July 8, 2009 by Chris.

Below is a link to an online database provided by HUD that lists the official 2009 Fair Market Rent (FMR) for Chicago; other cities are also available from this database. This is good information to know as Section 8 rents are based off of these numbers.

Final FY 2009 Fair Market Rent Documentation System — Summary for Chicago-Naperville-Joliet, IL HUD Metro FMR Area

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July 6, 2009 by Chris.

Below is a link to see if a property is in a CRA zone. If so, it may be eligible for lower property taxes.

FFIEC Geocoding System

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July 6, 2009 by Chris.

The link at the bottom can help you start gathering info on the Section 8 process in Chicago. We plan on writing a bunch of articles related to this topic as there is much opportunity in buying cheap SFH’s, fixing them on the cheap, and renting out to Section 8 tenants. The best part - you have your rent direct-deposited to your account on the first of each month straight from the government.

This strategy involves:

1. buying the property quickly with cash
2. fixing all required Section 8 items quickly with cash
3. passing the Section 8 inspection and getting the unit rented
4. get the property financed and pull out your initial investment (maybe even more) and still maintain a positive rental unit
5. do the same process over again

Property Owners | Chicago Housing Authority

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