All Forum Posts by: Colin Lubinski

HI William, Welcome to the Chicago Market! I lived in San Diego for 4 years and man do I miss that weather every day! Chicago is my true home, but winters make me ache for some sun on PB! Jackson Park is without a doubt one of my top 3 favorite investment areas of the city right now, congrats! Keep in mind that various companies grease each other up in order to get referrals from one another, and with that said don't always have your best interests in mind. Your best bet in the future, if you can't physically be here to manage and supervise, is to utilize tools such as this forum and develop trusting relationships with people locally in your target markets who you can count on to help steer your deals where you want them! Too many sharks, con artists, and mediocre players in this market to not make research and trust the priority before even thinking about breaking ground. Good luck, and feel free to reach out if you need any advice or assistance!

what area of the city is location? And Jeld-Wen and Feldco are best quality for reasonable price, in my opinion 

I can't speak for other large cities, but crime in Chicago just can't be generalized even neighborhood to neighborhood. It's more like block to block, and depends heavily on how close knit residents are. You could have a building on one block and have no issues, and the next block over may be nothing but problems. Like Marqueen said, Chicago is very segregated, as are most post industrial Midwestern cities, and there is no general answer in playing it safe, such as staying north of I-290. Neighbirhoods here are constantly changing, and it takes local street smarts to know what the nest move to make is. Areas that 5-10 years ago were borderline uninhabitable without being a victim of crime, are now the cities most popular and sought after markets. Bottom line is there is absolutely no way to make an educated decision on investing in a new market without either you physically experiencing and scoping out potential target areas, or working with someone local who works all areas and knows the difference and can help you avoid costly mistakes driven by appealong price points

Stay away, total sketch job...sketchy legal past, history of dishonest dealings

Just as a basic tool for anyone looking to invest in Chicago, go to www.spotcrime.com, or crime.chigagotribune.com and plug in the address of the property in question and you will get real time statistics and data about crimes occurring in the area. Just to put it into perspective, if this proper was located in any real desirable neighborhood in the city, you would be hard pressed to find a 4 unit in any condition for less than $100,000...Englewood and the surrounding neighborhoods are high crime areas, but that doesn't mean it can't make you money if you plan for it accordingly and have a dedicated manager familiar with the area. I managed a portfolio of 110 units all in small buildings in this area, and the surrounding neighborhoods of Lawndale, Garfield Park, etc. For 2 years. It just requires a different approach and strategy.

^^^ very important point's, especially when the target area in question is a large urban area comprised of hundreds of communities and neighborhoods that are all quite different from each other, it is imperative to be educated on micro markets and not generalize, which requires either you or someone else to have physical familiarity and experience

HI Lenny,

Give me a callor reach out to me vIA message here, I specialize in investment properties here in Chicago and my team and I have plenty of contacts for other industry professionals for contracting, management etc. We do everything from small multi unit to large commercial developments. Plenty of opportunity in the area that isn't readily available online

@Wen Guo I will say that there is a ton of heavily discounted properties, and even borderline free with a commitment to rehab and rent in the Chicago market, but there is always a reason for the way a property is priced...not a reason to be scared, just requires due diligence and dedication

HI Wen, 

I am a broker here in Chicago, and work exclusively with investors, specifically focused on smaller multi unit and mixed use properties. For you not being from the area, it is very important to consider that Chicago is a large city and has many different types of areas. Although something may look like an awesome deal, you need to consider your costs besides initial investment and rehab...namely the costs of recurring vacancies, vandalism, theft etc...that come with owning a rental property in a repressed or high crime area. If you are interested in breaking into the Chicago market, now is the time as the rental market is on an unprecedented upward trend, but I strongly suggest not doing it alone and working with someone who is highly educated about all the different parts of this market and how it affects your bottom line long term. Would you care to discuss this with me and let me help you with your approach and guide you through which areas are going to be of value and which ones are risky? 

also, as far as headaches it's a hit or miss. This area attracts a younger crowd, and I've had clients who rave about it and have nothing but success and also some who have experienced thousands of dollars in damage