Multi Family Units for Sale in Gage Park

Mark Ainley Pro

Holding Director
Roselle, IL (Chicago Suburb)

Mark Ainley Pro

Property Manager
Roselle, IL (Chicago Suburb)

Replied November 3 2018, 02:39

@Ceasar Rosas there are a lot of dissimilar areas and people you lot can become referred to simply what are you lot looking to invest in? ii flats in a C area with higher potential merely more risk or 10-12 units that is closer down the path of up and coming. More people will jump on hither if y'all provide a picayune more detail in your goals or price points or ideal breakout of a deal you lot want to see.

Ceasar Rosas Premium

Contractor
Bronx, NY

Replied November 3 2018, 06:06

@Mark Ainley

Thank y'all for your response Mark. We're looking for 5+ units, the more than the ameliorate, anywhere between 300k and 700k in B/C areas. We'd similar a minimum of eight+ Caps with an opportunity to add value. A couple of addresses that looked good to me were 3058 North Kostner Chicago, Illinois and 2113-2115 South 25th Ave Broadview, Illinois, fifty-fifty though these seem to exist a scrap more turnkey.

John Warren

Real Estate Broker
Riverside, IL

Replied Nov three 2018, 08:16

@Ceasar Rosas I but closed on a 19 unit deal in Berwyn. You are welcome to come check it out. It is a value add together, so correct now it doesn't expect pretty every bit we are mid renovation.

I accept toured the Broadview deal you mentioned, and information technology is most definitely not "turn cardinal" lol. Broadview is a solid community though, especially if you have a management company that can handle that area effectively. PM me and I can connect with you while you lot are in town.

Ceasar Rosas Premium

Contractor
Bronx, NY

Replied Nov 3 2018, 08:28

@John Warren

Thanks! I'd love to come past and check it out. I simply sent yous a DM, it would be great to connect.

Jake Fugman Premium

Real Estate Broker
Chicago, IL

Replied Nov 4 2018, 14:35

@Ceasar Rosas Im personally looking at similar size deals (four-8 unit) in "fringe" neighborhoods, and as well correspond several buyers looking for slightly smaller properties (2-4 unit).

I similar the near west side and NW side (Logan, Humboldt, Avondale, Iriving Park, and Jefferson Park) for a adept balance of appreciation and cash menstruum. If you want a higher than viii-ten% cap rate you lot need to exist on the south side OR in some of the C+ course suburbs that have an inventory of four-ten unit apartment buildings (Berwyn, Countryside, Addison, Melrose Park)

Lets connect if y'all have time when you are in town.

Replied November iv 2018, 14:40

Originally posted by @Ceasar Rosas:
Hey BP Family,

Who's investing in multi-units in Chicago. I volition be out in that location the 6th to the 9th and would honey to connect with anyone who is out there investing. What are the next up and coming areas over at that place?

All the all-time in your investment plans for Chicago. I noticed that you are from Brooklyn, ah the Bronx (HA), as well. My group but started investing in Chicago as well. We Closed on 2 6-unit multifamily over the terminal 4 months and volition close on one more 6 unit in nearly 2 weeks. Just curious on what brought you to Chicago as well.

Ceasar Rosas Premium

Contractor
Bronx, NY

Replied Nov 4 2018, 16:28

@Jake Fugman

Just sent you an email. If we can practice 8% cap with a potential to add value that would be ideal.

@Calvin Lipscomb

That's great stuff Calvin. The reason I started looking at Chicago is because it kept popping upwards in the superlative xx places to invest in multi-families. It'south not top 5, just seems to produce decent returns where you tin can still buy above an viii cap. Every bit you know hither in our boroughs, you're lucky to get a 6 cap if fifty-fifty possible anymore. You can't even impact a half dozen unit nether a one thousand thousand. Don't go me wrong I love New York City investing, but right now it'due south appreciation play in the 5 boroughs.

Replied Nov 4 2018, sixteen:39

Originally posted past @Ceasar Rosas:
@Jake Fugman

Just sent you an email. If we tin can practise 8% cap with a potential to add value that would be ideal.

@Calvin Lipscomb

That'southward great stuff Calvin. The reason I started looking at Chicago is because it kept popping up in the tiptop 20 places to invest in multi-families. Information technology's not superlative five, but seems to produce decent returns where y'all tin can still purchase above an viii cap. As you lot know here in our boroughs, you're lucky to become a six cap if even possible anymore. Y'all tin can't even touch a 6 unit of measurement under a one thousand thousand. Don't get me wrong I love New York City investing, but right now it'southward appreciation play in the v boroughs.

Ha! The same reason why I started in Chicago as well. In addition, I take a bias toward 6+ multifamily units. This was our first venture and we have not even completed a year, as mentioned. Nosotros struggled with obtaining permanent financing (first time investors and out of towners). We are currently using HML money to renovate and re-position our properties over the side by side vii-8 months. By then we expect to be established plenty to obtain optimum financing from a local bank for our buy and hold strategy. I recommend that you line up your financing options for your investments if y'all have not done and then already.

Ceasar Rosas Premium

Contractor
Bronx, NY

Replied November 4 2018, 17:twenty

Thanks Calvin for the advice. We take spoken to a few lenders as well. We accept a sizable enough downpayment and have considered using hard money to practice something similar. Nosotros likewise accept investors that accept funded our flips that are looking to invest with united states likewise. We ultimately want to exercise syndications, but are looking for the 1st ii properties to have a model/example of what to await. We should definitely meetup for some coffee and talk.

Ceasar Rosas Premium

Contractor
Bronx, NY

Replied Nov 10 2018, 17:17

@John Warren @Jake Fugman @Weston Harding

Just wanted to give thanks John and Jake for taking the time out to meet with us when we were in Chicago this past calendar week. Looking frontward to getting into the Chicago market. Weston, thanks for getting us into Kostner and we'll make sure to make that meetup the next time out. Anyone looking to invest in Chicago should definitely contact these guys.

Mark Ainley Pro

Property Manager
Roselle, IL (Chicago Suburb)

Marking Ainley Pro

Property Director
Roselle, IL (Chicago Suburb)

Replied November 10 2018, xx:06

@Ceasar Rosas the notification didn't grab when you replied last calendar week so just seeing it now. Good to hear you lot had a skillful trip and yous seem to be in good easily with @John Warren and @Jake Fugman Allow me know if there is whatsoever further resource you lot might exist looking for in the Chicago market.

John Warren

Existent Estate Broker
Riverside, IL

Replied Nov 12 2018, 06:28

@Ceasar Rosas it was fun having your out to the western suburbs. Come up back in a week to run across some finished products lol!

Replied Nov 12 2018, 06:43

I like the cash flow in the city of Chicago. The one affair I do not like is the urban center inspections. In the urban center, the can inspect your house whenever it is vacant and fine you left and right for all kinds of things. Drywall thickness, wrong blazon of plumbing, etc. It tin can stop upwards costing your lots of money so simply brand sure you know the city rules and regulations earlier y'all buy at that place. Or at to the lowest degree make sure you work with someone who does know these things.

Replied Nov 12 2018, fifteen:32

Both Berwyn and Bridgeview are good areas to look at for this full general price indicate and target CAP, if thinking five+ units. Agree with @Jake Fugman that if you lot're focusing on iii-4units, the spots are Humboldt, Logan, Avondale, Irving...and even Pilsen. Much of where I focus personally is Avondale/Logan, but lend quite a scrap in the other areas and see nice deals. I personally prefer the city and 3-4units. Strong tenant need, tin find solid cash-menstruation, and steady appreciation. Likewise prefer residential financing terms. Coming from NY, I'grand sure you can find some attractive deals relatively speaking!

John Warren

Existent Estate Banker
Riverside, IL

Replied Nov 13 2018, 04:11

@Aristotle Kumpis is right that Chicago can be tough on violations. In add-on, near suburbs that are shut to Chicago adopt the Chicago code, and many of them have their own particular style of inspecting as well that tin exist frustrating if you don't know what you are getting into. In many areas of the country, investors don't deal with the "point of sale" inspection that we do here where a belongings is inspected for code violations every time information technology is changing easily.

The positives to these inspections though, are that our edifice stock is continuing to be up kept and upgraded. Every bit buildings alter easily, electric systems, plumbing systems, constrict pointing, roofs, windows, etc are being changed out, and then over time we will maintain very good edifice stock compared to areas that do non enforce maintenance.

Replied Nov 18 2018, 22:30

Information technology's funny to hear complaints nearly our stringent Dept. of Bldgs. in Chicago. What I encounter in my travels are the 'how did that pass?' and 'I wonder who got paid off on this?' situations that pop up twenty-four hour period afterward twenty-four hour period. Companies like Profits From Rentals and Elite Mgmt. are seemingly able to flaunt health, safety, and livability issues in their properties without repercussions. Many investors experience that between their own noesis and that of their R.Eastward. pros they don't demand a expert, solid property cess. That can be a penny-wise conclusion.

Joe Hess

Investor
Whitefish, MT

Replied Jun 23 2020, 10:39

OFF-Marketplace:

I have a client who owns a 20 unis in S Chicago, asking $950K.

Its a solid value add together deal...

Currently 100% occupied

Needs Approx $200,000 to get Property to Original Status

Includes purchase out tenants at $1,000 Per Unit

Renovate each unit of measurement at $4,000 Per Unit
Working Capital letter $50,000

Incidentals $xv,000

Monthly Market Rate Income $18,400

DM me if interested, I may exist willing to become in on it a well (I am an experienced long distance owner/ remodel and rent investor.

Replied Sep ix 2020, xi:22

Any updates on current market changes regarding investing in 4 unit buildings in the Chicagoland expanse?

Is "3-4units, the spots are Humboldt, Logan, Avondale, Irving...and fifty-fifty Pilsen. Much of where I focus personally is Avondale/Logan, only lend quite a bit in the other areas and run across dainty deals. I personally prefer the city and iii-4units. Stiff tenant need, tin find solid greenbacks-flow, and steady appreciation" this quote still accurate in 2020?!

SN:

Anyone know anything about legally renting rooms in a single apartment unit to people who are not related?

Ex: Person A and Person B both have individual leases to rent a room in Unit two. They both share all the common spaces (kitchen, bath, living room) but their bedrooms are private (just accessible by them).

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Source: https://www.biggerpockets.com/forums/664/topics/634130-whos-investing-in-multi-family-in-chicago

Multi Family Units for Sale in Gage Park

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