Investing In Chicago Rental Units
Looking for real estate in Chicago? There are very great reasons to do so
. Let's start with the diversity that this city offers. Chicago has a very rich level of racial and cultural diversity for individuals who enjoy big city life where you are surrounded by people of all walls of life. Neighborhoods abound where residents from all around the globe reside. This produces a mix of cultures and illustrates this is really a small world humans inhabit.Also, the economic down-turn has generated buy opportunities of multifamily dwellings for very attractive prices. Along the south side of Chicago, 3-4 unit multifamily buildings can be acquired at under $20,000. Now, these units won't be immediately inhabitable but they can be renovated. Chicago abounds with local renovators and if a person does their homework, by way of word of mouth, a reputable renovator can be hired to remove any molding or rot in the dry wall, add new fixtures, re-carpet, re-work the electrical wiring, and have the unit ready for rent. Presuming the person making the purchase finds a 3-unit home for $15,000, renovation can be accomplished for another $15,000.
The three units could be rented out for $900/mos and within 1 1/2 - 2 years the investment can be recouped and a profit turned. Now, it's understood that buy opportunities exist in a number of other cities across this country but what makes Chicago attractive is that the local economy is turning around.
In recent times, major companies have moved into the city providing new jobs with them. Among them are: United Airlines, Walgreens, Motorola Solutions, GE Capital, and Allscripts. A burgeoning economy portends to a stabilized real estate market and perhaps even an increase in property values. Those investing in leasing units now will also benefit from raising property values as the local economy continues to increase.
Concerned about inner city schools? It is a dreaded word in many cities where inner city schools are affected with poor test scores. However, Chicago also offers alternatives to traditional public schools with charter schools. These schools can be very affordable and are also college preparatory. It may perhaps be possible to locate a suitable charter school with a quality education within a short distance of your home. This is true of residents in the more expensive north side of the city and those on the south side. In Chicago, you get the best of a big city with real estate you can afford.
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