But the rules in buying multi-unit property are NOT the same as with a condo or home, as you may already have begun to learn:
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Picking a neighborhood is different. When you shop for a condo, it's where do you want to live and what can you afford. But with multi-units, it's as much (or more) what kind of an investment will this be. Our section on Sales / Demographics can help you make the right decisions. We think you will find the 10-years data on sales growth for 2-flats, 3-flats, and 4-flats in Chicago to be invaluable.
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Picking property is different. We think you will love our Property Search section with its public search - the Property Search with 'Magic Map' - and the even more advanced connectMLS search we can set up for you.
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Analyzing value is different. Our unique Property Analysis Worksheet under Tools / Resources can help you quickly check listings to identify those that offer the best value. All you do is type in the purchase price, tax, and rent information, and the rest of the worksheet self-populates.
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Financing two flats to four flats is different. Are you going owner-occupied or non-owner occupied? Do you want to limit your down payment (or even go 0% down)? Do you want to minimize your payment to help finance building improvements? The web site section on Financing and our lending partner (Guaranteed Rate) can help you custom fit financing to your property goals and financial situation. For certain, we think you will be interested in seeing the Matrix of Loan Programs and Rates and our Online Loan Program and Rate Calculator.
Our free seminar, Investing in 2- to 4-Flats, can help you make sense of all of this. First-time buyers have, of course, loved it -- but so have current owners who want to parlay existing property into more. Click here for the Seminar Schedule / Sign Up.
Being a landlord means having a part-time job, even when your two-flat, three-flat, or four-flat is owner-occupied. Our Being a Landlord section can point you toward key elements of being a landlord, including why renting Section 8 may appeal as you look to rent your two-flat, three-flat, or four-flat.
We think in many ways it comes down to this: at least in this market, it only makes sense to work with a specialist--as the Who We Are section will make clear. Finally, if you want to see some other interesting and fun links and info, check out our Other Resources.
Here is an outline of the web site:
Who We Are. This section is intended to serve as our introduction to you. You'll find:
- Mission Statement (with some background on how Chicago's first comprehensive web site for the multi-unit market came into being)
- 7 Reasons to Work With A Multi Unit Specialist (Investment property is different -- and in this market we think it only makes sense to work with a specialist)
Sales / Demographics. This section provides 10 years of sales appreciation data for the neighborhoodsmaps of Chicago as well as maps of each neighborhood and links to other valuable demographic
data:
- 10-years Sales Growth Data for two-flats, three-flats, and four-flats
- Census Bureau Demographic Data for any address in Chicago
- Maps / Names of Chicago Neighborhoods (the 77 census tracts used for identifying neighborhoods)
- City of Chicago Crime Reporting Data (the data base for all addresses in the city of Chicago on reported crime)
- Property Analysis Worksheet (that lets you compare many listings quickly to analyze value and cash flow)
- Online Loan Calculators (to see how payments vary with loan type and down payment)
- Matrix of Loans Programs and Rates (a summary of the different types of financing for multi-unit property and current rate information)
Upcoming Seminars. You'll learn more about our free Investing in Multi-Unit Property seminar and other specialized programs, like an on-site demonar led by a property inspector.
Property Search. Our web site features a public-domain search engine we think you'll find much better than, say, Realtor.com or other common search engines found on the internet--and it will tell you how you can harnass the power of the most advanced search system of all.
- Search Listings Now (which accesses the public domain search engine)
- Advanced Search Capability (a description of the more advanced system for finding the right multi-unit property that we can set up for you)
Financing. This section features links to our lending partner and a wealth of other information:
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Guaranteed Rate (our lending partner)
Matrix of Loan Programs and Rates
- Sample of the Contract Used
- Description of Contract to Close
Being a Landlord. We'll keep adding links that are useful--and in fact will solicit your help in adding to this section. If you are interested in learning more about Housing Vouchers and Section 8, be sure to check this section out!
Other Resources. This section promises to grow over time with interesting and fun resources.
