Chicago · 2 to 4 unit buildings
Yes. About 1 in 5 of the people we work with don't live in Chicago. Some of them bought their building without ever standing inside it. One of our reviews is from a couple who closed on a duplex here while they were living in Boston. Buying from far away is a normal way to do this, and the process is more solid than most people expect.
Here is how it actually works.
When a building looks right for you, we go walk it and you come along on live video. You can say "go back to the kitchen" or "open that closet" and we do. We show you what the listing photos skip: the boiler, the basement, the roof line, the block itself. Then we tell you what we think, good and bad, the same way we would if you were standing next to us. We live here, so we can also tell you what the building next door sold for and how the street feels at 6 pm on a Tuesday.
The inspection happens the same way it would for a local buyer. You hire a licensed inspector, they spend hours in the building, and you get a written report full of photos. Then we get on a call and walk through it together, so you know which items are a $50 fix and which ones are worth negotiating over.
You do not fly in for closing either. Buyers in Chicago use a real estate lawyer for the deal, and yours handles the closing paperwork. In most cases you sign where you live, in front of a notary, and the money moves by wire. Some of our clients met their building in person for the first time after they already owned it.
If no, this is an investment purchase. For a 2 to 4 unit building, a conventional loan (the standard bank loan) takes about 25% down, and the rate runs a little higher than on a home loan. On a $600K building that is $150,000 down. That is the real cost of buying a building you won't live in, and the rent from every unit is what you get in return.
If yes, because you are relocating, the math swings your way. Live in one unit and you can buy the whole building as your home with 5% down conventional, on up to 4 units. On that same $600K building, $30,000 down, and your tenants' rent helps carry the mortgage while you settle into a new city. Some people moving here for work do exactly this.
We are glad to talk through which one fits you, and a good local lender will confirm the numbers for your situation.
Buying from a distance means trusting other people's eyes for a while. That is real. The way around it is layers. Our video walkthroughs, a licensed inspector's report, your lawyer on the contract, and your lender's appraisal, which is their own check of what the building is worth. Four separate looks at the building before your money moves, and you make every decision with all of it in front of you.
The other question people ask is what happens after closing. Some out of town owners hire a local property manager, and some run their building themselves from another state. Both work. We can tell you what each one takes so you can pick.
And you can run numbers from anywhere. Our deal analyzer lets you test a real building's price and rents and see what you would make. Out of town clients often start there to compare buildings before we ever walk one.
Some of the people who contact us from other states are investors who will never move here. Some are relocating next year and want a head start. Some are just curious whether their money goes further in Chicago than where they live. All three are good starting points.
If Chicago is on your mind, reach out. You don't need to know exactly what you want yet, most people who reach out don't.