All Forum Posts by: Alex Fraher

Hey Ryan,

William is right to refer you to the landlord tenant ordinance. That lays out the main framework for rental properties. There aren't really any other forms or regulations but if you have any specific questions feel free to send me a message. I buy, sell, and lease out properties all the time for myself, clients and employer...would be happy to share my experience.

Thanks,

Alex

@Ali Boone, where would you recommend I find more info about MFR turnkeys in Chicago?

Great strategy Brie! 

I also agree one of the first steps is to narrow down the area, but also talk to a lender to get a better idea on pricing. Let me know if you'd like an introduction to some of the mortgage people I've worked with in the past.

Hi Brandon,

Exciting times! I'm also an investor focused agent and would be happy to discuss. Love the goal of 30 units in 7 years, and the Edgewater/East Rogers Park neighborhood is a great place to start your search since it offers the potential of both appreciation and immediate cash flow. Let me know if you want to chat!

Thanks,

Alex

Hi Steven,

Chris is right, it's very risky for us agents to give up our MLS login info. But setting up searches that meet your criteria is right up our alley. Let me know how I can help!

Thanks,

Alex

It will be tough to find cash flowing condo's in Lincoln Park or Wicker Park. However, I recently bought three units in Lakeview that cash flow $150-$300/month. Uptown and Edgewater definitely have some options. I went to school at University of Puget Sound and have some friends in Seattle that are also looking to buy in Chicago. Feel free to message me directly if I can help!

Hi Julie,

If you want conventional financing through a major lending institution you'll likely need 20% down payment. I don't think there are restrictions on gift money but it varies lender to lender. Let me know if you'd like an introduction to some of the mortgage people I've used in the past. I'm also happy to send you some potential properties if you'd like? Either way best of luck and happy house hunting!

-Alex

Hey Keith,

There are a number of different neighborhoods on the upswing. I think it really depends on where you want to live though. On the south side people are being drawn to Bridgeport and Bronzeville. I'm a big believer in Uptown on the north side. I'm curious how you will be hunting for properties, I'd be happy to send you stuff off the MLS if you'd like.

I'd also eagerly look at any wholesale deals people have to offer! 

I just bought two condo units near Wrigley with a 9% CAP rate (yes, including association dues). They are garden units in a 16 unit building that only has 4 owner occupants. Since only a few lender will approve that condo for 30 year fixed they can sell (as opposed to portfolio loans) I think it hurts the price overall but made me feel comfortable as a buy and hold investor. Bought them for $182k and $175k and rented them out for $1,900, so they hit the 1% rule. But I'm finding really hard to find similar returns on A buildings in A markets. My guess is that if you are seeing 10% CAP rates on other condo's they might not be in as nice of a neighborhood?