Currently live in Chicago and this market is out of my budget.. looking to hopefully get a multi family in a state within reasonable driving distance. Are they any investors in Wisconsin, Indiana, or any where in the Midwest that have any insights?
Milwaukee is fair priced.
@Angela Lojko have you explored the entire market? There are so many areas here in the Chicago MSA, and there are so many price points. I am listing a two unit now on the south side that is under 200k. I think a lot of investors leave Chicago too early without exploring all the sub markets to the north west, south west and south.
Check out Toledo, we have folks from Chicago that double dip!
If you want to stay in Illinois, research Rockford, Champaign, Peoria, but you will still have the high property taxes. For Wisconsin, look at the Beloit, Janesville, Lake Geneva area. Indiana - Northwest area - Gary, Hammond, and more. All of those areas are within an hour and half drive for you so you could be hands on, but a much lower price point. There are plenty of people on BP here investing in all those areas and doing well. I am in Indianapolis which is 3 1/2 hours from you. Indiana has lower property taxes, better landlord laws, and a great economy. Would love to connect with you if you are interested.
We are invested in Iowa City, Champaign, and Danville (IL). Each market presents different pros and cons. Danville is a cashflow play, while Champaign and Iowa City are more of appreciation plays. I like investing in Iowa as the state’s finances are in better shape than Illinois.
Best of luck!
I would consider looking at Racine, Kenosha, and Beloit. Beloit is great for BRRRs right now. Seeing a fair amount of listings in Racine with under-market rents, that area will grow as Milwaukee and Kenosha continue to grow. Kenosha has been growing for years but its price points are getting on the high side generally (obviously not everything but I'm seeing more higher priced than not.)
I'd highly suggest checking out the Kenosha/Pleasant Prairie market. Lots of growth and rental demand going on there. It would be close enough to Chicago to drive up to also. I grew up there and have some investment property there. Happy to help!
The Greater Peoria Area in Illinois is good. Higher tax rates, but affordable investment properties. About a 3-hour drive from Chicago. Our properties are in Creve Coeur and they've been good for us!
Checkout Hammond IN for solid returns on rentals. Landlord friendly area and super cheap taxes.