All Forum Posts by: Nico S.

Many condo associations only allow owners to rent out their parking spaces to residents in the building. That means the market is quite small, and no one may be looking to rent a space when your spot becomes vacant. I'd recommend checking if your building allows outside tenants for parking spaces.

On the plus side, parking spaces are low maintenance, and the time required on your end is minimal. You can basically do everything by email/phone/mail.

Would anyone be able to recommend a good handyman in downtown Chicago?

We have a few rental properties in the Loop and Lincoln Park, and are looking for someone who can fix relatively minor issues (e.g. adjust a door, fix a broken handle) without much supervision and who does a thorough job. Most of our units are in high-end condo buildings and we do care a lot about the quality of the work.

Any suggestions would be greatly appreciated!

Nico

I've used Proper Title and Chicago Title and Trust in the past. I didn't have any issues with either of them, though my transactions were pretty straightforward.

Both got the job done and their pricing was similar. Proper Title seemed a bit more efficient, and my attorney and agent both thought it's the best title company in Chicago, so if I had to pick one that would probably be my choice.

Nico

Thanks, everyone! Good points about staying away from the extreme ends of the price range.

Regarding leverage: I do think that it makes the most sense to borrow when you're somewhere in the middle of the spectrum. If you buy high-end properties in a top neighborhood (in Chicago e.g. the Loop, River North, Lincoln Park) it often doesn't make sense to use borrowed money because the interest rate would be close to or even higher than your return. If you buy really low end and are highly leveraged you could easily get wiped out the next time prices fall and vacancies go up.

Brie - thanks for your insights on which areas make sense in Chicago. I'll do more research and will try to find neighborhoods that work well for me.

Many investors seem to be looking for rental properties in areas with low property values. This makes sense given that rental returns tend to be much higher. For example, I live in downtown Chicago and found that returns generally increase with the distance to the city.

But what exactly are the downsides of investing in less desirable areas? Some people are concerned that property values will appreciate less, but is that really true? Is the main disadvantage that property values are more volatile (so you would get hit harder in a crisis)? And if that's the main difference, could you achieve similar results by buying in a high-end area and using leverage (borrowing money)?

I'm curious about your thoughts on this!

Nico

Thanks, guys. Looking forward to exchanging ideas with you and other Chicago investors.

Nico

Hi everyone! I'm an investor in Chicago, mostly interested in buying and holding rental property. I've made some real estate investments in the past, but am now looking to expand my knowledge more systematically and get to know other investors and professionals in or near Chicago. Looking forward to getting in touch!

Nico