Investor · Chicago, IL · Member since 2020 · 20 posts · 9 votes
Hello BP Members,
I am a new investor looking to get started in SFH and / or a Duplex investment in the LaSalle County region (specific focus in the town of Ottawa). In my research so far, I have had a hard time identifying people to connect with on this topic as most members seem to be focused on markets closer to Chicago.
This is sort of a broad post but I would love to hear from anyone on the following:
- general connection - share learnings, establish local relationship with similar investors, etc.
- share market data - rental market income, vacancies, comps, etc.
- share leads / contacts - suggestions on agents, wholesalers, trusted contractors, etc.
I have done a fair amount of research on my own but really just looking to connect with others and grow my network. As always, I would be happy to share / contribute my knowledge if anyone is willing to chat with me.
Flipper/Rehabber · Chicago, IL · Member since 2019 · 11 posts · 5 votes
5y
Hi @Dale Eshbach I hear you. From my experience I haven't ran into many investors in the La Salle county area. I am currently working on a few offers for 3 properties. 2 SFH in Mendota IL, and one 2 unit in La Salle, IL. I stay in La Salle county myself. If your looking for any other particular areas I will be glad to help.
Ottawa is actually a really great place for rentals, our rental market is in need and properties are fairly inexpensive compared to other suburban areas, we also have rentals in Marseilles, which is imo another great place to look.
One recommendation I have is join up some groups like Ottawa/Marseilles/Lasalle Co for sale or rent on facebook and you will see a lot of people posting rentals and people looking for rentals, I think it's a good starting point if you're unfamiliar with the market to see what people want and what there's the need for as well as comps and prices.
Every landlord I know gets tons of inquiries with minimal advertising in just a few days and so far our experience has been the same and actually, we've had some really amazing tenants (but we do tend toward A/B type properties so that may be why).
However, if you're not familiar with the area, I do think there's some quirks in this market, so I do recommend getting on those sites and getting a good idea what people are looking for before buying anything. I am not a native here so I guess there were some surprises compared to what you would think is desirable coming from the city or burbs!
Good luck and any questions I'm happy to help in any way I can!
Rental Property Investor · Washburn, IL · Member since 2020 · 16 posts · 8 votes
5y
@Melissa Kirchhoff Great information, we live about 30 minutes south of LaSalle, we are looking to expand from our 4 units in 2021, sound like north is a good option, I'm guessing prices are similar.
Real Estate Broker · Elmwood Park, IL · Member since 2020 · 55 posts · 32 votes
5y
@Anthony Bellesbach
I’d be interested in helping start a group meetup/zoom meeting for this area. My wife and I currently have 6 units in Lasalle county. Adding more this year and looking to double units by next year.
Looking for good contractor and electrician if anyone has any suggestions let me know..
Investor · Chicago, IL · Member since 2020 · 20 posts · 9 votes
5y
@Peter Tomeczko
Happy to see this thread getting revitalized. Starting a meet up has been on my mind for some time as well as I found it hard to make real estate connections in the Ottawa market. I would certainly be interested in supporting something like this even if it just meant meeting up at a local bar sometime in the future to exchange contractor recommendations and other market tips. @Melissa Kirchhoff has been a huge help to me and is a real estate professional in the area. Perhaps she may be interested in joining us as well.
Real Estate Broker · Elmwood Park, IL · Member since 2020 · 55 posts · 32 votes
4y
@Anthony Bellesbach
We have been busy with our rentals and life. We just had our first daughter in January and are 1/2 way done with renovations and renting out our recent 5 unit apartment.
With nicer weather on the horizon would anyone be interested in meeting up in Ottawa at a restaurant/coffee shop to talk shop?
Real Estate Broker · Elmwood Park, IL · Member since 2020 · 55 posts · 32 votes
4y
@Scott Forney
There is one company I recently spoke with that deals in Lasalle county and I see posting rentals. They have high standards on renters and decent looking photos. I have not used them yet, but I plan to, once we hit a number of units that no longer makes sense for us to manager ourselves in-house.
https://tcgmanagementandrealty.com
(Again, I have not used them so I can not say how good they are.)
Investor · Chicago, IL · Member since 2020 · 20 posts · 9 votes
4y
Great to see this post getting picked up again.
Totally agree that a meet up would be a good idea with weather getting better. Below are some dates that would work for me. Please chime in if interested and on date / time preferences. I can reserve a room at a local bar / restaurant. There are some decent local places - Tangled Roots Brewery may be one that would be good.
Saturday, May 14th
Friday or Saturday - June 10 / 11th
@ Scott Forney - I used TCG for a property over the past year. I would be happy to provide some feedback if needed.
Real Estate Broker · Elmwood Park, IL · Member since 2020 · 55 posts · 32 votes
4y
We are looking at a commercial building and the cap rates are all over the place in LaSalle county. Ive seen 4% all the way to 13%. Any ideas where to evaluate a commercial property?