What are some great places in Illinois to Invest in? Recently I have been looking at towns such as Rockford, Champaign, etc. but they seem to have high crime rates. What would be a great town that has a good 2% rule. Just Wondering. Thanks
Champaign is great. See my comment on your other post
I'm a big fan of the old river towns - Aurora, Elgin, Joliet. Good entry level housing and can get close to or exceed 1% rule.
@Joshua Haynes - I think you need to answer some questions first - Where are you located and what are you looking for?
As @Sean Morrisey pointed out the river cities offer decent cash flow and are good flip markets. Other areas in the City are higher appreciation and lower cash flow.
Champaign is likely good but down in the middle of nowhere and is a college town. Turnover in college towns is definitely something to watch out for.
@Joshua Haynes I've been looking into Rockford and Champaign recently myself. I'm in Chicago now but grew up near Chambana and went to middle school/high school/college in/near Rockford so I know both cities decently well if you want to chat about good investment areas in each.
@Jonathan Klemm is right, Champaign is a college town but there are still plenty of deals in good areas that are inhabited more by year-round residents. The historic neighborhood surrounding West Side Park, for example, is a great one because it's a little too far from campus but walking distance to downtown Champaign where residents go to avoid the campus bars. Any student tenant over there will most likely be a grad student looking for peace and quiet. The fact that it's a college town also means it's really well set up with property management companies if you need one.
I think Rockford has much more appreciation potential than Champaign. There's a long, long history of why downtown suffered so much, but the current mayor Tom McNamara and his administration are doing wonders to breathe life back into it. When I lived there almost no one went downtown, and now it's where all the cool events are happening, exciting new restaurants are opening, and the neighborhoods around it are improving.
Similarly, check out the Quad Cities and Peoria, though I don't know as much about them from an investment standpoint. I do have contacts in QC that could help if you're interested.
Check out the northern “suburbs” of Rockford... Machesney Park and Loves Park. I own two fourplexes in Machesney Park; cash-flowing roughly $200 per door.
@Joshua Haynes the Quad Cities seem to offer pretty good options for real estate investing. Moline & Rock Island are on the Illinois side with Bettendorf and Davenport on the Iowa side. There are also some "connected" and outlying areas that also have good prospects for investing that would include East Moline, Silvia, Colona and Geneseo on the Illinois side. It all depends on where you want to focus your efforts. Good luck!!
I often work at the nuclear power stations. Quad-Cities is one. (Cordoba)
Think about some homes in the area to buy and then rent for short terms. These workers of outages, nuclear and other, usually work long hours and make good money doing it!
Often the sites have homes posted for beds to rent in a nice house. Furnishings required.
When I work Quad-Cities, I usually stay in a Bettendorf motel. The better deal, is rooming with someone that has a house. At every outage, the rooms book fast and early. There-s your lead! message me for more info if you like!
@Gloria Wiekert . I invest in a lot of real estate in Peoria and have had a lot of success. It is more of a cashflow market for sure. We are still buying and loving the passive income!
I own props in both Rockvegas and QC - both cash flow strong. Rents are higher in QC - matched with pricing of units. Building new in both communities both have amazing cash flows. $ 4 $ Rockvegas is a higher return / QC )(Bettendorf) - just rented a unit for $1895 + flow $500 / M tenant makes $140 / year spouse $75 its unreal ) better appreciation. Happy hunting!