STR Out of State Opps
Hello BP Community!
I was hoping to get some perspective on the STR market in Fox Lake, IL and the surrounding Lake front cities and the viability of managing a property there from across the country. I live in LA but grew up in a suburb of Chicago. I'm currently analyzing multiple different markets and have landed back in my home state. I understand that the midwest has inclement weather during the seasons comparatively to the sunshine states. I have a few questions...
1. Is anyone investing in Fox Lake, IL for STR purposes? What is the application/permitting process like?
2. Is anyone investing in the Midwest and managing the property from out of state? Or would it make more sense to hire a PM?
3. What are average Capital Expenditures to plan and account for in the Midwest?
4. Anything else to consider when investing in IL?
Thank for at least spending the time to read this and anyone's insight would be extremely helpful!
Have a great weekend,
Alex Persons
BiggerPockets Rookie