I'm in a fortunate situation due to being a disabled veteran, where I am able to buy 1 property that will be completely exempt from property taxes. Seeing that Illinois has very high taxes baked into the price of its properties, I thought that this might be the perfect place to do this. I would need to live in one unit, so I'm thinking a 2-4plex would be the best way to use this benefit.
I don't know much about Illinois, though I did live near Chicago for some time. Where do you think would be the best market to take advantage of this opportunity?
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
6y
@Tyler D. I would buy a three or four unit in Oak Park. Oak Park has high property taxes, but if you cut them out of the equation then the high rents would be very attractive. You also get a strong location with an incredible tenant base and great schools.
Real Estate Agent · Geneva, IL · Member since 2015 · 403 posts · 172 votes
6y
@Tyler D. I am a realtor and also an investor in my two cents would be decide what type of property and community do you want to live in as far as features and amenities. Then I would look at school districts and Buy Well you could potentially have cash flow and appreciation.
@Tyler D. I am a realtor and also an investor in my two cents would be decide what type of property and community do you want to live in as far as features and amenities. Then I would look at school districts and Buy Well you could potentially have cash flow and appreciation.
I care less about where I personally want to live. My goal would be to maximize ROI from the investment.
Neighborhoods with high cashflow and appreciation would be my goal. Do you have any idea of where these would be?
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
6y
@Tyler D. I would buy a three or four unit in Oak Park. Oak Park has high property taxes, but if you cut them out of the equation then the high rents would be very attractive. You also get a strong location with an incredible tenant base and great schools.
Investor · IL · Member since 2019 · 151 posts · 135 votes
6y
I have a daughter that lives in the Bloomington-Normal area. There seems to be high demand for rentals there. Its a college town and real estate seems to appreciate well and also cash flow.