try trulia itll give a block by block break down. also join myblockchicago to get an idea on crime.

[Garrett McCarthy]

Originally posted by @Larry Fried:

@Jessica A. Smith Hi, I see you are in Texas?  Are you looking to do multis, 2-4 flats, single family?  Are you looking to work with a turnkey company or build your own on the ground team?

That is why I found the Indiana side of the border to be a much more conducive place for investing. Still in the metro Chicago area, and with much lower taxes and much more landlord friendly. Plus there is an excellent turnkey company I work with there for very affordable B neighborhood SFR properties.

Interesting. Much more familiar with Chicago proper than NWI. Are there any specific neighborhoods? Like into Hammond, Munster?

[KC Zhang]

I started looking at Hammond and other cities/towns along the Illinois/Indiana border. Most of the houses I looked at online had solid cash flow numbers.  Will look further and do drive around to get a better understanding. 

[Payal Z.]

I just saw this thread. Any updates on what are some of the good neighborhoods you found in the area? I'm exploring the area and would love any input!