All Forum Posts by: Jennifer D.

@Jason Marcordes, thank you!

I’m glad to hear from you. It’s great to meet a PM in Chicago.

When you say you’ve seen people get taken advantage of, do you mean they buy a structural nightmare, for instance?

I don't have MLS access, but here are some examples of what I am seeking. Do any problems glare at you from these?

https://www.zillow.com/homedetails/1840-N-Bissell-St-Chicago-IL-60614/2115397472_zpid/?utm_source=txtshare

https://www.compass.com/listing/3946-west-dickens-avenue-chicago-il-60647/435388072604128193/?origin=listing_page&origin_type=copy_url

https://www.compass.com/listing/2906-north-springfield-avenue-chicago-il-60618/466416557120590481/?origin=listing_page&origin_type=copy_url

@Roberto Horodeski, Thanks! I am seeing quite a lot of 2 flats in the Lincoln Park, Bucktown, and Wicker Park neighborhoods for around this price. But I appreciate your observation and will be cautious.

@Reed Meyer We haven't done any networking yet except for calling one real-estate agent after seeing a foreclosure in her listings, so again, I'm sorry that I don't have any advice  We will be absentee investors, but we also have some friends moving up there from Atlanta, so we expect to visit a few times.  

Right now, I am trying to do some baselining to get a sense of how much properties in that area sell for under two conditions: pre-renovation and post-renovation.  It seems like a 15-19k SF duplex (in Chicago, sometimes called a 2-flat) for $170-200k needing light renovation is not outside the realm of possibility, but these prices make me feel cautious.  Is Chicago really so much less expensive than other big inland markets like Atlanta or Denver?  Or have I just been seeing properties with some serious stuff wrong with them.  At this point, I don't know.  A general contractor is the next person I will be calling to see if I can get some answers.

Hi, Jennifer. I'm a noob, so my advice means very little (3 properties, all bought turn-key; about to start my first BRRR). For what it's worth, I've had some good experiences contacting a few contractors from BP and having a talk with them about what they need to make it worth their time to go and inspect my property pre-DD period. I approached it, rather than a one-time transaction, as a start of a relationship. That was really successful. I now have one really great working relationship, and I also know what he needs to make doing pre-DD estimates work for him. I haven't asked him to go and see a property yet, but I think he will be happy to help me when the time comes.

Hi, Reed. We are noobs in the Chicago market as well.  I don't have any advice to offer, but we are looking near the Blue Line on the L.  This is close to DePaul University and the fun city neighborhoods.  Good luck!