Any Experience/Opinion on Southern or Central Illinois?
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?