Ep. 9: Creating Elite Turnkey Rentals with Alex Al-Sabah

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.

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

Crain’s Chicago Business Article featuring Alex Al-Sabah

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:

Gibsons Bar and Steakhouse https://www.gibsonssteakhouse.com/

Giordano’s Pizza https://giordanos.com/

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