U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Illinois > Chicago
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-22-2011, 10:46 AM
 
674 posts, read 1,096,970 times
Reputation: 562

Advertisements

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!
Rate this post positively Reply With Quote Quick reply to this message

 
Old 12-22-2011, 11:59 AM
 
28,461 posts, read 78,227,036 times
Reputation: 18590
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...
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-22-2011, 12:12 PM
 
674 posts, read 1,096,970 times
Reputation: 562
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
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-22-2011, 01:26 PM
 
80 posts, read 248,884 times
Reputation: 52
I use Redfin to search for properties. More info and easier to search, imho.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-22-2011, 02:41 PM
 
28,461 posts, read 78,227,036 times
Reputation: 18590
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)...
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-22-2011, 03:12 PM
 
Location: River North, Chicago, Illinois
4,603 posts, read 7,323,479 times
Reputation: 6291
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-23-2011, 12:17 PM
 
Location: CHicago, United States
6,934 posts, read 7,868,189 times
Reputation: 3497
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-23-2011, 01:05 PM
 
183 posts, read 358,216 times
Reputation: 138
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-23-2011, 02:41 PM
 
13,311 posts, read 15,171,464 times
Reputation: 8017
Quote:
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-23-2011, 08:29 PM
 
28,461 posts, read 78,227,036 times
Reputation: 18590
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...
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Illinois > Chicago

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top