Just curious to see if anyone else is investing in this area. Kind of a small place but with dirt cheap housing. If anyone works in this area there might be opportunity for collaboration or at least war-story exchange.
@jimbryant I have searched in Peoria, went to visit a couple of times, however don’t know what areas are best. I need to do a bit more research. Are you finding good deals/areas?
Hi. I haven't looked there yet. I've been having some success in the Peoria area though. I'm always opening to partnering on deals.
I'm talking north of Peoria about an hour. @Diana, I would say this area is pretty good, but it's small time ball. I bought my first house here 2bd/1bath before the crash for 56k but in 2012 I got a house for 20k 3bd/1bth and my best house 3bd/1th 19k at a silent auction. I get 500, 600 and 650 respectively. Taxes in the low 1000s. Anyway, I'm trying to find some people who invest in the area to at least get to know one another and swap notes. Especially since the population is small, to pass around names of people never to rent to :D.
This post has been removed.
We currently invest in LaSalle county and have considered Grundy and Will counties as well. We are always looking to network with other local investors and share helpful information. My partner Caren is planning on attending the next meetup at Great American Bagel in Joliet.
I'm in Princeton. Would love to network with other owners/investors in North Central Illinois. TY.
Hey good to hear from you, Anthony. As you can see above I work out of DePue. I am currently out of the country, but would be great to get together. The wife and I usually work at the Metro early in the morning, so we're in Princeton almost daily.
Also Jeff if you're still out there, I haven't been paying attention to this enough lately. We could compare notes as well. I usually work in Bureau county but it look like we're about to buy our first duplex in Peru.
There's also a guy from LaSalle I've been talking to, we should try to get together and at least share our list of people not to rent to :D!
Hey Jim- Would be great to meet up with you or at the very least chat on the phone about the NC Illinois market. I don't get to the Metro Center as often as I used to, I get bored with the same old workout routines! 😁. Let me know when you get back into town. Would also love to hear about your experience with the duplex in Peru.
I'll be back on the 19th. I guess shoot me a message here and let me know where and when you'd like to meet up.
Just wanted to give some info to my fellow Illinois Valley Landlords. Good rental data can be hard to come by, so let me give you what I have. I work mostly in DePue, so I think I have some decent info:
2bd/1 bath, 1 story, 2 car garage, no basement in Oakbrook subdivision- Currently getting 550, will probably bump to 600 next tenant
3bd/1.5 bath, 2 story, street parking, full unfurnished basement downtown- Recently priced to 600, seems to draw lower quality clientele though
3bd/2 bath, 2 story, 1 car garage (larger than the other two), full basement, near the lake-rented for 650 and have been able to maintain a family for the last couple of years in it, feel like I could get more
4bd/2 bath, 2 story, 1 car garage 2.5k square feet, full basement, just rented after only a week of advertising on facebook and craigslist, with a number of well qualified (for this area) applicants, 800 dollar rent, originally I wanted to go for 900, but the wife wasn't optimistic and I chickened. I'm sure I could have gotten it.
The other piece of info is that at least one landlord here is charging 500 for a 2bd/1 bath apartment, which looked nice, but of course was small.
A house I am currently buying in Ladd, which is 2bd (although being used as 3bd from an extra room in the basement)/ 2 bath near the school is renting for 850, not sure if that is the standard but seems like quite the jump in rents from DePue to Ladd.
Anyway, I hope that info is useful to you guys.
Hey, so how's everyone doing these days? I bought the 5th house in Ladd and that's going pretty well. We're using "Pay my Rent" to collect the rents while we live far away and so far has been successful. There was a fire at my 2nd house, because of my renter's goofy kids. No one was hurt, but there was damage. My insurance company is going to come take a look and we'll see how it turns out.
So far so good though. 4th house is nearly paid off (I'm really conservative on leverage)!
Hey Jim, sounds like your doing well. I'm still looking in Princeton. Made an offer on a duplex and the agent tells me the seller accepted another offer the same day!!! I was floored. Anyway I guess I hesitated too long on that deal. Found a single family I like and thinking about turning it into a short term rental (Airbnb). I need a partner or an investor on that deal so looking/networking for one.
Sorry I'm late to this thread. Great seeing your numbers in Depue. It is known as a lower end town but your numbers look fantastic. It makes sense that Ladd rents would be higher.
I've been investing in La Salle - Peru for a few years now. I have 3 houses rented out and 2 under rehab. Getting $750, $900, $1050 for the ones rented, and will likely get around $1000 for the 2 being rehabbed. I'm happy with my returns but am very conscious of property taxes (IL is super high), they can make or break profits.
I do pretty extensive rehabs and attract lots of interest, then pick out the best applicants. I have nurses, engineers, and politicians renting my houses.
Sorry to hear that Tony, there's plenty more where that came from anyway. I wasn't able to find a satisfactory (and cheap enough!) multifamily while I was looking, which is why I scooped up the single family in Ladd, 850 a month and a renter who doesn't want to move is a deal I couldn't pass up.
Evan, I'm envious of your good renters. I get too antsy and end up with crappy renters sometimes. A couple of my houses have pretty good one, but my second house, I got a real cutie. She made enough money and paid the rent in advance, but was a real slob! She got some sort of settlement and went all hillbilly hollywood on the house. She bought a big expensive fridge, an inflatable pool and of course, all sorts of lawn ornaments. Problem of course, she didn't really cut the grass and there was plastic from the pool packaging all over the backyard!
Anyway, luckily, I guess, her kid started a fire and burned up the top floor. So it looks like I'll get the house spruced up a bit and get rid of her. Although I have to refund her rent of course.
Anyway keep in touch guys, us landlords have to stick together! I'll let you know when I come back to Illinois, we'll be living in Florida for the next couple years, we can get together and talk some shop.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing