rentals

[Chris Wong]

I am new to investing, researching various area across the US to invest in. Mostly interested in buying cheap, renovating and retaining. I currenlty live in Chicago...taxes are extremely high here.

Anyone have any suggestions on markets? I have been hearing Detriot and Atlanta are hot. Lots of development in the next 10 years.

Thanks in advance!

[Timothy W.]

Originally posted by "ncarey":

Is there a reason you want to invest out of your area?

Honestly dude - I can tell you why having owned rental property in Chicago as well as in a real cashflowing area. Cook county doesn't cashflow for crap. Only one area I know comes close and that's Harvey. You want to invest in Harvey go ahead but make sure the life insurance is paid up and you've gone to confession.

It's easy guru-speak to say "good deals are everywhere" and we tend to repeat it because it may be true in our specific geographic area. For me where I'm at outside of Chicago, good deals really are just about everywhere. 5 years ago in Buffalo, NY - good deals were everywhere. That's just not the truth in some geographic areas when it comes to the business of owning rental property. Some times markets are just too high priced for rent.

Here's another neat thing about investing in Chicago rental property. Did you know that as property taxes went up last year, Section 8 rents went down? How's that for Chicago's politicians helping you with your long term hold strategy?

Anyway to answer the original question - go across the border and into Indiana. 30 minutes to the border.

Tim