All Forum Posts by: Travis Wilkins

Thanks @John Warren much appreciated

Thanks! @John Warren I havent actually been to those areas yet but it did seem like Zion was a bit on the lower end.

I've primarily just used census bureau information to identify lake and kane county as potential areas to invest.

After running the numbers those areas stood out. Plus I'm working in Northfield/Northbrook area so not too far from Waukegan.

Thanks! @Jake Fugman I'll look into those areas. I hadn't even thought about targeting metra areas. Great idea

Thanks! @Henry Lazerow I'll look into the Dino's Pizza meetup.

@David Morgan Will do

Hi all! I'm new to the Chicago area and am currently living in Itasca. Moved here from Pittsburgh, PA back in April and quickly found out that the two markets are vastly different. I'm partnered on a 5 unit back in Pittsburgh but would like to find a second property here in the  Chicago area. 

Problem with that is that I have next to zero market knowledge here! The only areas that I've identified that seem to make any sense (compared to what I'm used to) are Waukegan and Zion. Can't help but think that I'm missing out on a ton of opportunity if I were to focus there. 

If anyone has any suggestions or tips for investing here I'd love to hear them. Primarily interested in cash flowing rental properties or a potential live in flip since I'm currently renting. I'm also trying to determine if joining the Chicago REIA is worth it or if I should just find a local meetup through the site.

All advice welcome! 

Go Bears?

HI Brandon, I'm new as well but have been running a lot of analyses myself. Your numbers look right to me, assuming you have P&I built into the monthly expenses already, which I'm assuming you do. 

My only suggestion would be to make sure that you are accounting for all expenses/reserves, including but not limited to the below. I think you should be OK on the mortgage insurance given you have 20% down. Your expenses just look a little light to me but I also account for management. With that much cash flow though I imagine you'd still be in great shape even if you used more conservative estimates on the expenses/reserves.

Also, make sure $1,200.00 is the actual market rent for the property.

Good luck!

@Anthony Angotti @Josh Caldwell @Jim Stallings

Thank you all for the responses. I will definitely plan to attend on the 20th. I have also touched base with Alex and plan to attend the next one as well. Looking forward to gaining some knowledge! 

@Gary Swank Thanks Gary, will do! 

@Grant Rothenburger Right now I am planning to get started with buy & hold SFR, although if I can find a great opportunity to house hack a multi, I would definitely start there. I can see myself branching out at some point in the future, but I want to focus on buy & hold for now. And no, I have not checked the events area. I will do that now. Thanks!