Investment Condo- Lake view - Lake shore drive

[ToriaT]

It seems folly to hire a property mgt firm for a single condo. If that is necessary then you should not have bought it. It will eat up profits along with your HOA fees. Condos mostly are bad investments because of the HOA fees and the prospect of the boards creating charges to the owners if they don't have enough money to cover repairs. check to see about the reserve fund. Some condo boards require rentals to be reviewed by them and have clauses that if the renter is trouble the lease will not be renewed. yes that area is safe in so far as any area is safe in the city. I lived there long ago and loved it. Its easy to hop on a bus to get downtown. As far as Craigslist is concerned there are scams on there but real people do use it. My son found every house or apt he rented on Craigslist. Its free and easy to use. You can pretty much tell the scamming ads when you look at it. Just be careful.

Also just to stick my two cents in I think a better investment would be a house or a two or three flat.

[Anne C M]

Originally Posted by knitgirl

you REALLY need to do a lot more research about this before you make such a big decision. Based on what you have posted, you really haven't thought this out.

Seriously. A contract to purchase real estate is legally binding. Yes, as the buyer, you may be able to cancel at any point before closing with no penalty other than losing your EM. Did you ever think how you might be totally screwing over the seller?

If you're going to purchase a rental property, the FIRST step, before you even go out and look at a single place, is to do research about rental prices in areas you're potentially interested in, research tenant-landlord laws, the lease you want to use, and any agent/property management services you want to use.

Cancel your contract now. Don't further screw over the seller by having their property off the market for 3 more weeks just because you can. You have NO IDEA what you are doing and do not have the knowledge (or resources, if this is where you're sending questions) to be a successful landlord.

[ToriaT]

Or go through with it and keep your earnest money and you won't lose it. Try to rent it. If you rent it use it as a learning experience. If it does not work for you try to sell it. Quickly buy a landlords handbook and study up on it. Become familiar with Chicago leases.
The Landlord's Handbook: A Complete Guide to Managing Small Residential Properties: Daniel Goodwin, Richard Rusdorf: 9780793127320: Amazon.com: Books

[Drover]

Originally Posted by helloimandy123

Hi,

I have been in Chicago for 2 years but mostly in suburbs so not familiar with city/downtown. Recently, finalized a 1 bed-room condo in Lake view area in high rise bldg (around Addison and Lake shore drive). The bldg is right on the Lake shore drive. Its a pretty decent 1 bedroom with hardwood floors and updated kitchen.

I want to find -

1. How is the location (Addison and Lake shore drive) ?

Extremely dangerous.

Originally Posted by helloimandy123

2. How easy it is to rent here? Are these high rises in this location in demand ?

Only among crack dealers and their customers.

Originally Posted by helloimandy123

3. What is the best way to get these condos rented? I am planning to use craigslist but willing to pay agents fees if it can be rented soon. Any good sites/agents that you guys can recommend.

I'd put an ad in Crack Den Weekly.

Originally Posted by helloimandy123

4. Is this area safe. It looks safe to me... well I have been to this place twice so don't know much.

It's always an excellent idea to buy in a place you don't know much about.

Originally Posted by helloimandy123

Thanks for your help.

We aim to please.

[chet everett]

Drover has a sick sense of humor. There is nothing particularly dangerous or crime ridden about the area in question.

The broader issue, of folks buying (or even renting) in areas they are not familiar with is not a good idea...

[Drover]

Originally Posted by chet everett

Drover has a sick sense of humor. There is nothing particularly dangerous or crime ridden about the area in question.

The broader issue, of folks buying (or even renting) in areas they are not familiar with is not a good idea...

I just figured my response should mirror the absurdity of gathering very basic information about a neighborhood after one has already committed to buying a place located therein.

[ChiGuy2.5]

Thats funny that you bring this up. I am closing on a studio at Addison/Lake Shore in May. I plan to live in the unit for a couple of years and then rent it out after. I suspect you and I are both buying in the same building, going off of what I have heard you say.

Here is what I know of the area:

1) Its a very safe area, low in crime and easily accessible via public trans to downtown.
2) Close to Belmont Harbor and Sydney R Marovitz golf course so its a very "walkable" area. Thus an easy sell to potential renters.
3) As mentioned above, its very walkable, close to wrigleyville which is great for attending games and their bar scene.

[Lifelong Chicagoan]

I think that it would be easy to rent given that location there but rentability depends on the price and condition. Also, if you use a leasing company, you'll likely be charged one month's rent as commission.

[ChicagoMeO]

Originally Posted by chet everett

Drover has a sick sense of humor. There is nothing particularly dangerous or crime ridden about the area in question.

The broader issue, of folks buying (or even renting) in areas they are not familiar with is not a good idea...

that totem pole might give him the willies though.

[Vlajos]

Any update from the OP?