Investing in Quadcities, is there difference between IA and IL?

[Joe T.]

For those investing in the quad cities, is there a difference between purchasing property in the IL side (Moline, Rock Island) vs the IA side (Bettendorf, Davenport)? 

I hear that Iowa is more landlord friendly than Illinois, but I'm not sure how that plays out in this city.

thanks!

[Matt Holmer]

From someone who invest and handles the transactions/evictions in both states.  A couple bullet points are:

Illinois

- Lower acquisition cost

- Higher taxes

- Longer and more expensive eviction process

- Lease agreements can have attorneys fees provisions

- No inspections for SFH

- LLCs are more expensive, but those fees to the state have gone down recently

Iowa

- Higher purchase price

- Lower taxes

- Inspections required for rental properties

- Faster and cheaper eviction process

- Hard limit on late fees allowed in leases

- No attorneys fees allowed in lease

- LLCs are cheaper to operate and only have bi-annual reporting