New Real Estate Investor in Northern Illinois

New Real Estate Investor in Northern Illinois

Lake Bluff, IL · Member since 2019 · 10 posts · 2 votes
Hello Everybody, My name is Phil Doetsch, I live in Lake Bluff, IL about 30 miles north of Chicago. I work in finance and have developed an interest in building a portfolio of rental properties over time. I am currently in the education phase, reading a ton, listening to podcasts and starting to develop my network. I am looking to start with a property for around 100k, which will most likely be a single family home and over time scale up to duplexes, multifamily etc. Hoping to buy my first property by this coming fall, just want to make sure I've done my homework. I am targeting SE Wisconsin, so towns such as Kenosha, Racine and Milwaukee. This seems to fall more in my budget, has some solid potential with the businesses that are moving there, and less of a mess than Illinois. However, I am not against looking at properties in Chicagoland. I am close to the IL/WI border so I figured I'd take advantage of that. I am very excited about getting started. Any feedback on my target market, groups I should look into or other resources to educate myself would be greatly appreciated!
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Rental Property Investor · RVA · Member since 2016 · 5k+ posts · 4k+ votes
6y

Welcome Phil. As a multifamily guy, my best advice is don't sit on the sidelines learning for too long. Books and courses will only teach you so much, and it won't be as valuable as actual experience. Take action early!

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  • Investor · Chicago, IL · Member since 2018 · 78 posts · 18 votes
    6y

    Hi @Philip Doetsch and welcome to BP. It’s always good to start educating yourself about the world of real estate it’s vast opportunities. I would check out the BP Ultimate Beginners Guide good information in there. As far as groups I have a good group that meets every Thursday. Let me know if interested and I can PM you the details. 

  • Investor · Rockford · Member since 2019 · 46 posts · 46 votes
    6y

    Look into Rockford more closely at loves park and machesney park. I'm usually in for 60 to 70k after repairs and purchase with rents 900 to 1200. 

  • Rental Property Investor · RVA · Member since 2016 · 5k+ posts · 4k+ votes
    6y

    Welcome Phil. As a multifamily guy, my best advice is don't sit on the sidelines learning for too long. Books and courses will only teach you so much, and it won't be as valuable as actual experience. Take action early!

  • Justin CambraPro Member
    Rental Property Investor · Seattle, WA · Member since 2017 · 48 posts · 29 votes
    6y

    Philip Doetsch I think you have a good plan. I agree with @Taylor L on timing. I would take a min of 30 and no more than 90 days to get educated, find an agent/insurance broker/lender, and visit your farm area. In Milwaukee area for ~70K-80K you can get a duplex in a decent area that would rent for $600-$750/month per unit. Feel free to reach out if you have any questions. Good luck and enjoy the process. You will be hooked after you get the first one!

  • Rental Property Investor · Rockford, IL · Member since 2010 · 65 posts · 45 votes
    6y

    I have been investing in the Rockford area for 29 years and it is treated me well. You just need to know which areas to stay away from. Feel free to contact me

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