All Forum Posts by: Alan Dunlap

@Jake Marotta

Hello Jake

south suburbs is a little vague. You can be in Tinley Park or Lansing and have completely different $ entry/exit points on the properties you buy. Maybe you run the numbers and decide to invest in the city, not the suburbs. Also need to decide whether you will be actively involved in the rehab/management or hand that off to someone. That handoff has to be included as part of your costs.

The previous posts provided solid information and I suggest you follow up on their recommendations.

You can also consider NW Indiana if you don’t find anything . Similar construction as South/Southeast suburbs. 750,000 residents in the 3 counties bordering the state line.

Good luck with everything!

@Joel Martinez

Can’t Hurt Me David Goggins

@Chelsea Barton

Please be careful.

Most realtors are not investors and their ideas on profitable deals may not be good for you. Have to learn 5o analyze within your own metrics.

@Michael Taylor

Less supply on market when demand stays the same = prices go up

If vaccine takes years to be available (like the flu shot for example) are you willing to stop buying for years because of the unknown?

@Brad Waterstraat

It sounds like your friend who works for Oak Lawn has given you a word of warning of what will happen but you’re trying to work around his/her advice. Their advice may be hard to hear but could save you thousands of dollars.

A lawyer can also provide guidance but you pay for it. Friend advice is free. Maybe you should ask friend how tough are Oak Lawn city inspections.

Just Walk away. In a metro area of 9 million people there will be more deals to come.

@Patrick Froehlich

Started in my late 40s. Like others said, retirement timeline is compressed and analysis paralysis is not your friend but it can be done

@Shawn Long

Hello Shawn

Have properties in Hammond and Gary. Looking forward to hearing from you on their potential as well as other parts of NWI!

Hammond and Gary, like Chicago have good areas and bad areas. You need to put eyes on the area you intend to invest

Sounds like someone reported you to the city.  That sucks.

Search BP.  Posts on  basement units have been submitted several times over the years.  

If you do duplex, you should be able to charge higher rent on the duplex unit.  That may help make up for the loss.

What were you told about the unit when buying the property?  Zoning should have shown whether the unit was legal.

 If it's not legal now as residential space,  do you want to risk the city coming back when it's short term rental?

https://www.chicago.gov/city/en/depts/bldgs/supp_info/illegal-conversions0.html

https://gustancho.com/buying-home-with-illegal-apartment

@Chad S.

Try searching biggerpockets.com/files