I’ve plan on investing into single-family homes. I’d like to take a path of a Rent-2-Own (Lease Option)
I’ve like to know more about a Rent-2-Own here in The state of Illinois
Hello @Scott Harper welcome- I've done a lease purchase option once but it was with someone I knew, best thing to do is use the search feature here and see what has already been posted and discussed.
Good luck to you on your REI endeavor, I'm not too far from you, let me know if there is anything I can help with.
Thank you @Mark Faustrum !! I appreciate your response. I’ll definitely take your advice.
I have One question as of now, I’ve been hearing that Romeoville is a decent cash flow area, is that TRUE? And are there any other areas that are good near Plainfield that you know is good to start out at?
PS: Congrats!!! To YOU and your Wife’s marriage.
Be aware of their guidelines for rental inspections and you need a rental license for each property.
I am a real estate investor in IL however relocating to another state for work and don't feel comfortable managing from afar so I am selling 6 duplexes I have in Harvard IL. Let me know if it is of any interest to you and I can send you the numbers. They have a great return. I'm not listing through an agent. Thanks for your time.
@Scott Harper thank you for the congrats, I appreciate it, sorry to say I don't have any experience with properties in Plainfield. I mostly have properties in Elgin, South Elgin, Carpentersville area, I have one flip we are working on in West Chicago at the moment and just closed on a property in East Dundee on Friday that we'll get started on soon.
No problem @Mark Faustrum ! Don’t be sorry I’m just glad that I’m talking to someone in Illinois and close by. Also knows what there doing from experience. It helps me out that now I know investing here isn’t to bad after all.
Thank you @Edward Wodziak !! For letting me know that. I like your thinking!
”thinking safety and laws”.
I'm a local real estate Agent and investor. I work with property investors and @Mark Faustrum . Stats from MRED shows Romeoville to be very active for rentals, running at under 30 days on market over the last 6 months, with units renting from $1350 to $2100, with a median rent of $1750 a month. Romeoville also ranks well for affordable housing. A single family home, 3 bed/1 bath, and 908 sq feet rented for $1350 in 10 days. Rent to owns are a needle in a haystack as of late, hard to find, but everybody and their cousin wants one!
I have 7 rentals in romeoville, the village makes it tough on landlords. I plan to start selling them off as leases expire.
@Tiffiny John I'd be interested to see the numbers on the Harvard duplexes.
Send me your email and I’ll send them over
I greatly appreciate your feedback from you about Romeoville. YOU and @Mark Faustrum have a lot of respect. I did expect that it would be difficult to find a great deal in Romeoville.
Updated almost 2 years ago
Sorry that should have read "shes never let me down",,,,
Romeoville used to be a great cash flow area. Most of the rentals i know/have rehabbed which is over 20 were purchased when the foreclosures were all over the market all under 80k.
The village is very strict and like
Joe said they make you go through every hoop.
if you are just getting started romeoville is not the town anymore.
Hi @Scott Harper,
Great to hear that you've started on your real estate journey!
I am an investor on the south-side of Chicago. I've seen great returns, and currently looking for my third property. Southwest/western suburbs are great for rentals.
@Eudith Vacio where in the south-side of Chicago have you been investing if you don't mind me asking?
I invest near midway airport. I’m looking for my next property in close proximity to the area. Huge shift in rentals in the area.
@Joe Rizzatto really? How so? Haven’t had that experience.
@Scott Harper , Welcome to real estate! I am from Minooka, not too far from Romeoville. Lots of cute 3 bed, 1 bath and similar that would work for rentals. I have not purchased any yet in Romeoville, but plan on looking there and Lockport for some deals.
@Tiffiny John , I would be interested in your duplex’s, I’ll send you my email if still available.
Sorry for the delay
I have 6 units for sale - selling as a bundle
Please Send your email and I’ll forward the info