New Buy & Hold Investor from Aurora/ Joliet IL

New Buy & Hold Investor from Aurora/ Joliet IL

Investor · Aurora, IL · Member since 2014 · 4 posts · 0 votes

Hello BP community. My name is Spencer and I officially became a landlord in the Southwest Chicago Suburbs as of a month ago. My business partner and I just closed on a Duplex in the West Joliet area.

I haven't been very active on the forums, but have been researching diligently all the goodies this community has to offers for the past 3 1/2 years. By profession, I am a Chief Building Operating Engineer for a large, well established, privately held company in the Chicagoland Western Suburbs. For those of you who have no clue what an operating engineer is, basically I'm responsible for maintaining, managing, and repairing the companies 700K + Sq. Ft. of Commercial/ Industrial class A & B properties, encompassing but not limited to HVAC, Plumbing, Electrical, Pneumatic, Roofing, Fire Alarm & Protection, EM power, Data Centers, and Building Automation systems on a day to day basis.

The light bulb came on for me 3 years ago pertaining to the fact I possess a very unique set of skills, resources, & training/ experience that most investors have to outsource, which to this point has given me a huge advantage during my recent property acquisition & purchase experiences. Seems counter intuitive to start out with residential MFR investing considering the majority of my experience is with commercial properties, but this path, and particularly the recent deal we acquired, was set-up to be stable & cash flowing from day one. My biz partner and I plan on finding a four to eight plex after we finish re-positioning the property we just purchased, and continue to purchase properties MFR's every 2 to 3 years (Funding & Economics Dependent). Eventually I would like to transition into the Apartment complex/ Commercial/ Industrial types of investments since that is my specialty. I've also contemplated offering my experience and knowledge to other investors for property & building systems evaluations/ assessments/ consulting (Energy Efficiency/ Advanced Operating Strategies/ IAQ/ DDC).

Enough about me, time to give credit where credit is due. First off, Josh, Brandon, and the other BP team members really have created a truly amazing platform for everything RE investor related. My real motivator & confidence builder has been the podcasts, very inspiring & informative. The BP member contributors to the blog articles have also helped me big time in my journey of figuring this whole RE investing realm out. And lastly, Ben Leybovich's Cash Flow Freedom university is worth every penny! As many of you know he has a very unique & knowledgeable perspective regarding Buy N' Hold investing, and the ability to purchase the highlights of his knowledge and experience in one easy to use format is priceless to someone like myself. The BP eBook on Managing Rental Properties has been extremely insightful and helpful, definitely recommend that book to anyone who's looking to start Buy & Hold investing.

Lastly, if anyone in the Chicago Southwest suburbs (Joliet) has any good attorney recommendations and/ or experiences, I'm all ears.

Thanks for reading guys!

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  • Real Estate Agent · naperville, IL · Member since 2014 · 193 posts · 53 votes
    10y

    @Spencer Young Welcome to BP..you are at the right place at the right time.....

    Happy Investing!

  • Architect · Joliet, IL · Member since 2015 · 207 posts · 119 votes
    10y

    Welcome to Bigger Pockets! I have a duplex under contract in West Joliet as well. I really like its prospects for the rental market. 

    Best of luck. If there is anything that I can do to help, just let me know.

  • Rental Property Investor · St Joseph, MI · Member since 2015 · 302 posts · 106 votes
    10y

    @Spencer Young, I just started investing in Joliet last year and am planning on buying more. Its a great area for ROI. Good luck and keep us posted on your investments.

  • Attorney · Skokie, IL · Member since 2016 · 270 posts · 109 votes
    10y

    Spencer, 

    I sent you a PM. Feel free to connect with me. Good luck!

  • Investor · Chicago, IL · Member since 2016 · 160 posts · 41 votes
    10y

    Welcome to the site @Spencer Young

    @Spencer YoungYou got some unique skillsets..I am sure it will help you...I have recently started to look into Aurora/Joliet area as well..Good luck investing!

  • Investor · Shorewood, IL · Member since 2011 · 79 posts · 18 votes
    10y
    Welcome Spencer, I too invest in joliet . Let me know if I can help you in anyway. Congrats on your duplex what street is it on?
  • Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes
    10y

    Dude - I knew you were close to closing, but you never called to tell me it's done... CONGRATS!

    This is how it begins :)

    Feel free to reach out, if I can help.

    Ben

  • Investor · Aurora, IL · Member since 2014 · 4 posts · 0 votes
    10y

    Thanks for the kind words everyone. Much appreciated!

    @Aaron Mikottis @Nathan Waters I totally agree, the West Joliet area is actually pretty nice and the rents appear to be inline. I was also looking near the downtown Aurora area, but the rents were a bit lower compared to cost of properties in that area.

    @JamieFrausto Will do. My property is off Ingalls & Clement. Do you invest on the East or West side? And have you dealt with Cornerstone Services at all? Reason I ask is one of my tenants is Cornerstone and I'm already encountering payment issues with their services. Go figure...

  • Investor · Shorewood, IL · Member since 2011 · 79 posts · 18 votes
    10y
    I have 2 2 flats on east side and the rest on west in st. Pats area and by center
  • Rental Property Investor · St Joseph, MI · Member since 2015 · 302 posts · 106 votes
    10y

    @Spencer Young, What is cornerstone? Is this a local housing assistance program? One of my tenants in Joliet is section 8, the others are traditional. That is a good area near Ingalls. Its an area I am looking to get into next.

  • Investor · Naperville, IL · Member since 2015 · 166 posts · 28 votes
    10y

    Welcome @Spencer Young I'm in Naperville myself shoot me a message for that attorney mines been incredible. 

  • Real Estate Agent · Naperville, IL · Member since 2013 · 402 posts · 177 votes
    10y

    @Spencer Young glad you decided to take the leap, and also get active on the threads! Always cool to talk with people in the area. Hope to see you around!

  • Investor · Aurora, IL · Member since 2014 · 4 posts · 0 votes
    10y

    @Ben Leybovich, Things have been quite hectic, my apologizes for not reaching out to share the news. Well overdue for a phone call, but I will reach out shortly here. Thank you!

    @Nathan Waters. That's correct. But I believe they are State funded, which at this point with the budget problems is not shaping up to be a good relationship (Late Rent Payment). But they require one year leases, which we inherited, so we're stuck until March 17'. I was really impressed with the area. Not a whole lot on the market though these days from my weekly searches. 

  • Real Estate Investor · Eola, IL · Member since 2014 · 137 posts · 22 votes
    10y

    @Spencer Young Welcome to BP nation and Congrats on your 1st Duplex!

    I am also from the area and BnH investor... Let me know if I can help in anyway!

    Cheers!

  • Rental Property Investor · Shorewood, IL · Member since 2016 · 80 posts · 46 votes
    10y

    Recent BP joiner and completely new go BnH investing but I have the bug and hoping to connect with others in the area to find good law/tax/planning advice and also Turnkey companies.  I'm an IT tech person who has very bad luck when it comes to trying anything home repair wise (just not in my genes) so I'm not looking to do all the mgt of the properties...just looking for a good partner.

    I'm in the Shorewood area and if there are any groups that meet up and anyone local wants to get a free drink of their choice on me, reach out!

  • Investor · Downers Grove, IL · Member since 2015 · 1k+ posts · 955 votes
    10y

    welcome to BP @Spencer Young and @Andrew Hargreave !

    If you guys need an attorney, send me a PM. I got a great home inspector and a community bank I use for cash out based out of Oswego, IL as well. 

    Hope to run into you guys in 1 of the local meetups. 

  • Investor · Aurora, IL · Member since 2015 · 29 posts · 14 votes
    10y
    Congrats on the duplex! I'm a realtor located in Aurora, if you have any interest in income properties in and around Aurora let me know! I do a lot of work in the area and would be happy to help!
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