Buying real estate investments in the Chicago Northshore.. Choose an area for the Greatest Success

By
Commercial Real Estate Agent with Executive Realty Group

road to successChoose an area for the greatest success. So then how do you choose a neighborhood to buy an apartment building in? You want to shoot for an area that would be considered the ‘bread and butter’ area.  A property which is slightly lower than the average building in the area.  Remember the principle of buying the ugliest building in the prettiest neighborhood.

More than likely the rents are lower than the market, which will give you plenty of opportunity to raise the rent, thereby increasing cash flow and allowing you to slowly do improvements. This process will put cash in your pocket today and build for long term wealth.  Remember that ‘cherry on top' - appreciation, it will be back.

However, don’t go too low or you could end up in a war zone. Just be sure to pick a neighborhood where people feel safe and have all the necessary conveniences, schools, places of worship, public transportation. Skokie, Evanston and Rogers Park all have several neighborhoods that would work perfect.

If your still confused at the very least you should contact your local REIA organization. At this time you should be developing your team. An investor friendly realtor who knows the area and can help guide you. An inspector who is well versed in the in’s and out’s of apartment buildings.A mortgage banker who can help with the best financing options available to you. An attorney who can advise you on the various legal entities available and who can protect you and your family for the future.

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Kim McMahon

Commercial Realtor

Executive Realty, LLC

(630) 306-1057

www.investchicagonorthshore.com

 

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Rainmaker
811,832
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Continued great advise from the Northshore Investment guru!  Thanks for the post, Kim!

Sep 01, 2011 03:49 AM #1
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Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production

I think that people need to know the good neighborhoods versus the bad ones.  Never really thought of the local REIA at all.  Great advice!

Sep 01, 2011 03:50 AM #2
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Kim McMahon
Executive Realty Group - Skokie, IL

Bruce~ Morning Bud... thanks for always keeping an eye on me!

Larry~ I agree though we have to be careful how we present the facts - wouldn't want to violate license law. I'm working on market reports that will hopefully provide more details.. The local chapter of REIA are an excellent place for 'newbie' investors to start.  In fact, there's a really strong one out your way.

Sep 01, 2011 04:05 AM #3
Rainmaker
811,832
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Kim, I was going to call you the Northshore Investment Queen, but I didn't want such a lofty moniker to go to your head!   ^_~  

Sep 01, 2011 04:32 AM #4
Rainmaker
633,417
Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Hi Kim, if I start with an investor friendly Realtor (r) who knows the area - NAMELY YOU! - you probably can refer me to some other of my investment team members, right?

Sep 05, 2011 09:23 AM #5
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Kim McMahon
Executive Realty Group - Skokie, IL

Hi Mary~ Absolutely I have several, accountant, contractor, lawyer, insurance etc. that I can point an investor to.

Thanks for stopping by.... hope your weekend was/is a good one!!

Sep 05, 2011 09:30 AM #6
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Kim McMahon

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