All Forum Posts by: Alex Fraher

Thanks for the shout out @Chris T.

@A.J. D'Asaro, I also live in Logan Square and would love to meet up and chat. If you are willing to buy and improve I do have one particular property in mind on Fairfield.

Congrats on your second purchase @Jeff Burdick

Hey @Brie Schmidt :)

I've followed your opinion on condo's and had been looking forward to discussing. There are inherent risks you'll need to understand that come along with investing in any type of property. My experience with condo associations comes from managing 23 different associations in Chicago and from purchasing 4 separate units this year. I don't think of HOA fees as an unnecessary expense but as forced savings for inevitable repairs that need to be made to any building. There can certainly be mismanagement of the reserves so you might have to join the board of your condo association to make sure lenders approve of the health. But across the properties I've purchased the expense ratio is only 35% and that is including a conservative budget of $100/month for repairs on each unit.

I share your concern for the inventory in Chicago and its potential for rents downtown high rises, but feel comfortable that rents won't drop in a lot of other areas.

Want to continue the discussion but am running late for a flight! Happy Thanksgiving everyone!

I've found condo units in B neighborhoods that hit the 1% rule and some in A neighborhoods that come close but still cash flow. You'll need to get comfortable with the particular condo association, but that is also an option if you want to start house hacking right away. Would also be happy to send you over examples from previous clients or units on the market right now.

Welcome @Anthony R Downing!

Best of luck with your sale. Are you going to target Bronzeville for your next purchase? I've been finding some good deals in the South Shore neighborhood too...

Welcome Robert! 

House hacking is a good way for you to get in the game without having to put much down. It also reduces a lot of the risks such as holding costs or vacancies. 

I'm a full time agent/investor and love helping people get started, feel free to reach out anytime!

The vast majority of REO properties are on the MLS (its a requirement and part of the banks process). What price points and areas are you targeting? I'm happy to send you some properties that would also be good deals :)

Hi Alexander, Suppose I'll throw my hat in the ring too. I've been working for/with investors for 10 years and have been focusing on multi-units in Chicago almost exclusively over the last year for clients and myself. Feel free to reach out anytime! Happy house hunting, Alex

Hi KC, I'm actively looking for multi-unit deals throughout Chicagoland and would love to connect. On a side note, I grew up in Elmhurst, you chose a great place to land! Thanks -Alex

Welcome Bobby! Have you determined what type of property you want to buy and where?

Thanks for the shout out Chris! Yes, I've been looking at buildings in the South Shore neighborhood for the past few weeks and have one property in particular that has a ton of potential. Keith, feel free to send me a message directly and I'd be happy to chat!