Don't Invest Here
People send links to our email. Sometimes they post links in the comment section. And sometimes, they're quite eye-opening:
Historically speaking, investing in real estate has seen significant returns. The S and P 500 Index found that the average annual return on commercial properties is about 9.6% a year, only about 0.7% less than residential properties.
But investing in anything, real estate included, does come with some inherent risks. Market timing, location, demand and how well the property appreciates over time — among other things — can all affect your returns.
Given how important location is, GOBankingRates asked two real estate investors — Christian Gore and Itay Simchi — where they’d never buy property. Here’s what they said.
Anyone want to guess what their Number One answer was? Go ahead....take a guess:
- Chicago, Illinois
The average home value in Chicago is $296,901, a 4.4% increase over the past year. But liquidity is important when it comes to ensuring you’ll see solid returns on your real estate investment, but this city just doesn’t have that.
“The state is fiscally irresponsible and in a bad position,” said Christian Gore, the founder and managing partner of G1 Capital Partners, a private capital firm specializing in multifamily and industrial real estate investments. “There are scenarios in Cook County where property taxes have increased four to six times virtually, making it an illiquid market.”
You can't really blame Conehead for this one....at least not entirely. It started one or two mayors ago and one or two governors ago. But between them and Prickwrinkle's disastrous reign of massive tax increases at County, it all contributes to the ongoing death spiral and may be dooming the housing market for the next ten or twenty years....if you were thinking of retiring, selling and moving that is.
Hey, see if you can spot the commonality among the other nine cities these guys say NOT to invest in:
- Detroit, San Francisco, Baltimore, New Orleans, New York, St Louis, Memphis, Washington DC and Cleveland.
It rhymes with "split-vole."
Labels: general
posted by SCC at 12:02 AM
34 Comments:
Leftists who run places like Illinois hate people who own property, they hate people who earn a living and they hate people who own property. Why? Because if you aren't part of the dependent class then they have no power over you. If you aren't reliant on government handouts to get by then you don't need them. As such, shit leftists will do everything they can to steal your wealth through taxation and pass legislation designed to make your life as miserable as possible.
Clit pole?
They just did property tax assessments for properties west of the river through Austin and from Wicker Park through Little Village. Some incredible property tax increases on the way.
Was in Traffic Court, saw a lady who taught law in the Academy.
Remember looking at her I.R. photo.
Remember she ran as slated candidate for Judge.
She lost.
Remember she paid for the advertising.
Got appointment.
Thanks Shitwinkie!
Don't post stuff like this until I sell. Chicago is wonderful and everyone should buy property here until I've unloaded mine and moved on.
These private equity and hedge funds need to f-off. Capital Partners and all these other firms are snapping up residential property especially homes so they can rent them out to the government via section 8. They are GUARANTEED to get market rate rents and GUARANTEED payments from the good ole government. Image buying a crap house, outbidding an American family that needs it, just so you can rent it to the government at market rates for $4,000 a month. I know a landlord who is renting his small condo on LSD for $5,500 a MONTH! Rent is paid via a section 8 tenant. All these investing firms love this shit. Government always pays market rate on time. That’s why home values have exploded in the past 3-4 years. Other than illegals, our population is flat. So how do prices go up if there is not more demand (from a growing population). The demand is coming from these prick investing firms that are investing for the Gates of the world. You just have to complete with their very deep pockets to buy a modest home now and loose a bidding war. It’s sickening. Rich get richer, government gets more debt, illegals get free crap and the average middle class taxpayers pay more for housing and taxes. Say buy to the middle class.
Real estate investors.
Stated end result desired: gain on investment. Either/and by invesment property generating income and/or sale of same at greater price than investment costs.
Thus, the standards, reference value points, are gain.
Whether gain is achieved by long term income generatings or by selling,
Long term income generatings result from stability of area/location and result in stability of area/location. As in all of investments of many natures.
Quick turnover sales are the impetus for instability. As instability is the element of depreciated value of said sales.
In the realm of the quick turnover hustle, the illusion of stability, and, thus, the expectation of reliable increases in value, is the method of attracting the less thoughful buyer to close the sale. As it is in all speculative investings touting substantial increases in values within a brief period of passing time.
Real property investors are the bane of the stability of those owning real property for practical utilizations of living their lives.
Good fucking riddance to these carpetbaggers of well known perfidities.
It’s only going to get worse!
The housing market on the far NW side is hot, mainly because of lack of inventory. Anytime a condo goes up for sale in goes fast within days. Single family home prices are ridiculously high but people are still buying. The majority of buyers are city workers looking to buy in a safe neighborhood and raise a family. Thankfully I'll be retiring very soon and dumping my home. Thank you to city residency requirements otherwise I'd be screwed.
And you look at this video very hard to look at very important. This could be our daughters, wives sisters, family friends look at what savages from Palestine have done. These are the same type of people that are here right now came across an open border zero leadership thanks to Democratic. Idiots that allowed all of this just a matter of time, look at the people the type of animals that did. This are coming across the border, massively military aged males. Wonder how much training they have had I would bet quite a bit. Are we ready?
https://www.dailymail.co.uk/news/article-13447359/Hamas-terrorists-taunt-young-Israeli-women-threat-rape-footage.html?ito=email_share_article-bottom
Yeah, but I keep seeing the media publishing articles about Chicago being the top tourist destination, top cultural destination, top foodie destination, just the best. They wouldn’t lie would they. Bwahahaha.
Right I wouldn’t want to live in any of them!!!
You don’t really “buy” real estate in Chicago, Cook County, or Illinois. You “buy” an obligation to repay the debt of those entities.
Sold a 2 flat that I owned for 20 years last year. My last tie to Illinois. Underperformed inflation by 130K. Maintenance, taxes, bullshit associated with Chicago all in rear view mirror. Greatest feeling in the world to be done.
Washington DC is good. There is little good housing stock for the demand, and there is a hell of a lot of rich people in government. Supply doesn't meet quality demand. No one cares about Griffin, Caterpillar, or NFL team stadiums. The government prints its own money.
You would think some of these chuckleheads would get the message.
Just like today's first topic, just because were told certain people can do things doesn't mean they can.
I don't know. I think there's a reason they're a crap hole, it got to be somehow, right?
Worked with a guy who called his investments in the poorer parts of town as “bricks of gold”. Bet those two big time investors just made his day.
Take heart, Chicagoans. At least you're not Detroit !!!
I don’t understand Cook County Government. Jail population has been reduced greatly. Courtrooms and Health Clinics have been closed. Retirements have risen, there should be fewer employees and yet taxes continue to rise. Where the hell are Toni P and the County Board spending the money that should that should be a surplus?
I’ve learned that many Chicagoans “embrace the suck” of living in Chicago. If they moved out, they would have less to bitch about. They can’t live without being miserable. They endlessly whine about missing Chicago food, usually, the fat fucks never stop whining. They are so brainwashed that they are absolutely convinced that there is no good food anywhere else on the planet. There is better food out there. Trust me. You just have to try new things. Crazy, huh? Pizza, Hot Dogs, and Beef Sandwiches are not hard to make.
Let all city workers live outside Shitcago and watch inventory in NW and SW sides skyrocket and prices crater.
I don't think Chicago will ever recover. Way too much political corruption and the feds won't touch them.
Putzker and his family are shifting the Hyatt Hotel business to China - Hyatt is building 50 new Hotels in China and will be the biggest Hotel Chain in Asia.
No more new Hotels in Chicago built by the Putzker Family.
Everyday another stabbing story, hmmmm
Sold the house 5 years ago.
Sold the rental property 1 year ago.
Retired recently.
Free from any financial anchors of Chicago!
"Anonymous said...
These private equity and hedge funds need to f-off. Capital Partners and all these other firms are snapping up residential property especially homes so they can rent them out to the government via section 8. They are GUARANTEED to get market rate rents and GUARANTEED payments from the good ole government. Image buying a crap house, outbidding an American family that needs it, just so you can rent it to the government at market rates for $4,000 a month. I know a landlord who is renting his small condo on LSD for $5,500 a MONTH! Rent is paid via a section 8 tenant. All these investing firms love this shit. Government always pays market rate on time. That’s why home values have exploded in the past 3-4 years. Other than illegals, our population is flat. So how do prices go up if there is not more demand (from a growing population). The demand is coming from these prick investing firms that are investing for the Gates of the world. You just have to complete with their very deep pockets to buy a modest home now and loose a bidding war. It’s sickening. Rich get richer, government gets more debt, illegals get free crap and the average middle class taxpayers pay more for housing and taxes. Say buy to the middle class.
5/23/2024 12:50:00 AM"
Well, that hump Nazi Klaus Schwab did say you'll own nothing and be happy.
Seems they're following through with the plan using Vanguard, State Street, BlackRock, Citadel. All the corrupt market movers collaborating with the WEF to own everything!
"Anonymous said...
I don’t understand Cook County Government. Jail population has been reduced greatly. Courtrooms and Health Clinics have been closed. Retirements have risen, there should be fewer employees and yet taxes continue to rise. Where the hell are Toni P and the County Board spending the money that should that should be a surplus?
5/23/2024 11:49:00 AM"
Spending the money?
They're stealing it. This IS Crook County!
"Anonymous said...
Sold a 2 flat that I owned for 20 years last year. My last tie to Illinois. Underperformed inflation by 130K. Maintenance, taxes, bullshit associated with Chicago all in rear view mirror. Greatest feeling in the world to be done.
5/23/2024 07:04:00 AM"
Kudos, good for you! I've done the same, and it is one of the greatest feelings in the world!
I’ve learned that many Chicagoans “embrace the suck” of living in Chicago. If they moved out, they would have less to bitch about. They can’t live without being miserable. They endlessly whine about missing Chicago food, usually, the fat fucks never stop whining. They are so brainwashed that they are absolutely convinced that there is no good food anywhere else on the planet. There is better food out there. Trust me. You just have to try new things. Crazy, huh? Pizza, Hot Dogs, and Beef Sandwiches are not hard to make.
5/23/2024 12:22:00 PM
Them brain chemestry drama queen juices are hard to kick the habit of generating.
As for food, well, every meal prepared is an adventure in wondering just what this time is gonna taste like.
Savor the adventure.
Big Toni giving millions of dollars to minority owners that didn’t qualify to invest in the marijuana industry.
How about all the low income Asians,Caucasian and Hispanics tha5 didn’t apply or have funds to invest.
These are connected colored people ,many didn’t apply,get marijuana business license,now money from county for them to spend.
Our taxes can’t pay for all the corruption.
"Anonymous said...
Sold a 2 flat that I owned for 20 years last year. My last tie to Illinois. Underperformed inflation by 130K. Maintenance, taxes, bullshit associated with Chicago all in rear view mirror. Greatest feeling in the world to be done.
5/23/2024 07:04:00 AM"
Kudos, good for you! I've done the same, and it is one of the greatest feelings in the world!
5/23/2024 10:16:00 PM
Ex N/W-sider here. Loved our house, loved our neighborhood, loved our neighbors. Never wanted to leave when we first bought our place. Fast forward 20+ years, still loved our house, loved our neighborhood, loved our neighbors. But... since then our property taxes have went up 400% (yes 400%), our water bill tripled, city stickers and plate stickers up ridiculously, and it goes on and on. Loved our place, but the donkey politics from Chicago/Cook County/Illinois turned my stomach. My vote hasn't counted in decades. Had packages stolen off of our porch and mail as well. Didn't want to move but hit 55, hit the button and said 'F' it. Moved to a Red place and have been smiling ear to ear ever since. My concern when listing the house was the housing crash from 2008. 'By September 2008, average U.S. housing prices had declined by over 20% from their mid-2006 peak.' Kept me up at night. When we closed, I never felt so free. God Bless the men and women in blue and hope you all are rewarded the same when you retire. Oh... and FJB.
Anonymous Anonymous said...
I don't think Chicago will ever recover. Way too much political corruption and the feds won't touch them.
5/23/2024 01:43:00 PM
I hate this statement because I know it's true, though with Greylord back in the day, I have hope someone will do something for the actual greater good. Though, it'll probably go south, spread to the rest of IL and force those of us that actually like living outside of cook to just leave entirely.
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