According to the Institute for Housing Studies at DePaul University, almost 55% of the people who live in Chicago, Illinois right now are renters. As a result, Chicago is a great city for those interested in getting involved in real estate investing.
If you purchase the right real estate in Chicago, you could use it to pull in passive income for many years to come. But you'll need to search high and low for the best real estate investing opportunities to take advantage of the Chicago real estate market like this.
We've created a guide that contains real estate investing strategies for when you're thinking about buying Chicago homes that you plan to rent out. Take a look at them below and utilize them during the Chicago home buying and selling process.
Shop For Real Estate in the Right Chicago Neighborhoods
You shouldn't buy just any real estate in Chicago and try to use it to turn a profit over time. Instead, you should look for the hottest Chicago neighborhoods and try to track down real estate investing opportunities in them.
Rogers Park, Logan Square, and Lincoln Park are several of the places where you should search for Chicago homes. But don't stop there. Chicago is filled with so many great neighborhoods that might prove to be perfect when you're interested in buying a rental property.
Aim to Buy Chicago Homes for the Best Prices
At first glance, you might want to buy a turnkey property when you're purchasing real estate in Chicago. But you're going to have to pay top dollar for real estate like this, and that could put you in a position where it might take a long time to make a profit back.
You'll be so much better off buying one of the many Chicago homes that'll need a little TLC before you begin renting it out. You can build up sweat equity in it and enable yourself to begin making money on real estate in Chicago so much faster than you would be able to otherwise.
Take Advantage of Chicago Property Management Services
If your ultimate goal is to buy real estate in Chicago and rent it out, you're welcome to handle all the different aspects of listing a property for rent on your own. You're also free to take care of screening tenants, collecting rent, doing maintenance, etc.
But why would you want to do all these things when you can hire someone else to help you with it? Chicago property management services can step in and supply you with the help you need.
Property managers will be able to do everything from market a rental property for you to answer maintenance calls from your tenants.
Let Us Help You With Real Estate Investing in Chicago
Now is a great time to do real estate investing in Chicago. But you should see to it that you have a plan in place before you start shopping for real estate in the city.
You should also look around for a property management company that can help you with both buying Chicago homes and renting them out. PMI Windy City is up for this challenge.
Touch base with us today to start real estate investing in Chicago.