Foreclosed Chicago Homes Get Restored for Renters

August 05, 2012

Foreclosed Chicago homes getting rentedPotential renters in the Chicago area, listen up! An opportunity for you to rent newly restored Chicago homes is right around the corner. Waypoint Homes, of Oakland, Calif, is making their way around Aurora and Elgin with plans to flip more than 10 foreclosed homes into rental properties within the month.

Flipping foreclosed homes is becoming quite popular throughout the country, and according to CoreLogic, a housing analytics firm, Chicago is a particularly attractive market due to the large amount of potential foreclosures. In fact, the area could have as many as 132,000 properties. This does not mean, however, that all properties will be bought and flipped. Waypoint’s founder, former National Football League place-kicker, Doug Brien emphasizes that the company only purchases 3 percent of the homes it considers, and that they buy these properties for the long run.

The company’s overall plan is to purchase single-family foreclosures in areas with a stable employment base, and they are currently looking at a possible 100 homes in the Chicago real estate market. Waypoint expects to buy homes ranging from $80,000 to $160,000, and invest up to 35 percent of the purchase price in renovations. The homes will then be available to renters for $1,300 to more than $2,000 a month.

The foreclosure-to-rental market is expected to be a $100 billion industry by the end of this year alone, and with Waypoint Homes looking into markets that provide a wide range of home diversity, this could truly be the perfect way to call Chicago home.

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