FSBO in Chicago - how to appeal to investors?
February 12, 2014 9:12 AM Subscribe
I own a condo in Chicago (in a trendy neighborhood) in a building that has no rental cap and is mostly renters. I'm interested in trying to sell it myself, and am interested in thoughts on what sort of things I'd want to do to make it particularly interesting to investors rather than owner-residents.
posted by juniperesque to Home & Garden (6 answers total)
The building has been moving towards investor-renter majority for a few years; I used to live there when I was single but got married, moved out, and now rent out the unit I own. I'm kind of tired of being a landlord, tired of maintaining a unit in a building I don't live in anymore, ready to sort of just get out of the game. It was never fun, and I know I'm lucky to have a pleasant tenant who pays rent on time, but I just don't want to do it anymore.
On the up-side, it's in a very appealing/trendy neighborhood, has condo-quality finishes, the building got a new boiler and the unit new skylights within the past year, rent more than covers my mortgage payments, and it is pet-friendly. On the down-side, it's an 18-unit association that is self-managed by the last remaining residents who own and live in their units, which numbers five.
I am probably not going to break even on selling, but am thankfully not underwater. But because of the rental percentage, mortgages will be hard to come by. We're nowhere near able to offer FHA anymore. It's really a good for an investor who wants a unit to rent out. But I don't know how to find those people, how to market to them, what they want these days, etc. If you've ever been in the market to purchase an investment condo to rent, what were you looking for? What, in listings, appealed to you? I'm in no specific hurry to unload this place, since I'm actually making some money on it and I'm not in a financial crisis, so I'd like to try the FSBO route before bringing in a real estate agent and paying the fees associated with using one. I just would love to have it off my hands.