New investors to the Central IIllinois area, Champaign/Danville?

3 Replies

I'm in Peoria.  My take.  It's very hard to do deals in Central IL.  Depending on what kind of deals you want to do.

Example:

CA - $450k house needs $50k in fix up.  Sell for $600k.  Some profits.

IL - $50k house needs $50k in fixu up.  Sell for $100k.  Actual loss after realtor fees etc.

Costs about the same to fix up something in Central IL as it does in CA.

Some of the properties where I am can be had for $20k.  After a some rehab, I might be able to get a section 8 tenant in there.  My tax preparer actually bulldozed a house because he couldn't fix the house as quickly as stuff was getting stolen.

If you're good at fixing things, then you might be able to make some money buying & fixing yourself.  Finding affordable trades guys in central IL has not been easy for me.  Although your hourly rate might be less than McDonald's depending on how handy you are.

Some people do well buying & holding & getting a good renter. But, this pretty much takes 20% down or going owner occupied for awhile through an FHA or conventional financing.

Just my experience.