Wholesaling/Investing Danville IL 61832 /Vermilion county

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Wholesaling/Investing Danville IL 61832 /Vermilion county

Johnathan Lomax
Danville, IL · Member since 2017 · 19 posts · 0 votes
I am new to BP also new to real estate investing I've read up and studied a bit and I'm ready to jump in. There are plenty of deals to work with in my area, for example one guy has multiple houses for sale on contract all less that 10k he wants 1k down and 500 monthly they all obviously need work. it's so much that I can see coming out of them I just don't know were to start and I definitely do not want to get in over my head. There are also houses for sale under 20k that are move in ready and with a little more work they can be even more valuable over time. I really feel like I'm onto something but no one in my area seems to be interested. I see people all over the local Facebook for rent page looking for homes to rent. I need help figuring this thing out because it could turn into something big
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  • Ankit B.
    Investor · Tampa, FL · Member since 2016 · 8 posts · 3 votes
    9y

    @Johnathan Lomax Welcome to BP!  There is a LOT of great information on this site to help answer most of you questions.  In your free time, I highly recommend you explore this site in detail and absorb as much information as you can.  Also, you should check out the podcasts.  I think they are the best in terms of informing beginners and can be helpful as you create a strategy to get started.

    Coincidently, I was in Danville last weekend over Labor Day weekend visiting my uncle. He's lived there for over 30 years and has no intention of leaving any time soon.  Naturally, I brought up the topic of real estate and how the market is in the area.  Now I'm no pro in real estate, but I take what my uncle has to say pretty seriously because he knows that place like the back of his hand.

    Danville is a very small town that used to have a decent number of "manufacturing and industrial type jobs".  Over the last 10-20 years, those jobs have disappeared and as a result many people have been moving out of the city.  Consequently, businesses are being impacted and home values have been flat or declining.  Home values are very affordable in the area, but you have to think about why that may be.  The real estate market is hot in most parts of the country right now, which means there is limited inventory.  Danville seems to be in a different situation, so there is a lot of inventory.  When I was riding around with my uncle to check out the town, I saw for sale signs everywhere.

    I don't say any of this to discourage you from moving forward with the opportunities you've identified because I'm sure there are other more experienced members here that could find the positive provide a strategy for you to work with.  I'm just saying you should be very cautious and definitely do your research in the area.  Understand why the market is the way it is make sure you have an exit strategy.  The last thing you want is to be stuck with a bunch of cheap homes that you can't sell and might not be able to rent.

    I hope this was a little helpful at least.  If you see something that I didn't, definitely let me know.  I live in Chicago so I'm not very familiar with that area.  I just made my own assertions based on what I physically saw and the conversations that I had.  

    Wishing you the best!

    -Ankit Bavishi

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  • Johnathan Lomax
    OP
    Danville, IL · Member since 2017 · 19 posts · 0 votes
    9y
    Ankit your uncle is right, Danville has definitely lost a lot over the years and I will continue to educate myself on the market before jumping in. For some reason I have this faith in Illinois and despite all the debt at some point I'm hoping my home state will pull itself together and when that happens I want to be able to help with the rise starting in Danville. I haven't been able to connect with anyone that has worked with this type of market so if you know of anyone that has experience in it I'd love to connect with them. Also, do you have any suggestions on exit strategies ? I've been over a few but I'd love to have your opinion on what would be a good one to use, I definitely wouldn't want to buy myself into a trap. One last question I had was what would be a good way to examine deals? separate the good from the bad when it comes to fixer uppers. Anything other information you think would be helpful id love to hear it thank you again Ankit for your reply it was very very helpful.
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