Looking Into Investment Property in Chicago

by

Charles Freita

Many people today are wary of investing in the stock market as it climbs to record highs and as the memory of the 2008 crash is still fresh in people s minds. One option for investors looking for a different type of investment is to purchase real estate. Chicago is a great location to buy investment real estate and if you are interested in becoming a landlord for multi-family properties in the Chicago area, now may be the time to buy.

Before jumping right into investing, however, you need to think about what your investment plan is and you need to come up with a strategic way to find the right investment properties in the Chicago area.

Tips for Looking Into Investment Property in Chicago

When you are ready to start investing in property in Chicago, here are a few things to consider:

Choose a good area to invest in. There are a lot of good areas and a lot of bad ones in the Chicago area and you want to make sure that you pick the right location. Lincoln park, Streeterville, Wicker Park, River North are family friendly neighborhoods that often command high rents and might be a good place to buy if you can find a good deal.

Pay attention to the school district. This can be the most important determinative factor in how desirable your property is, as many families with children will make the choice on where to live solely based on whether the school district is a good one or not. This may become especially important as many Chicago public schools are closing amid high controversy, leaving families especially concerned about the state of education.

Research the rental market. You want to make sure that your investment property is actually going to be a profitable one and that the rents you earn will cover your costs. Look at what the going rate is in properties in the areas you are considering and be sure to find out what your operating costs are likely to be so you can see if the rent will cover them.

Consider finding an experienced property manager. When you buy an investment property, and especially a multi-family investment property, you are likely going to need a professional to manage it for you since managing a property is time consuming and complicated. If you are going to hire an investment management company anyway, you may wish to bring them in early in the process when you are considering making a purchase so they can advise you on the essentials that you need to know.

Pay attention to news that can impact an area. For example, if there are proposed zoning changes or a new road or highway may be built to a certain area, all of these things can have an impact on what your property values will be in the future.

These are some key considerations when you are thinking about purchasing property in the Chicago area. With a little bit of research, you can find the right property for you and make a sound investment.

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