All Forum Posts by: Robert S.

were actually closing today on our first rental property in Indiana not too far from my house and next I will be looking for a multi family in Wisconsin probably found some areas there that I see have potential and the prices on 4 and 5 flats are super reasonable and the job and population numbers are on the rise. 

@Stanislav Perevozchikov

@Stanislav Perevozchikov

If your going to do chicago area wait a bit just go on Zillow and take a look at northwest Indiana and southern Wisconsin compared to Illinois and see how many houses are for sale in your range you will find an significant difference. Everyone is selling In Illinois right now as soon as the market crashes there which is going to be soon then will be the time to buy. Taxes for owner occupied are outrageous and for investment are even more outrageous. From what I see right now is that people trying to sell there are just now slowly finding out they are screwed with Pritzker as governor and light foot as mayor they combined have ruined the state and city way worse then it already was. We sold our house there at the top of the bubble luckily and moved to Indiana and got 50k appreciation in under 3 years. Right now I would not recommend chicago area at all I’m no professional but as a life time resident of Illinois I can tell you right now is not a good time to be buying property there new taxes are coming out very soon on property, gas , cigarettes and many other things that are going to be having people run even faster the they already are.

@Jon Kelly

Thanks will do that regardless I don’t believe we will lose on this deal we purchased decently under estimated value as it stands but it’s getting our toes wet in the investment real estate pool. So will take this as a learning opportunity and try to do better each time after.

@Justin Schreibeis

Yeah will do that for sure thanks. We’ll see what I can rent it for after the remodel hopefully that jumps to at least 1200 which I believe will be doable. Then I guess I will see that it appraises for when we try to pull the money out.

@Justin Schreibeis

Yeah I noticed the cap on the bigger pockets calculator and no we will manage it our selves for the first couple properties we purchase.

I was looking online numbers are all over the place I’m going to try to post this picture and tell me how these numbers look to you. First income property we’re closing on and I rounded everything up and out worst case scenario rent price.

I’ve been looking a lot lately there closing on Friday in Merrillville got a duplex looking condo for $80k

In my opinion which I am not a professional
what’s so ever I would not chose this market for that price range. In Hammond you can’t find anything half way decent for that amount Gary you can find for $1000 probably but I would not suggest that area contractors don’t want to work those areas there is no future hope for appreciation. 

If you wanna buy cash for 50 use that as a down payment on a property in Dyer Schererville highland even Griffith the west side though. I got mine in Merrillville just don’t go to north there. if you land highland Dyer Munster or Schererville the property values there are sky rocketing 

@Kunal Mishra

@Brian Ploszay

I had a friend that bought a house in Dyer 15 years ago told me to buy anything I can there I called him crazy now I live in Dyer. 2 years my house went up almost 50k in value. I wish I listened to him back then.