BRRRR Investors in IL?

Question

Hi everyone,

My name is Alex and I'm new to REI.  I've been doing lots of research on the topic and my wife and I are wanting to purchase our first property within the next year.  We are still trying to narrow down our first "strategy" and are thinking either single family buy and hold rental or a property purchased using the BRRRR method.  Is there anyone on the IL side that has experience in either area?  If so I would love the chance to meet with you!

Thanks!

-Alex

Joshua Rogers · Answer

Hey Alex, I live in Collinsville, IL and have been doing buy and hold SFR since 2010, with 24 units (3 are duplexes, the rest are SFH), and one 8-plex.  I'm in a bitter split with my ex and former business partner, so I may be starting almost from scratch when all is said and done with our attorneys.  I'd be happy to meet with you sometime to discuss REI.  I can also advise on how NOT to do a partnership lol.

Eric Castelli · Answer

@Alex J Walk - No problem.  I invest solely in South City but am 100% focused on cash flow.   Again, not trying to dissuade you from the East Side, just trying to share my experience.  Happy to connect further and meet if you'd like.  Just shoot me a PM.

Alex J Walk · Answer

Hi @Eric Castelli,

I appreciate the feedback!  Do you focus on specific areas of the city?

Thanks!

Eric Castelli · Answer

@Alex J Walk- I live on the East Side and spent the better part of a year analyzing small multi buy and hold deals here.  Ultimately I came to the conclusion that the real estate taxes on the IL side and lower inventory make it darn tough to make work.  I have met some folks who do, but I ended up just investing in STL where the taxes are low and inventory is high and haven't turned back since.  Not trying to discourage you from investing in IL, but just wanted to share my learning experience.