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Updated about 5 years ago, 09/26/2019

User Stats

77
Posts
55
Votes
Brad Stegall
Pro Member
  • Rental Property Investor
  • Peoria, IL
55
Votes |
77
Posts

Multi-family investing in the Midwest

Brad Stegall
Pro Member
  • Rental Property Investor
  • Peoria, IL
Posted

I am currently investing in the Peoria,IL area. I am looking for multi-family investors to network and share deals with. I love meeting people in my backyard but am also interested in Quad Cities (Moline, Rock Island, Bettendorf, Davenport). Where else in the Midwest are people having success?

  • Brad Stegall
  • [email protected]
  • 309-208-8669
  • User Stats

    591
    Posts
    807
    Votes
    Spencer Gray
    • Syndication Expert and Investor
    • Indianapolis, IN
    807
    Votes |
    591
    Posts
    Spencer Gray
    • Syndication Expert and Investor
    • Indianapolis, IN
    Replied

    Hi Brad,

    I am a multifamily investor based out of Indianapolis and our group invests primarily in the Midwest. We currently have assets in markets like Indy, Columbus, Dayton, Ft. Wayne, Bloomington (IN), Lafayette (IN), Louisville, Lexington, Champaign, Evansville and a few others. We've looked at deals in Peoria but have never won anything. Always happy to share deals and information!

    What's your opinion on Illinois's unfunded liabilities and the potential for further property tax increases? I know the Chicago region has been hit hard, but what do you think about the rest of the state?

    We like the idea of investing more in Illinois but the state gov and tax situation has always made me nervous, especially coming from a lower tax and landlord friendlier state like Indiana.

    User Stats

    34
    Posts
    10
    Votes
    Francisco Alzuru
    Pro Member
    • Rental Property Investor
    • Louisville KY
    10
    Votes |
    34
    Posts
    Francisco Alzuru
    Pro Member
    • Rental Property Investor
    • Louisville KY
    Replied

    Greetings: I started investing in SFR in NW Indiana 6 years ago. I purposely avoided Illinois given the well known problems, which now include increasing calls for rent controls. I moved to KY instead, where I believe prices are lower and the rental market is equally strong.

  • Francisco Alzuru
  • Baselane logo
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    User Stats

    183
    Posts
    188
    Votes
    Raphael Collazo
    • Real Estate Agent
    • Louisville, KY
    188
    Votes |
    183
    Posts
    Raphael Collazo
    • Real Estate Agent
    • Louisville, KY
    Replied

    Hey @Brad Stegall!

    Although I'm somewhat biased (I currently live and invest in Louisville), I have to agree with the analysis provided by @Francisco Alzuru and @Spencer Gray. The landlord friendly laws, lower than average property taxes, steady population growth and a strong rental market make Louisville and Lexington great cities to invest in. It's not uncommon to find residential investment properties that meet the highly sought after "1% rule"

    On the commercial side, we're seeing a lot of industrial activity in areas such as "Blue Grass Industrial Park" and just across the river in Indiana at the "River Ridge" industrial park. This is due in part to Louisville's central location with respect to the rest of the US population (the highway systems in Greater Louisville provide one-day access to more than 60% of the U.S. market via Interstates I-65, I-64 and I-71.) and the fact that UPS and FedEx both have major hubs here. 

    Along with that, the market for multifamily properties and storage facilities has been white hot lately and many out of town investors are attempting to capitalize on the above average cap-rates as compared to other larger cities such as Chicago, L.A., New York, Atlanta etc. Kentucky really is a diverse place with a wide-array of real estate investment opportunities. 

    I'm currently "house-hacking" a 4-plex and it's been a great investment thus far. I plan to continue investing in multi-family, mixed-use and possibly even industrial properties in the future. Hope this helps.

    All the best,

    User Stats

    7
    Posts
    4
    Votes
    Robert Jones
    • Lexington, KY
    4
    Votes |
    7
    Posts
    Robert Jones
    • Lexington, KY
    Replied

    @Spencer Gray, Our firm is based out of Lexington, but we also work in Louisville and the northern KY markets.  Just curious, which asset(s) do you currently own in Louisville and Lexington?

    User Stats

    147
    Posts
    72
    Votes
    Zoran Stanoev
    • Real Estate Broker
    • Chicago, IL
    72
    Votes |
    147
    Posts
    Zoran Stanoev
    • Real Estate Broker
    • Chicago, IL
    Replied

    @Francisco Alzuru when you say you moved to KY, you mean your investing or you personally?  What market specifically works?  thanks

    User Stats

    34
    Posts
    10
    Votes
    Francisco Alzuru
    Pro Member
    • Rental Property Investor
    • Louisville KY
    10
    Votes |
    34
    Posts
    Francisco Alzuru
    Pro Member
    • Rental Property Investor
    • Louisville KY
    Replied

    Zoran: I moved my investments only, though if I get a large deal, I will likely set up temporary residence in the area.

  • Francisco Alzuru
  • User Stats

    247
    Posts
    245
    Votes
    Travis Watts
    • Investor
    • Florida
    245
    Votes |
    247
    Posts
    Travis Watts
    • Investor
    • Florida
    Replied

    @Brad Stegall Hi Brad, I have been investing in multi-family syndications for the past several years. 14+ different groups and counting....I have seen a lot of good, bad and ugly. Happy to connect anytime. Feel free to DM

    User Stats

    264
    Posts
    61
    Votes
    Replied

    @Brad Stegall have you thought of investing in Indianapolis?  

    User Stats

    77
    Posts
    55
    Votes
    Brad Stegall
    Pro Member
    • Rental Property Investor
    • Peoria, IL
    55
    Votes |
    77
    Posts
    Brad Stegall
    Pro Member
    • Rental Property Investor
    • Peoria, IL
    Replied

    Yes.  My brother actually Lives there.  

  • Brad Stegall
  • [email protected]
  • 309-208-8669