All Forum Posts by: Tracy Morris

Investment Info:

Other buy & hold investment.

Purchase price: $4,000
Cash invested: $15,000

Tiny home on wheels that has been placed on 25 acres of woods with trails. This will be a one-of-a-kind opportunity for our community. It will be a seasonal rental-running on compost toilet with water hose connected for sink water. There will be no shower available for the first season. We are leaning on a melding of camping off grid and glamping, along with a unique experience with the 25 acres of woods with trails.

What made you interested in investing in this type of deal?

low cost of entry and potential high ROI

How did you find this deal and how did you negotiate it?

facebook marketplace

How did you finance this deal?

cash

How did you add value to the deal?

We added plumbing, appliances, landscaping, and furniture

Lessons learned? Challenges?

It is hard to find contractors to work on a tiny home due to the small and unique jobs.

@Brad Stegall Fantastic!  Love seeing deals like this!

@Raul Martinez send me a message and I'll give you who we use!

@Andy Giles @Adam Soyak - yes!  We used 309 Property Management for many years!  We recently switched to another PM. Feel free to contact me and I'll give some references for you and your brother to vet!  Thank you for the tag, Andy!

@Brandon P. Peoria Illinois probably won't make it on the landlord friendly list. But it's still a great place to look for the 1% rule and cash flow.

@Bruce Woodruff

Interesting. I'm an agent. I let my buyers know as we're going over the contract offer, if they'd like to view the property for any reason, to let me know and I'll set up a showing. I wonder what the reasoning is on this one?

@Lawrence Kutsovsky. I'm going to second @Brad Stegall and his comment. Peoria, IL is a great option for investors to check into.

Hello and welcome! I'm an investor in Peoria. We've looked into the Carbondale area, but have so far stayed in the Peoria area. I understand the analysis paralysis, but once you take the 1st step, it's fantastic!I'm available to answer any questions you may have!

The Greater Peoria Area in Illinois is good.  Higher tax rates, but affordable investment properties.  About a 3-hour drive from Chicago. Our properties are in Creve Coeur and they've been good for us!

@Nick Talarico

In Illinois, we also have homestead exemptions. Here's a blurb from the IL Gov website:

This annual exemption is available for residential property that is occupied by its owner or owners as his or their principal dwelling place, or that is a leasehold interest on which a single family residence is situated, which is occupied as a residence by a person who has an ownership interest therein, legal or equitable or as a lessee, and on which the person is liable for the payment of property taxes. (35 ILCS 200/15-175) The amount of exemption is the increase in the current year's equalized assessed value (EAV), above the 1977 EAV, up to a maximum of $10,000 in Cook County and $6,000 in all other counties.