As the co-founder of Elite Invest, Alex Al-Sabah's efforts to improve the housing stock within the South Side of Chicago were recently profiled by Crain's Chicago Business. Though Alex is a California native, he discovered an opportunity to fix up homes in Chicago after creating a real estate valuation company to help banks determine market prices for foreclosures. On today’s episode of Target Market Insights, Alex shares his strategy for selecting neighborhoods, uplifting communities, designing desirable rentals, and working with investors. Listen Now!
Key Market Insights
Chicago has great market opportunities despite negative press
Social impact on a neighborhood can create future opportunities for residents to move from tenants to property owners, a win-win situation
Target Sub-Markets for Elite Invest: Woodlawn, South Shore, Chatham, Chicago Lawn, Auburn Gresham, Greater Grand Crossing, Park Manor, South Chicago
Chicago is a renters’ city
Elite Invest puts high-quality rentals on the market, encouraging tenants to stay longer
How Elite Invest acclimates potential investors to the Chicago market: Has initial conversations about where and why they invest in an area, Encourages them to visit, Conducts investor tours, Hold in-person consultations about their investment goals
Advice to outsiders looking to invest in Chicago: Be open and objective about potential investments, Do your research, Identify your ideal investment
What Alex wants investors to know about Chicago: It’s still priced right. Properties are likely to appreciate based on fundamentals
What Alex considers when assessing opportunities? Focuses on neighborhoods and demand of tenants
How Alex stays on top of market changes: Talking to residents, property managers, owners, checking sites like Trulia, Zillow, Google Street Maps
One thing Alex does to stay focused on goals: Meetings with his staff and listening to clients
Resources Mentioned
Trulia - https://www.trulia.com/
Crain’s Chicago Business - http://www.chicagobusiness.com/
Zillow - https://www.zillow.com/
Tweet This:
“Your dollar goes a lot further in the Midwest, Chicago being the 3rd largest metro certainly attracted us.”
“We make it feel like home, but to a renter so they stay longer.”
Places to Grab a Bite in Chicago:
Connect with Alex:
Website: http://www.eliteinvest.com/
LinkedIn: https://www.linkedin.com/in/alex-al-sabah-532066135
Email: info@eliteinvest.com Partners: The Best Real Estate Investing Advice Ever Podcast – joefairless.com/show