All Forum Posts by: William Powers

@Nick Gazos

We have 200 work force housing type of properties in Waukegan-mostly single family. Tough to find good ones now.

You might want to look at property for Airbnb to service Great Lakes Navel grads. We have 18 of those in Libertyville and they are performing well.

No matter what, stay out of Zion. High taxes, bad rental clientele and city hall is a nightmare.

Agreed. When property owners ask for a large down payment and purchase terms you may not be able to complete, it is a red flag. Consult an attorney on terms that will work for you. 

Our average cash per door is $490 per month on 200 units, mostly single family. We don't have a lot of debt on these units, 60% LTV, which keeps the cash flow higher, but that is about 100% of total investment in the property, if not a bit more-cash out refi after holding for 3-5 years. Initial loans were less.

I invest mostly in Waukegan, Beach Park and Libertyville. Zion is next with only 15 units but the taxes are too high in this community so I tell everyone to stay away from this town. 

Great concept on the groups. I lead our REIA group on tours of before and after, but the "in between" process and shadowing would be great to show them. Thanks for sharing.

Great event.  Learned a ton about VRBO and off market deals.  

Chicago is still my home, and specially lake county. It continues to deliver amazing returns for myself and our clients despite the rising property tax bills. It is zip code specific, and even more nano local than that. Has the population in 60085 declined, or has it grown due to an influx of undocumented residents? Rentals priced 20-30% over average market rent don't last a week on the market up here. And we have sold flips in 60048, 60102, and 60014 within hours for full list. There has clearly been some advantages to slower recovery in our MSA. I'll stick with the 3rd coast.

I use SecurePayOne/mylandlord helper for all of my 200 units. Best thing since sliced bread. They let me focus on growing my business instead of managing property. Very cost effective....1/2 of the price of national service companies. 

Appeal them. We purchase homes in Illinois often with taxes that are sky high. We appeal the taxes based on HUD initially and then have them appraised for the true valve, not what an equalization factor from an assessor decides they are worth. APPEAL, APPEAL, APPEAL!!!!

Good area. Housing stock is good, job growth, and good renters. Issue is the rental rates are 20-30% less than IL. Make sure your buy is sub $45k if you select kenosha so you can achieve as close to 2% as possible.

You need to make $4-500 a door in that area. Where is you unit?