Hi BP, I'm near Chicago and thinking about buying in Peoria. Any thoughts on the market in Peoria? Thanks
Road trip time?
2 hours each way, maybe 2:30? I'm gonna drive out and scope out the area this week.
did you buy? make any offers?
@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.
There are no multi family buldings in Romeoville, but you need a rental license
Originally posted by @David Dachtera :
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.
@Robert Richardson considering the drive from Chicago, I believe Milwaukee and/or Indy to be better markets for long term value.
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.
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!
If anyone on this thread still has questions about investing in Peoria, IL...I can help. I live here and am an active investor.
@Brad Stegall Can you recommend any good property manager in Peoria area? I am closing a 14-unit multifmaily in Chillicothe soon and looking for a property manager in the area. Thanks, Rui
I would recommend Mark Wagner. You can’t find out more about him and his company at www.plsrents.com
@Brad Stegall Thanks. I will reach out to Mark.
@Brad Stegall , I am a out of state investor looking to Invest in Peoria/Bloomington areas.
Posted a question in separate thread. would love to connect with you/other investors in that area.
hope you can help answer my queries. here is the thread.
@Brad Stegall saw this thread. Can you give me some info on the East area of Peoria. Focusing on Morton, Germantown Hills and Washington... maybe even Metamora. Any information would be much appreciated.
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!!
@Brad Stegall Going to Peoria to interview 2 property managers tomorrow. Closing on 8 unit at the end of the month in Germantown Hills. We normally invest in South West suburbs of Chicago.
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.
@Robert Richardson with rent control a strong possibility and being forced into section 8 leases also on the horizon I see no reason to further invest in Illinois.