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Old 12-22-2011, 10:46 AM
 
674 posts, read 1,161,726 times
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My dad and I have decided to buy a small, multi-unit building in Chicago where I can live in one of the units and we would rent out the other units to pay for the mortgage.

Our range that we'd like to buy is somewhere in the $300-400k range. We don't mind rehabbing it if needed. I work downtown so I'm looking for a place that is somewhat convenient for public transit via el train or bus to get downtown for work, nothing beyond a 30-40 minute commute.

I found loopnet but I'm interest in any other site I could use to search for available property, anyone have any suggestions?

Also, what neighborhoods could we find property in for that price range?

Keep in mind we don't want a single condo unit in a high rise or anything, we want to own the building that has 2-6 units. Thanks!
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Old 12-22-2011, 11:59 AM
 
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Maybe Bridgeport, Canaryville, or Pilsen. But the downsides in any of those areas is that unless you have connections in the immigrant community you might not be well suited to being a live-in property manager. Simply being able to communicate is not enough. The various cultural issues that sometimes make being a part of a landlord-tenant relationship are tough to understand...
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Old 12-22-2011, 12:12 PM
 
674 posts, read 1,161,726 times
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Quote:
Originally Posted by chet everett View Post
Maybe Bridgeport, Canaryville, or Pilsen. But the downsides in any of those areas is that unless you have connections in the immigrant community you might not be well suited to being a live-in property manager. Simply being able to communicate is not enough. The various cultural issues that sometimes make being a part of a landlord-tenant relationship are tough to understand...
Thanks for the ideas. I'm thinking more on the North Side or West loop area. I've been browsing lincoln square, uptown, a little north of uptown, logan square/bucktown
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Old 12-22-2011, 01:26 PM
 
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I use Redfin to search for properties. More info and easier to search, imho.
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Old 12-22-2011, 02:41 PM
 
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I sorta doubt the numbers will work for those areas. More two flats that have multiple bedrooms. There would not be anyplace for you to live (I guess you'd only want a studio or 1 bedroom)...
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Old 12-22-2011, 03:12 PM
 
Location: River North, Chicago, Illinois
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Outside of the north lakefront neighborhoods south of Foster, you can probably find something in your price range in just about any part of the city. It will boil down to what kind of place you want, how much renovation you're willing to put up with, and how firm the edges of your budget are.

You really ought to be talking to a real estate agent to help you with your search. Some actually specialize in helping people find investment properties.
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Old 12-23-2011, 12:17 PM
 
Location: CHicago, United States
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A multi-unit building in that low of a price range will mean that there will be some substantial fix-up/maintenance costs. It probably will not be in a very nice/desirable neighborhood.
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Old 12-23-2011, 01:05 PM
 
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Agree, you will not find a 2-6 unit in the near north portion. Logan Square perhaps. Maybe a 2 flat in Lincoln Square (maybe). Uptown, maybe. You need to go further west/north.
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Old 12-23-2011, 02:41 PM
 
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Originally Posted by chicagoRE View Post
Agree, you will not find a 2-6 unit in the near north portion. Logan Square perhaps. Maybe a 2 flat in Lincoln Square (maybe). Uptown, maybe. You need to go further west/north.
Seems about right.
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Old 12-23-2011, 08:29 PM
 
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I don't think you can get enough out of two flat if you pay $300-400k and live in one unit. It would hard to even make the numbers work for three flat unless the two main units were VERY nice with 3+ bdrms each. I think you should aim for like a four flat that you can have a studio for yourself, a one bedroom for another tenant and then 2 more units with at least 2 bedrooms each. I doubt anything like that is going to be found in Lincoln Square for anything close to your price range unless it is in VERY rough shape...
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