I have been an active investor/landlord in Western Suburbs in Chicago with rental properties in A/B class neighborhoods like Glendale Heights, Wheaton, Glen Ellyn and Downers Grove. However, good deals are drying up and I am planning to open myself for some other areas with more attractive price/cash flow properties.
Having said that, I was wondering about the good/attractive areas (from investment perspective) such as Blue Island, Orland Park, Tinley Park, Oak Forest, Shorewood, Crest Hill, Lockport, Yorkville, Plainfield, Romeoville, Bolingbrook. Any thoughts????
I do work with Section-8 tenants and okay with lower-mid class areas but for sure want to avoid any c-class tenant and issues related to that.
I would appreciate BP members views on these areas and if there are and red flags.
Please share your views, experience and thoughts....
Hey there @Kumar Paj . Besides Blue Island, I work the areas you mentioned. They are good areas for the most part. Orland can be tough to cash flow because of high prices and Cook county taxes.
There are some rougher areas of Bolingbrook and Romeoville that you my want to stay out of. They are overall good areas for rentals though IMO.
I don't get out to Yorkville as much as the other areas but see development going on as people continue to move West.
Hope that helps,
Like most places there are some really good areas for rentals in Joliet and some to stay away from. I know investor activity is really high out there right now.
I have 2 houses under contract in Joliet right now. Hoping to close in the next week. It is what it is. Nice cap rates and very easy to get into the market there. But it isn't the nicest area. Depending on where you invest.
Can you share some more info with regard to what particular areas in Joilet are good/safe and which areas to avoid?
I grew up in Evanston, and spent most of my time on the north side. I am partial for relational and nostalgic reasons, but I have a good friend killing it in Skokie right now. I think the boring-ness/stability of the rental market there make it great for cash flow.
Thanks Trevor. I like Sokie but never thought about it from investment perspective due to higher price point perception.
Jaimie: thanks for your note. I think, Aurora works better for me, I just completed two projects and it worked out very well (Cash on Cash > 20%). I am looking for more deals like that but obviously not easy to find.
Would you mind some specifics of your recent projects?
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