All Forum Posts by: Nick Patterson

What neighborhood?

Rehab or new construction?

I know a good one on the northwest side 

I recommend the Illinois real estate license book to get your license.

If you are serious about buying you should have your own MLS access and earn the commission yourself. It's a lot easier than you think.

Think big :-)

yes.  Fixing violations in Chicago is just annoying and costly.  That's probably why they are selling so they don't have to deal with it. 

Better they give you a credit or price reduction and you deal with it. 

With sellers of investments keep it simple with just the price.  Anything fancy will complicate the deal.  

wow that price is crazy low it's missing  many items.

Factor more like $150 sq foot.

But I would keep the pink bathroom

if you want to be a professional investor you need to have a license.  It only helps.  In Illinois you can have a license in 2 weeks.  

Think big :-)

Dont be so quick to throw away MLS. For 4 units I would say 90-95% of those for sale are on the MLS

Take a look at the sold 4 units for the past few years, you will see a big difference in list price vs. final sales price.

Everything on the MLS is overpriced. Give them all offers at prices that make sense for your cash flow goals - Maybe you will get lucky with one who really needs to sell.

I own a condo in uptown, I think its a great area.

However, many condo associations have strict laws in terms of rental numbers.

For example, the condo I own went to 80% owners and 20% renters a few years after I purchased.  I was lucky enough to be grandfathered in, but I will never be able to sell the unit to an investor.  It must be an owner.

When looking around make sure thats your first question or stick to smaller / self managed buildings with less rules.

If you don live in the property, its not your primary residence.  I would not advise going down that road

Check out the Rich Dad Poor Dad book "Tax Loopholes" by Garrett Sutton to learn other ways...

Thats true, everyone I talk to these days seems to be yearning for warmer Arizona/Florida.  However, being in downtown Chicago you wouldn't believe it.  There are a projected 7000 new rental units coming on the market in the next 12 months.  

If you take a deeper look at those numbers the higher end "A" neighborhoods are growing like crazy.  The "C" and below seem to be where the people are fleeing.  

Chicago Agent Magazine has an article on this which is very in depth..

https://chicagoagentmagazine.com/2016/03/21/black-white-city/

hi alex

1) make sure that in your group everyone brings a different aspect.  for example, a money guy a deal guy and a contractor.  Groups dont work too well if all 3 are construction guys, etc..

2) make offers