Investor: Taka Buranda, 39, Chicago
Agent: Dan Nelson, Compass, Chicago
“I was looking for a multi-family building for under $600,000 as my first investment in Chicago.”
Taka Buranda got serious about real estate the same way many people do: His Chicago rent kept increasing, and one day he reached his limit. (We’ve all seen that day.) But there was something more beneath it. One big, strange question he couldn’t avoid: What’s the point of life if you spend all your time working?
Heavy. However, realistically.
“I always have real estate on the back of my mind,” Taka says. “As I’ve stabilized my life over the last year or so, I’ve finally put myself in a position where I can start pursuing it.”
To them stability seemed like income something different guidance. full time job. Two small businesses. And he founded a financial literacy initiative for young people called Bag Talk Academy (which is By the way, a great name). With all this working in the background, he wanted to put it to work in the foreground, specifically on a multi-family property that could offset his living expenses and start building real wealth. Its budget: $500K to $600K.
Now here’s the part where almost everyone trips. Taka, like most first-timers, wanted the perfect property. Reconstructed. Turnkey. No work, no surprises, ready to go. Looking back he calls it his “pipe dream.” And then, at some point, he did the thing that very few people actually do: He gave up the daydream. He began looking for buildings that needed little work but had the potential for serious profit.
his agent, dan nelsonClocked it immediately.
“Buying investment property in Chicago is not easy,” says Dan. “But the biggest thing that holds people back is their mindset. Taka has made some big changes in its approach to discovery.”
Option 1
Multi-Family with Potential in Portage Park/Dunning
This legal two-unit offers approximately 3,000 square feet with spacious rooms, flexible floor plans, and significant value-add potential. The three-car garage provided plenty of storage, and the property’s proximity to CTA bus routes and the Kennedy Expressway made commuting easy. The surrounding neighborhood also offered many local amenities, including restaurants, coffee shops, and grocery stores.
Price: $499,900
Option 2
Turnkey Multi-Family at Albany Park
Located on a quiet tree-lined street in Albany Park, this move-in-ready property offers the kind of situation that Taka once believed was out of reach. The legal two-unit also includes a convertible in-law unit, creating the potential for three income-generating spaces.
a unit already had a tenant in placeProviding immediate rental income and helping to offset expenses from day one.
Price: $599,000
Option 3
This property was the cheapest of the three, but came with notable challenges, including structural issues and water damage. The 3,125-square-foot building will require significant renovations.
Still, the multi-family layout, large yard, unfinished basement, and location in the increasingly popular Avondale neighborhood Meaning Property offered plenty long term Possibility For the right investor.
Price: $399,900
Which would you choose?
1. Multi-Family with Potential in Portage Park/Dunning
2. Turnkey Multi-Family at Albany Park
3. Fixer-Upper in Avondale
taka’s choice
2. Turnkey Multi-Family at Albany Park
For Taka, finding this property almost seemed like fate.
“To be honest, it felt like divine intervention,” he says.
Unlike many of the buildings he visited, it required minimal work. He can move into one unit while renting out the other, thereby generating immediate income while reducing his own living expenses.
Dan was particularly excited about the building three units Possibility.
“I always encourage people to buy three units instead of two if they can,” says Dan. “It’s really hard to cover the mortgage with just one rental unit. That extra unit makes a huge difference.”
The existing tenant taking ownership of Taka also helped ease the financial transition.
Taka and Dan initially offered $35,000 below asking priceAnd after negotiations and inspection, the deal was finally closed. $10,000 down demanding for With an additional $9,700 credit.
Even now, this experience still feels surreal to him.
“I still can’t believe this is happening. it “This is probably the biggest achievement of my life so far,” says Taka. Teaching financial literacy has made me more intentional about my financial decisions. When you’re encouraging students to think about ownership and wealth building, you realize you have to practice what you preach.
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