Where in NW suburbs should I buy an investment property to rent?

[doodlemagic]

I think all those seem like decent areas. Some things to check into is association fees that should play a role as well as if a given condo allows you to rent the place or only owner occupy. Some flat out won't allow it, others may only allow 10% of units to be rented or some threashhold like that.

I like the idea of condo because there's no exterior maintenance. I would say maybe look into townhomes as well. In my opinion condos generally appeal to single people or childless couples. Townhomes you could have a single person but also could have someone with kids or someone with pets. Many people are turned off by a condo if they have pets where as a townhome at least you have a small patch of yard for pets or kids. Also typically exterior maintenance is covered as well so its not like your going to be mowing lawns.

I know this is a rental so resale probably isn't huge in your mind but in many condo complexes there's so many condos for sale at a given time that its hard to sell because your competing with 20 other of the same units essentially.

[yogao]

Originally Posted by ig77

I had spoken to my Realtor about Deerpath Manor and his feedback was that the subdivision was in trouble as a lot of home owners hadn't paid the HOA fees for several months and the association had no funds for maintenance. Is that not true?

Any other thoughts based on the map?

I've owned in Deerpath for almost 9 years, and my dues haven't gone up a penny during that time frame. They seem to have a decent amount in reserves, and have strategically done maintenance on an annual basis. I haven't lived there for almost 3 years now, but talking to other owners when I've gone back to visit, it doesn't appear to be an issue.

[ig77]

Originally Posted by yogao

I've owned in Deerpath for almost 9 years, and my dues haven't gone up a penny during that time frame. They seem to have a decent amount in reserves, and have strategically done maintenance on an annual basis. I haven't lived there for almost 3 years now, but talking to other owners when I've gone back to visit, it doesn't appear to be an issue.

Is there a way we can find info about the reserves in the association and the demographics of the residents for any sub division? Is this public info that we can access somehow?

[ig77]

Originally Posted by 4122

I would look into the condos/townhomes in Arlington Heights. A lot of people like to live there. It's also a great option for families too. You'll definitley get some renters there.

Any specific subdivisions in AH or pretty much any?

[wjj]

Originally Posted by ig77

Any specific subdivisions in AH or pretty much any?

Stay away from the area along the east side of 53 between Dundee and Lake Cook.

[4122]

Try to be as close to downtown as possible. The downtown area is the nicest part of AH.

[knitgirl]

Originally Posted by ig77

Is there a way we can find info about the reserves in the association and the demographics of the residents for any sub division? Is this public info that we can access somehow?

Your Realtor would be able to get that info when you start getting serious about a property. You could try approaching the condo association directly while you're looking, but I don't know how receptive they would be if you don't have a contract to buy.