Still looking for new purchase-Elgin, IL?

[John Philippo]

Good afternoon everyone. I'm still looking for my first purchase in the western suburbs of Chicago but finding a lot of markets are fairly cost prohibitive (at least for a first purchase). I'm looking to find either a single family or small multi-family buy and hold investment property and I'm gravitating towards Elgin. Price of entry seems low but rent prices are fairly stable. I'm only located a 30 minute drive away, and there is some potential for growth in the market (my opinion).

If anyone has ever invested in Elgin or has any thoughts I would love to hear them. Thanks everyone!

[Cliff Mccue]

@John Philippo

Landlord class consists of 4 hours on a weekend walking you through what to look out for from prospective tenants and how to protect your property. I think if you are interested in renting property it is a very minor hurdle.

The rental fee is I believe $75 per property, hardly a huge knock to the cash flows. Rental license needs to be renewed each year but inspections will be given a 3 year pass if there are no issues during inspection. More and more cities are moving to rental registrations so this shouldn't be a reason not purchase property in an area.

And the inspection is nothing like the CHA inspections in the city. Inspectors are not out to get you and least not from my experiences and the people that I have spoken to.

The major problem with Elgin is the property taxes. Property taxes have not come down as much as the property values would suggest they should. Properties that were being sold for 200k are now being sold for 100k but still carry a tax bill as if it were 200k.

If you want to know more PM me. Good luck.