All Forum Posts by: Kristian Wheatley

 Hi thanks for the response!

I was actually looking for multiunits in the beginning but I was hesitant about living in the areas in which I'd be able to afford one. To start I did end up purchasing a condo in East Woodlawn last year. My property value has already increased substantially and I was able to join the HOA board for this building. I'm also renting out my spare room and bathroom so it's been a pretty good deal so far. My next purchase will absolutely be a multiunit or something more targeted at generating extra income. My current situation isn't making me much profit but I am able to live somewhere for little to nothing and save up for the next purchase.

 Thanks for the reply! I will absolutely be taking this advice moving forward. I actually ended up purchasing a condo in East woodlawn last year. My people in my community have turned out to be great and I was able to join the board. The next purchase will absolutely be bigger. 

I've been searching for my first property and I decided to start with a condo in Chicago. I found a place that isn't perfect but has a lot of potential and is in an AMAZING location. When walking into the building I did notice a few things in the hallway of the building. The court way was beautiful and the doors on the units were brand new but once I entered the door to the hallway the unit im interested in I saw peeling paint, the carpet in the hallways was a bit gross, the stairs weren't perfect under the carpet, there was a bug glue trap in front of a couple of the doors and in the unit itself there was a mouse trap in the closet with the furnace. Are these red flags or easy fixes? Are there things I should consider before purchasing a condo?

Hi Frank, 

My reasoning for picking the area are: the upcoming developments that have been planned for the area (I'm counting on the value of whatever property I purchase increasing), its proximity to the lake and trails (which is good for me because I ride a bike and a longboard in the summers as well as for future buyers), the accessibility to lake shore drive ( I work in Lincoln Square and Lake Shore Drive makes getting north extremely painless), and the overall beauty of the area. If you take away the crime South Shore is absolutely beautiful and in purchasing in the area, I'm counting on the area seeing a big turn around within the next decade, hopefully sooner. It's funny you mention it because I actually did check out a couple of places in and near Indiana, Hammond specifically and I'm just more drawn to the city. 

Thank you so much for this! I have been looking all over south shore for the past few weeks and missing out on deals left and right because as you said it is very competitive right now. I was wonder if you have an idea of how far into the area improvements will take place? I have been seeing a lot of properties towards the end of south shore, with the same proximity to the lake front if not closer but a bit further from the golf courses and upcoming presidential center, more towards 79th street. Will properties in this area be worth the investment or is that too far to see the change that the rest of the area will be seeing? 

Do you feel that the Jackson Park Highlands is the only area in South Shore worth the investment? I was thinking of south shore for my first purchase because I know they have development plans for the area.  So, I'm assumming that the value of my property should increase but if not all of south shore is worth investing in would looking in more northward neighborhoods that are already developed be a better idea? 

@Jonathan Klemm Thanks for responding! This has helped to solidify my decision to purchase in the area and to be more confident in my research. I would appreciate as many outside opinions of people in the field as possible. 

I am thinking of starting with a condo since this is my first purchase and eventually moving on to multifamily. Thanks for the reference. 

Hi,

I'm a new investor looking to get my first property. Ive lived in South shore before as I'm from the south side of Chicago but not since I've been an adult. In my experience South Shore is block for block meaning some blocks are nice and the next, not so much. Im also aware of the plans to improve the area but im still weary to purchase and live in the area. Im am seeking to buy on the 68th block one block from South shore drive and one block from the golf course. Im planning to live in whatever unit I purchase for a couple of years. Is this a wise decision or will I be buying into a crime-ridden area that won't see any real change for years to come? Id like to buy this property assuming that the value will increase with time. I would really appreciate any options on this topic.