Tips on Wholesale and Real Estate Property in Chicago Neighborhooods

Tips on Investing in Chicago Real Estate

Are you looking for wholesale deals in Chicago? With so many neighborhoods and areas to choose from, I know it can get quite tricky. For any investor looking to purchase real estate in Chicago, the first thing they should know is Chicago’s vast layout. There is a little bit of something for everyone here in Chicago. I have made general summaries for each side the city has. Each side has its own neighborhoods. The south side for example consists of areas like Hyde Park, Chattam, Burnside, South Chicago, Chicago heights, etc.. Hopefully these short descriptions will give you an idea for what to look for and where to start. For investors looking to stay in the north side of Chicago, I have broken it down for you.

North Side – The North Side of Chicago is not a typical place to start looking for wholesale real estate or cheap properties because the values are typically higher and even a very beat up single family home can cost double of a regular single family in another part of the city. Neighborhoods such as Lincoln Park, Lakeview, Logan Square, and Wicker Park, are great places to pick up multi unit dwellings to rent out to the yuppies. Surrounding neighbors like west Humboldt, west Garfield park, and east Rodgers will more than likely have properties available on the cheap end, say 40K for a brick 2 flat, as oppose to 300K for a 2 Flat in Lincoln Park.

North West – The North West Chicago neighborhoods are known for their diversity. Areas such as Portage Park and Belmont-Cragin have large European communities mixed with various Latin American groups, among the general population. North West Chicago has a lot of brick single family homes and 5-12 unit buildings. The houses and multi unit buildings hold their value which typically keeps REOs above the 60-70K mark. If you have a high tolerance for risk and a lot of capital, this area is ideal to start.

Near Center – This area consists mainly of high rises and condo buildings. Typical investors who work in this area are seasoned and do bulk deals. Short sales for condos is a place where new investors may want to start, but I advise against short selling high end condos because the  bpo will typically be high. If you are an agent, the city center offers great opportunity for first time home buyers that are moving in from the North and West suburbs.

Stay tuned as we head over to the South Side and Suburbs.

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