Investing in Chicago Properties

By: Joe Pinto

Cities around the U.S. are growing at a rapid rate. Along with this growth has come a drastically increased need for quality housing. This need has created a real opportunity for smart investors who know where to put their investing dollars. Home markets like Chicago are a great example. As one of the largest cities in the Nation and the industrial and business center of the mid-west, Chicago is home to over 3 million people and that number is growing. With a thriving economic sector and employment on the rise, Chicago has a need for good reliable and affordable housing options.

There are a few different ways to go about investing money in Chicago real estate. The most traditional of these methods is purchasing rental homes and units or home flipping. With the diverse work force in Chicago there is a great call for both types of properties, and both can bring in some great revenue if done properly.

* Rentals - One of the most traditional methods of investment and a time honored favorite for accruing equity. The trick with rentals is to find the right tenants that will stay in the rental long-term and take good care of the property. Being a landlord can be a tricky undertaking and there is a lot of responsibility associated with the title. Being a good landlord means taking care of your property's and tenant's needs in a timely manner, and making sure that the property is well kept, and in good repair at all times. Tenants should not have to wait for months to have a fixture or appliance repaired. Also, being an attentive landlord will help in acquiring good reliable renters. If you take a real interest in the quality of the lifestyle that your property provides you should attract a higher quality of tenant.

* Flipping - Home flipping is all the rage in America. The basic principle is purchasing a home below it's market value and doing the necessary improvements and upgrades to ensure a profit when re-selling. The ideal time for a home flip is about 3 months from start to finish. If it takes much longer you stand the risk of spending too much money in the interim to make the sale profitable. You will have to take into account the average price of homes in the area in question and the amount you are going to pay for the property. The difference is the maximum amount you can spend on renovations. Of course, if you want to make a profit you will have to come in under that number in terms of total money spent. Planning is the essence of home flipping. If you fail to plan for every eventuality, the flip may not come off properly.

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