All Forum Posts by: Nick Patterson

Hi Heather

Nice to see you on this site.
My personal opinion (not always the correct one) is that Real Estate is all about leverage.  Using other peoples money is the name of the game.

If your numbers work and you have good debit, meaning after all your expenses you are still turning a profit I would go with option #1 which I'm assuming will give you a 30 year lock?

Hi Adam

What neighborhood?

Hi Again

You mention Lincoln Park/lakeview - I'm going to take a guess at 2800-3000 North Lincoln.
Before buying I would advise taking a trip down to view the street, there are TONS of vacant storefronts.  Nothing lasts.  Personally I dont know why, its a great street lots of people but its where retail goes to die.

nobody wants them...

Chicago is a city of neighborhoods.

Especially on the South Side, things can change by just a matter of one block to the next.

Out of town investors I find get blinded by high pro forma numbers that in reality never exists in many neighborhoods here.

Are you looking for more condos?

Curious why condos over houses/apartments?

Hi

I always use Patrick Loftus

https://loftus-law.com/

I know many people who attend the auctions downtown. The running joke now is they are buying properties at the same price as the MLS.

The auctions are just an illusion of a deal.

If interested check out this company they have classes for people interested in learning about the process

http://ilfls.com/

HI Meghan!

Those are the top zip codes of Chicago, I would be confident to say that no wholesalers are working these neighborhoods.

Under $2 million is easy, 3 flats in Lincoln Park start at $550ish for properties on "el"

However, in this market and areas you are competing with developers who pay top dollar and cash for these types of properties in order to tear them down and build $3+ million spec homes...

Are you planning on living in one of the units?

Your best option is to look on the MLS though sites like Redfin and Realtor.com

Price, Price Price is everything. Its on the MLS everything else is smoke and mirrors

local paper is a total waste of money.