I am about to graduate college and am looking to invest in my first buy and hold rental property. I am mostly interested in buying a SFR for my first one.
I have been looking at NWI because I have a lot of family in the Chicagoland area. Indiana seems to have a much lower cost of entry, property taxes, while still being close to Chicago.
I would love to connect with other investors and/or agents, to get a better idea of the different areas, and possibly connect me with other potential team members.
There's many things to consider. What price range are you interested in? Are you looking to finance a deal or pay cash? Are you interested in managing it yourself or do you need a property manager? What is your minimum profit amount? The overall prices in Indiana and taxes are less than Illinois. The rents are slightly lower but the profit is definitely there. There are still a few areas in the south suburbs where you can find good deals as well. Indiana offers a wide array of good rental properties and at reasonable prices. Knowing what your specific criteria is, is critical to where you invest. I hope this helps and best of luck to you.
There's many things to consider. What price range are you interested in? Are you looking to finance a deal or pay cash? Are you interested in managing it yourself or do you need a property manager? What is your minimum profit amount? The overall prices in Indiana and taxes are less than Illinois. The rents are slightly lower but the profit is definitely there. There are still a few areas in the south suburbs where you can find good deals as well. Indiana offers a wide array of good rental properties and at reasonable prices. Knowing what your specific criteria is, is critical to where you invest. I hope this helps and best of luck to you.
@Scott Swanson Thanks! I am interested in a price range around 100-150k, and will be financing with a co-sign from my parents for the first deal. I will definitely need a PM, I’ve been reading the forums a bit and have seen Real Property Management and Rose Property Management listed a few times, not sure if you’re familiar or have experience with either. And I’m looking for a cash on cash return of between 8-12% which seems very doable in that area. Another thing that interests me about the area is the South Shore train expansion which will help those towns in NWI commute to Chicago.
Hey @Ben Osran, I'm a Realtor and investor who lives in NWI and would be happy to help. There is plenty of opportunity in that price range, but you will have to decide if you want to sacrifice cash flow for tenant quality. I own rentals in Highland and have never had an issue with tenants in my time doing so. However, I see/hear horror stories from landlords who own in Gary/Hammond/EC quite a bit. A lot of that comes down to screening, but there is definitely something to be said for the tenant pool as well.
In terms of property management, there is another agent at my office who might be able to help you. I'd be happy to connect you guys if/when you are interested. If you have any questions feel free to reach out!
@Ben Osran Those are some great starting points when it comes to picking a location to invest in. I think you can take that a little farther to be even more sure about your process.
The key is to use data to back up your decision. Does the area have good crime rates, good schooling and good price to rent ratios? These are things that do matter for your investment
Hey Ben, I live and invest in Northern Indiana. I assist remote investors with finding deals and standing then to cash flow. If you'd like an experienced partner in the area, DM me and we can chat.