All Forum Posts by: Noe Gil

Hi @Jonathan Klemm, 

I would love to link up! I will message you directly to set something up. :) 

I am considering mid-term rentals, and I will try it with one of my units. If it works out for me, I will stick with it moving forward. 

I am relatively scattered throughout the Southside: Little Village, Brighton Park, Back of the Yards, and South Shore. I have grown my investments in Back of the Yards for various reasons, but my main one is: I grew up there and see high potential for growth in that area. 

Where do you invest in Chicago?

Cheers!

Hi Stephanie, 

Do you mind sharing what insurer you went with? I am not in Baltimore, but there are some national insurers like State Farm and American Family Insurance that insure these types of properties. I would love to learn who you went with. 

Cheers!

Hi Mahi,

I have a few properties that are mixed use. I will say it is difficult to ensure these properties as not all insurers will insure mix use as there are various points of liability for them. The most difficult one is the commercial one. In any case, I found that American Family Insurance, State Farm and local commercial insurers are the best bet. As always, try to get many quotes and compare between them. I noticed this post is two years older than my post, so let me know what you ended up doing. Sorry I couldn't help earlier!

Cheers!

Hi Toya,

One of my RE lawyers, Dennis Ansong, is a great resource to have for all of your RE needs. Please see the following website: https://ansonglaw.com/about

Cheers!

Hi Dylan, 

I believe it may be best to get your credit and emergency fund ready before investing in a property. As BP has mentioned in various podcast/webinars, real estate is a long term investment. The reason for this is because things will come up and it will require cash or some financing to take care of it. You don't want to put yourself in a situation where you are pinched to make things work personally or for an investment. What I have done is make sure I have enough money saved up for my personal life and investment operations. Chicago is a city that can be tough on landlords - I have had bad tenants and the process to evict them is long and straiieous. The deals are there almost every year, so don't feel inclined to jump as soon as possible without having safeguards in place. :) 

Cheers!

I noticed the Chicago market has changed quite a lot since I started back in 2018. I have seen interest rates change from four to two to seven percent from 2018 to 2023. One thing that did really well during this time is multi-family properties. However, finding these properties at the right price is close to impossible. They are there, but they get snagged quickly. The multi-family properties I have been able to snag are due to some decent amount of work needed (negligent owners), not TLC. Even with an FHA, the work needed can creep upwards of similar or more than the closing costs, so you're looking at doubling your cost to own a multi-family property.

Any good news? Well, the rents in Chicago have been raising, even in the Southside, which is mainly coming from one particular neighborhood: Pilsen. The closer a property is to Pilsen the more you see the rent and value appreciation take affect. For example, I have bought a property in an undesirable area, and noticed that the rent and value hasn't changed much. While one which is very close to Pilsen increased by 50% in both rent and value. In any case, understanding the neighborhood is important to investing in Chicago. Drive around, ask people that live there how they feel about the area, and, if you can, live there for a year. I have done that with all of my properties (except one - I am sure you can guess which one), and it has helped me gauge the market. 

Cheers!

Hello everyone! My name is Noe, and I am a Chicagoan with a passion for real estate and technology. I focus on the residential properties in the Southside of Chicago. As of 2022, I tapped into mix-use properties (residential and commercial units in the same property), and I have learned so much about commercial leases. Also, I use AirBnB for short term rentals. As of 2023, Chicago has changed its laws for short term rentals, so I will be moving away from this for the foreseeable future. 

Additionally, I am a General Contractor in the City of Chicago, and I help rehabilitate properties for my clients. My purpose is to maximize my client's experience with their property and investments. I can't wait to learn from everyone, and I hope to help others as well. 

Cheers!