Good morning BP!
I just moved to Great Lakes, Il and I am looking into buying a multi family home to hack. I just finished Scott Trench's book "Set for Life" and I want to start applying some of the ideologies he mentions in his book.
I am not 100% locked into an area, I am willing to commute to work from Kenosha or the Chicago area if the return is worth it. I just downsized my vehicle to a gas efficient (paid off car) and I am looking to rent out units and have a roommate to pay most of if not all housing costs.
Any advice will be greatly appreciated!
Awesome! Welcome to BP - if you're willing to commute that far, you have lots of options! Have you talked to a lender yet?
Martin- I have not. I just moved here a couple months ago. Im so new to this process I really don’t even know where to begin. I assume talking to a lender might be one of the first stops since you mentioned it. I also shot you a PM. Thanks for writing!
I live in Kenosha and invest in the SE WI area. Great market but also very competitive (as is everywhere). Duplexe's in Kenosha are super solid. The rental demand in Kenosha is insane right now. Feel free to reach out if you want to discuss the Kenosha or SE WI market further.
@Joshua Parinasan are you Stationed here? I’ve invested in Gurnee and Kenosha in the last 2 years. Kenosha is blowing up (just drive the 94) and is a healthier economy/ demographics than most city’s in IL. With that Kenosha is competitive and properties move fast and usually sell for close to the list price. You can find solid B class duplexes most areas both in WI and IL but 4 plex’s around here tend to be in rougher neighborhoods or far from Great Lakes. Another option is buy large newer house with a walk out basement, get as many roommates as you have bathrooms upstairs and Air BnB the basement.
I personally wouldn't invest in Illinois right now. It has a lot going on politically which is making the state less desirable for employers as well as more expensive for workers. I actually have an investor client who's sole life mission right now is to be completely out of Illinois (including his primary residence) by the end of the year.
@Brock Mogensen is correct. Kenosha is absolutely on fire right now. Completely independent of FoxConn too. Beyond downtown, the suburbs of Kenosha like Pleasant Prairie, Salem and Trevor are starting to boom as well.
Have you checked out any meetups or REIS? Here's a link to one in your area. There are lots of great people to connect with.