All Forum Posts by: Lucas Hammer

@Account Closed 100% on this. Those neighborhoods for lack of a better term are more strict and overbearing from my experience. That applies to rentals, condos, etc. Those are pretty much the most affluent areas in the entire city at this point (possibly short of River North although WP/Bucktown I think have been surpassing prices even there), so they're typically stricter unless you can afford a 3-flat or SFH.

@Brian Hosier, it really depends on your approach. I'm under contract on my first deal, but from a lot of advice I've found and deals I've analyzed, buy and hold results in faster cash flow on the South Side in higher crime rate areas. Not necessarily bad neighborhoods, but from B- to D properties after rehab. The cost of housing down there is really low, but rents aren't as relatively low in comparison to the north side.

As far as flips and appreciation, the north and northwest sides are continually going up in value. I've lived in Albany Park on the northwest side for the last 3 years and due to being near the train, the entire area has appreciated a huge amount. Rents are increasing very rapidly and the area has gone from first-generation-immigrant majority to young, college-aged kids who go to school or work somewhere off the train (at least on the east side of the neighborhood). Since the crash, I haven't seen any depreciation in values on the north or northwest sides.

Personally, I'm looking at possibly investing in the Little Village/South Lawndale area on the southwest side, but I'm actually working on learning Spanish first to connect more with the community.

That's awesome! Congrats! Do you mind if I ask what area of Albany Park this was in? We're looking for buy and hold in the area and that's a really attractive price, especially for on that nice.

@Crystal Smith, thanks for the reply. My wife and I spent Saturday hanging out on 26th Street and worked our way to closer to the Pink Line. We're very interested in the area and are just waiting to hear back on our Albany Park deal before looking into it. It's very affordable, but we're hoping for both cash flow and appreciation, so I'll be watching the deals in the area. Thanks again.

Hey @Justin Pillion, is that specific to the suburbs or is it for all of Chicagoland? I'm specifically interested in the city, both north and south/southwest sides. I'm waiting for my first deal to either go through or fall apart, but I'm definitely looking for ways to network. Thanks!

I actually enjoy my job, but all it would take is a manager change, transfer, or downsize and I'd be broke in a month or two. I have very little in the way of assets, especially after reading Rich Dad, Poor Dad recently and realizing half of my assets actually aren't assets at all.

I want to replace my wife's income first and then mine so we have complete freedom to travel. I also like the idea of living in Europe, at least temporarily, to really experience another country without having to constantly worry about how much I'm spending and having work piling up while I'm out.

Oh, and now I just want to catch up to @Account Closed! :)

Hey, just came across this in my search. @Crystal Smith, do you still think there are good opportunities? My biggest thing is that we'd be house-hacking with an FHA loan in a multi-unit and don't know enough of the area other than the few times we've been there to know.

Thanks @Kimberly Dunbar for the info. It would be buy and hold, but would probably start as house hacking with an FHA loan, with us eventually moving and refinancing. We're going down there tomorrow to hang out for the afternoon and get a feel for the neighborhood. I only with that the train was closer to 26th. From what I've heard, 26th is the better place to be as Cermak gets closer to North Lawndale, but my wife and I both work downtown and so we're trying to make sure that the area is good enough for us to walk to and from the train while we're building equity in it.

I unfortunately don't have an answer for you yet, but I'm in the same boat. No baby, but married, and debating going south. I'm not sure your budget, but I've spent the last 3 years in Albany Park and the place is coming up with no signs of stopping. So much so, that we're looking to buy a condo just based on appreciation to buy and hold until it peaks, then get out. If our budget afforded a 3-flat in AP, we'd definitely stay here. As it is, we're considering Little Village, but don't know enough about the area yet and hoping to find out more.

That said, I'm curious what the pros will say so I'll be watching this one closely. Also, as far as Far North, are you thinking Rogers Park or somewhere else around there?

Oh man, thanks to BP for suggesting this. I'm looking to network as much as I can since I'm just getting started. I just have to check my work schedule. Are these typically every month?