Investor · Cleveland, OH · Member since 2014 · 8 posts · 1 vote
I just found out that I will be moving to Joliet IL this August. I am looking to purchase my first investment property within several months. I plan on purchasing a 3 to 4 bedroom single family that I can live in, fix up, and sell after a year or two. I was also hoping to rent 1 or 2 of the bedrooms while living there.
I would appreciate any advice on location (prefer within 20 minutes of Joliet) or other useful information that may help.
Investor · Joliet, IL · Member since 2013 · 59 posts · 32 votes
12y
Unlike most suburbs (which tend to be fairly uniform and homogeneous), Joliet is a real city. Like Chicago, there are good and bad areas. Thus it is very important to understand the different neighborhoods before you start investing. Good luck!
Realtor · Schaumburg, IL · Member since 2011 · 289 posts · 118 votes
12y
Jake Szaraz Joliet is a depressed town. Some of the surrounding towns can be ok depending on how you want to run your business; what kind of tenants you want to manage, and what kind of product you produce will determine your success. This area doesn't work for me because I have a specific target individual in mind that I supply housing too and these people do not CHOOSE to reside in Joliet. Now, there is a large market for working class folks, who make around $30-45k gross household income that have decent stable jobs that have around 550-640 credit scores that need housing just the same. Then you got a lot of section 8... The product you produce and area you choose will render your target tenants in my experience. Don't just follow the numbers, there is so much cheap housing down there but it doesn't mean its a good deal cause the unit cash flows whatever arbitrary number you desire. It's all about the net, meaning, what it costs you to manage, repair, maintain, turnover, etc. cheap housing and poor tenant quality is a bad business plan. Good luck to you.
Rental Property Investor · Joliet, IL · Member since 2014 · 163 posts · 85 votes
12y
There are some good parts of Joliet and some not so good parts just like any other city. If you are looking for more stable tenants/nicer part of town, I'd look towards the west side.
Real Estate Investor · Alamo, CA · Member since 2013 · 6 posts · 1 vote
12y
I own many rental in Chicago area, from Gurnee down to Chicago. Do your diligent to find a good tenant. I have tenants in so called poor neighborhood that never missed a payment. So take your time to learn and understand the local market.
Investor · Joliet, IL · Member since 2013 · 59 posts · 32 votes
12y
Unlike most suburbs (which tend to be fairly uniform and homogeneous), Joliet is a real city. Like Chicago, there are good and bad areas. Thus it is very important to understand the different neighborhoods before you start investing. Good luck!
Real Estate Investor · Frankfort, IL · Member since 2011 · 46 posts · 22 votes
12y
@Jake S. I live about ten minutes from Joliet in Frankfort, Illinois. It is a beautiful area with a lot of high end homes. You can also find deals if you look hard enough. Joliet is hit or miss, and the schools aren't great. If you plan on actually living in the house you buy, I would look to the nicer suburbs just to the east of Joliet, like New Lenox, Frankfort and Mokena. They all have fantastic schools (but high taxes), making the homes easier to sell.
Investor · Cleveland, OH · Member since 2014 · 8 posts · 1 vote
12y
I really appreciate all the advice guys! I am going to stay out of Joliet and am looking at the areas that @Mark Doyle mentioned. Also considering Plainfield, Naperville, Wheaton, Oak Forest, and Downers Grove.
Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes
11y
Hi, Jake,
I live on the west side of Joliet. So, giving you a resident's viewpoint, for what it's worth.
As others have mentioned, "downtown" Joliet and most of the area between the Des Plaines River and Interstate 55 is older homes. In general - but not uniformly - the further west you go toward I-55 the better the areas tend to be.
In general, the area west of I-55 has more new subdivisions and higher home prices / values. Before the crash, Joliet annexed a LOT of land in Grundy County but the crash put a cork in development before most of it came to fruition. There are some failed subdivisions, but not many.
IDOT made a lot of improvements to IL-59 between Plainfield and I-55, though downtown Plainfield remains a speed-bump on that highway as does the I-30 junction just south of downtown Plainfield. Still, Will County and IDOT are improving the east - west arteries. The area seems to have escaped the fate of Lake County IL who chose not to improve their infrastructure thinking, "if we don't build it, they won't come", but "they" came, anyway, and now Lake County traffic congestion is the stuff of legend.
Shorewood is nearby out here where the homes tend to be larger and higher valued, even the older homes.
In my investing group, some of the people are doing quite well with their projects in and around the area. So, if you come and you need contacts, there is some opportunity there.
The area Mark Doyle mentioned has the added advantage of having mass transit available: the Metra train line runs from downtown Joliet east through the New Lenox and Mokena areas and then north-east toward the I-57 / I-94 corridor and then north into Chicago.
In short, there's a lot of opportunity, but also a lot to learn about the area before making your initial selections on target properties.