EFFECTIVE Property Searching – #2 Listing Sheets

In this market where listings range so much by type and condition, it is so easy to end up on a wild-goose chase. What must occur instead is to learn to separate wheat from the chaff and hone in on what you want.

Here is some more of how we think an EFFECTIVE property search works. 

We will help you learn to intelligently read listing sheets.
Here are some clues: 

1. What’s the difference between ‘new’, ‘newer’, and ‘updated’? ‘Newer’ and ‘updated’ are NOT new! A newer kitchen may be 7-10 years old! Rehabbed’ or ‘Gut rehab’ may be misused, but should mean all is new.
2. ‘Mechanicals’ (roof, heating, etc/) are the ‘bones’ of the building.
   Unless a listing says ‘rehabbed’ or specifies what is new/newer, you should assume OLD mechanicals (it won’t say “old roof,” but if it says nothing, the roof is probably very old).
3. Be sure to watch for illegal units (e.g., 3 units described on a 2-flat listing sheet).
   You may still want to buy the property but we will never recommend renting anything illegal. (We think it often makes sense to duplex.)
4. If you see a rent amount listed but NO security deposit or lease term, then the rent may just be an estimate (often overestimated). For Section 8, we typically see 800-850 for a 5-2-1, 950-1000 for a 6-3-1, and around 1250 for a 8-4-2.

And this is just the start of what you’ll find at www.Chicagoland2to4Flats.info!!!