Peoria

20 Replies | Chicago, Illinois

@Robert Richardson I know one of my business partners has looked there when he visits on family trips.  We like to explore secondary and tertiary markets that are like Peoria. We ended up purchasing in South Bend, Indiana due to the lower taxes and more business friendly environment in Indiana. The  Peoria market is a cash flow market, and you won't see much appreciation. The deals I saw from Peoria all looked a bit over priced. Make sure you don't look at price points through the eyes of a big city investor if you look there. 

The Chicago western suburbs are a little scarce on deals right now, but the Villa Park area is close to a lot of historically strong rental markets. You will probably see better appreciation if you look here compared to a tertiary market. This is just my two cents though!

Personally I have already had a nightmare in Melrose Park (Cook County) which is on the western side of Chicago. They have whole sections of just multi family. I got mine, needs a lot of work. I am doing it myself and one unit will cover mortgage and escrow. I’m renting a room out too and will cash flow on a duplex. If you can get something at a good price in dupage I would say don’t hesitate. If you are looking for lower price, cash flow heavy properties the south side is full of them, the neighborhoods are hit and miss though. I’d say Joliet and Romeoville May have some good deals, I usually see single family there though.

Originally posted by @David Dachtera :

@Robert Richardson ,

Road trip time?

David and Robert,

I'm curious of your thoughts regarding Peoria.  Did you guys ever make the trip?  I've heard mixed reviews on the area (particularly after Caterpillar's C-Suite move to Chicago), but some interesting news coming out of there nonetheless.

Thank you!
Sean

Thank Sean and Ibn, This thread is quite old at this point.  I have posted a few other times about it.  We did buy a duplex in Peoria a little over a year ago.  My wife and I are brand new at this and we are struggling!!  The numbers seem to work ok, the problem is the distance.  It is a huge pain in the a$$, but so far she has not divoced me.  We will be much smarter on our next purchase.

@Robert Richardson ,

Whoops! Apologies for commenting on an older post.  I'll get up to speed on some of your other threads.  Sorry to hear that the duplex has been a shaky one, but keep powering through.  Good things happen to good people!

Best,

Sean

Diane - All of those areas are great!!  If you can find a good deal that cash flows you will be very pleased.  I am not sure what kind of information you are looking for.  We could jump on a call sometime and talk if that would help.  Thank you!!

Diane - Congrats on the 8 unit.  That is great!! Ironically, I closed on an 8 unit today :)  We should meet up while you are down.  Are you interviewing Professional Leasing Services (309-691-0900)?  If not, you should give them a call as an option too.  We have a lot of great managers in the area.