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Illinois Real Estate Q&A Discussion Forum

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Bob Crane
  • Sugar Grove, IL
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Any Experience/Opinion on Southern or Central Illinois?

Bob Crane
  • Sugar Grove, IL
Posted May 31 2017, 20:46

Picked up my first property last fall.  C-class in a small town (Dwight) about 30 minutes south of Joliet.  I've got $60k in and planning to rent for $800 per month.   I'll be financing in the next 30 days to pull the cash back out for future opportunities (about $30k for the next deal).

I feel the biggest opportunity in Illinois exists in Chicago.  Unfortunately I don't feel I have the $$$ to pick one up.

Central and Southern Illinois appear to be hot rental communities (many more renting than owning).  The cost per sq ft is quite a bit lower than Northern IL/Chicago.  Cashflows appear to work.  My concern is how to find a buyer when it is time for the exit.  Also I can tell you it was pulling teeth to find someone to work on the home I've purchased (had several connections in the suburbs make a drive down as a favor).  I have family in both communities that I can rely on for oversight.

Anyone have experience in these or similar communities?

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