Some markets are already crowded, overpriced, and picked clean. Rockford, Illinois, isn’t one of them—at least not yet.
In this episode of the Bow Tie Podcast, Mahmoud Faisal Elkhatib, The Bow Tie Attorney, sits down with Rosalind “Rosalyn” Astorga, a commercial real estate broker and property manager with Realty of America, to talk about why she believes Rockford is the next place investors should be watching.
From her base in Berwyn and Aurora, Rosalind is helping investors look beyond Chicago’s traditional hotspots and toward a city with growing population, lower prices, and investor-friendly local leadership.
Thinking about buying a building in Illinois? Talk to The Bow Tie Attorney first.
Whether you’re eyeing Rockford, Berwyn, Aurora, or another Illinois market, Mahmoud “The Bow Tie Attorney” Elkhatib can help you review your deal, your lease, and your risks—before you sign.
Who Is The Bow Tie Attorney?
- Real estate transactions and closings for buyers and sellers across the Chicago area
- Foreclosure defense, helping homeowners fight back when banks, debt buyers, or servicers get aggressive
- Building code violations and real estate problems, especially for people who bought a home and then discovered issues after the fact
Meet Broker Rosalind Astorga
Rosalind Astorga is a licensed real estate broker in Illinois who focuses primarily on commercial real estate and property management.
She works with a tight-knit team at Realty of America (ROA), operating out of:
- A main office in Berwyn, just outside Chicago.
- A smaller office in Aurora, Illinois.
- A new push to establish a presence in Rockford, where she sees serious upside for investors.
Like many first-generation professionals, Rosalind grew up as the “middle person” for her immigrant family—translating documents, handling calls, and navigating systems in English long before she was old enough to understand all the legal terminology. That early responsibility shaped the way she now advocates for clients who don’t want to be taken advantage of in commercial deals.
Why Rockford, Illinois Is on Her Investment Radar
Rosalind is clear: “Rockford is where to invest right now.”
She and her team are actively working to open an office there, because they see several key fundamentals lining up for commercial real estate investors:
- Growing population – More people in and around Rockford means more potential customers, tenants, and employees.
- Lower purchase prices – Commercial properties are still relatively cheap compared to many parts of Chicagoland.
- Lower property taxes – Investors can often secure better numbers than in nearby Cook County.
- Pro-business local leadership – Rockford’s mayor and city leadership have laid out a long-term economic development plan, aiming to attract and support business.
- Signals of private investment – Yes, even something like a new Starbucks can be a sign that capital is flowing in and that national players see potential.
For investors priced out of Chicago or tired of fighting over the same deals, Rockford offers a mix of cash-flow potential and long-term appreciation, especially for those willing to get in before the rest of the market catches up.
She also prefers the boundaries of commercial property management. In residential, landlords can find themselves unclogging toilets at 2:00 a.m. or dealing with repeated maintenance calls. In commercial, tenants typically shoulder more of that responsibility—and the lease spells out exactly who handles what.
Why Rosalind Prefers Commercial Over Residential
Rosalind has done both residential and commercial—but she’s chosen to focus on commercial for a reason.
Residential real estate is emotional:
people are attached to their homes, negotiations get personal, and disputes can escalate quickly.
Commercial, by contrast, is more about numbers and strategy:
- Does the deal cash flow?
- Do the rent, taxes, and expenses make sense?
- Are the responsibilities clearly spelled out in the lease?
Triple-Net, CAM, and Why Lease Terms Matter So Much
A big part of the conversation is about how commercial leases are structured and why business owners should stop signing whatever gets put in front of them.
Rosalind and Mahmoud walk through concepts like:
- Triple-net (NNN) leases – Where tenants pay their share of property taxes, insurance, and maintenance, often calculated per square foot.
- CAM (Common Area Maintenance) – Costs like shared sidewalks, parking lots, or entries that landlords can pass back to tenants.
- Modified gross leases – Hybrid structures where some expenses are shared and others are landlord-paid, depending on how well the lease is negotiated.
Mahmoud explains how, as an attorney, he negotiates caps on major expenses like HVAC replacements, and ensures that maintenance responsibilities are clear and fair. Without that legal review, a tenant might unknowingly agree to replace a $30,000 HVAC unit in a building they’ll never own.
From Nonprofit Work to Commercial Brokerage
Before going full-time into real estate, Rosalind spent about four years working in a nonprofit in Melrose Park, helping people with:
- Food stamps and benefits
- Divorce and basic legal referrals
- A food pantry and diaper distribution for families in need
She loved the work and the community, but the pay made it hard to build the kind of long-term stability she wanted for herself and her family.
Real estate was a natural pivot. She had already been deeply involved in her uncle’s properties and family businesses, doing the behind-the-scenes work that other professionals were charging for. Getting licensed let her step into the role formally—and get paid for the value she was already providing.
At the same time, being licensed comes with higher standards and stricter rules, which she takes seriously. It shapes how she advises both family and clients today.
Lessons for Immigrant and First-Generation Business Owners: Stop Renting Forever
One of the most powerful parts of the episode is Rosalind’s reflection on her parents’ experience as long-term commercial tenants.
Her family’s business stayed in the same rented location for about 25 years in Cook County. Over that time:
- The landlord never modernized the relationship—no updated leases, no clear obligations.
- The property was essentially run by a slumlord and later by his son, who was even worse.
- Because there were no current leases, it was hard to enforce anything or hold the landlord accountable.
Looking back, Rosalind is blunt: they should have owned a building.
She encourages business owners—especially immigrants and first-generation entrepreneurs—to:
- Run the numbers on buying versus renting when they’ve been in one place for many years.
- Consider buying in a different county with lower taxes if the current area is too expensive.
- Negotiate options to purchase or at least clearly defined long-term lease terms.
- Understand that you can buy commercial property even with an ITIN and without certain forms of legal status.
Fear keeps many undocumented or mixed-status families from exploring ownership. Rosalind and Mahmoud both push back against that fear, stressing that owning real estate can be a real path to stability and leverage—for both homes and business properties.
Sharp in law. Strategic in your next building.
From Rockford to Chicago, get Illinois commercial real estate counsel that keeps your deals alive, your leases clear, and your risk contained.
FAQ — Illinois/Cook County Foreclosure
Why is Rockford, Illinois interesting for commercial real estate investors right now?
Rockford offers a combination that is increasingly rare: a growing population, commercial properties that are still relatively affordable, lower property taxes than many parts of Cook County, and a local government that is actively planning for business growth. For investors priced out of Chicago or tired of competing over the same corridors, Rockford provides room to buy, hold, and add value.
How is commercial real estate different from residential for investors and landlords?
Residential deals are often emotional—people are attached to their homes. Commercial deals are more about numbers: rent, expenses, taxes, and long-term business plans. In commercial, tenants typically take on more responsibility for things like maintenance and utilities, and leases are heavily negotiable. That creates both more flexibility and more risk if you don’t understand the fine print.
What are triple-net (NNN) and CAM charges, and why do they matter?
In a triple-net lease, tenants pay their share of property taxes, insurance, and certain maintenance costs, usually calculated per square foot. CAM—common area maintenance—covers things like shared sidewalks, parking lots, and other shared spaces. If you don’t negotiate these terms properly, you might end up paying for big-ticket items, like a new HVAC system or major repairs, on a building you don’t own.
Can immigrant or undocumented business owners buy commercial property in Illinois?
Yes. Many immigrant business owners don’t realize they can buy commercial property using an ITIN and other documentation, even if their legal status is complicated. Fear often keeps families renting the same space for decades under weak leases. Working with a knowledgeable broker and attorney can help clarify what is actually possible and how to structure a safe purchase.
When should a long-term tenant consider buying instead of continuing to rent?
If your business has been in the same location for many years and the numbers make sense, it’s worth asking whether you should own the building—or at least secure the option to buy it. Ownership can provide equity, tax benefits, and leverage, instead of pouring decades of rent into a landlord’s pocket. A careful analysis of cash flow, taxes, and financing options is critical before making that move.
Why do investors and business owners need both a broker and an attorney?
A broker helps you find properties, understand the market, and structure deals that fit your goals. An attorney reviews and negotiates the purchase contract and lease terms, and protects you from hidden risks—like uncapped maintenance obligations or unclear responsibilities in a triple-net structure. In commercial real estate, the right team can be the difference between a solid long-term investment and an expensive mistake.
