Posted by JCinIL on November 13, 2002 at 21:38:10:
Where in Chicago are you/are you looking?
Calling all Chicago Investors - Posted by Ody
Posted by Ody on November 13, 2002 at 19:47:45:
Would like to now if anybody in Chicago IL. is doing fine in looking for houses that need fix up and assigning your deals to rehabbers. The reason I ask is because I am interested in starting r.e.i. this way since I’m a newbie from Chicago but am thinking that even experienced investors might sometimes have a hard time locating deals like this and might be even harder for a newbie. Thank you.
Re: Calling all Chicago Investors - Posted by John
Posted by John on November 15, 2002 at 10:00:06:
I’ve located a number of pretty amazing deals but haven’t pulled the trigger on any of them yet for a number of different reasons. The main one being that I just bought my house last February and I’m still rebuilding my funds. As for locating the deals, I haven’t had much of a hard time. My problem has always been locating other investors to assign the deals to. I do spend a lot of time looking in the neighborhoods Nimesh described because it seems the bad neighborhoods are where the deals can be found. In one particular (slightly nicer) suburb, Berwyn, I’ve seen a number of good rehab deals, but found that Berwyn is pretty tough on rehabbers due to inspection requirements (they made a friend of mine rip out a wall prior to the sale of a house he rehabbed just so they could inspect the pipes and ducts behind it that he didn’t even modify). Anyway, like I said, my problem is not locating deals, but locating investors that want to take them on. All you have to do is look a little and you’ll find the deals. Check out the South Side and Humbolt Park areas, you have to look a little but there are amazing deals there. A few months ago I saw an apartment building in Humbolt Park with 6 2BR apartments going for right around 100K, and all it needed was a little cosmetic fixing. I spent weeks looking for someone to take that deal or even partner with me on it but couldn’t find anyone. Wonder if that building ever sold.
John
Re: Calling all Chicago Investors - Posted by sam
Posted by sam on November 14, 2002 at 12:42:57:
I too live in the Chicagoland area, Northwest subs. There are places avalible you just have to look a little harder(FSBO’s). You are better off searching out L/O’s or “subject to” deals. As far as cheapies just keep looking cause they are there. Good Luck to you!
Re: Calling all Chicago Investors - Posted by jim (Chi-IL)
Posted by jim (Chi-IL) on November 13, 2002 at 23:29:35:
I am also a newbie in the Chicagoland area and it seems like finding the deals is the hard part. Is this just a tough time or are there neighborhoods to target. I agree about the junkers and cheapies being in the ghetto.
Re: Calling all Chicago Investors - Posted by Nimesh Patel
Posted by Nimesh Patel on November 13, 2002 at 22:03:15:
Hi, I live in Chicago and my brother and I tried and tried and tried to look for a property for below market value and just could not find one. The only major problem is that there are plenty of good deals, however, they are in really bad neighborhoods (lots of gangs, drugs, abandoned housing, and lots of crime). These neighborhoods are all in the far west and south side of Chicago.
However, I am not giving up and there must be a way for us to do it because other people are doing it everyday.