All Forum Posts by: Brie Schmidt

 Honestly, your agent should be able to guide you and provide estimates.  Contractors usually won't walk properties until you have it under contract

Unwarrantable condos/townhomes are difficult to sell and cost more money to buy. I would do your research on the challenges with these types of properties and inform your HOA and neighbors. Maybe put together a letter outlining the impact it will have and deliver it door to door. You get enough pissed off people the HOA will have to respond.

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Join our webinar with real estate expert Brie Schmidt as we dive into the details of the Northwest Side Preservation Ordinance. Brie will discuss how this new regulation affects property owners and investors in Chicago, covering potential impacts on property values and investment strategies.

This session is perfect for anyone looking to stay informed and adapt to the changing landscape of Chicago's real estate market. Make sure to register and secure your spot for this informative session!

I am terribly sorry to hear this and sending all the positive vibes and strength.  

 It passed in October!  If you go to nboachicago.com/nspo there is a link to message all the alderman.  Please share with your network!

@Jay Hinrichs - It wasn't easy, it was a lot of drama.  I definitely lost money that I wouldn't have if I was local.  I also agree with @Henry Lazerow about the market.  I also have OOS investor clients in Chicago which is A/B class and lots of clients over the last decade that house hacked and moved out of state and most still self manage.  OOS and buying C Class is much more difficult, even though I live 90 min from Milwaukee where my portfolio was it was still a very draining experience.  

Lessons were learned, that's for sure. I got lucky because I bought 2014-2016 and sold 2019-2022 so ended up selling them for almost double what I paid for them. I went back and looked at my historical operating numbers and the properties performed at a 9.88% cap rate and a 19.48% CoC

Then I ran the same scenario using the price I sold it for and it would be a 6% for whoever bought them. 

You can listen to my BP podcast #78 or #132 about my beginning journey investing out of state and I agree 100% with @Marcus Auerbach which is why I sold my properties

 Because CAR started enforcing their copywrite on it