Accidental Landlord in Aurora, IL

[Nick O.]

Investment Info:

Single-family residence buy & hold investment in Aurora.

Purchase price: $171,000
Cash invested: $34,200
Sale price: $165,000

The market crash got me good on this one. It was my first house, purchased in 2006, which lost 50% of its value seemingly overnight.

How did you finance this deal?

Conventional 30yr loan, 20% down

What was the outcome?

In 2012 I realized I was going to have to wait it out for a while longer so, rented it out, moved in with family, saved up money, and bought a new house (that we got for a bargain or course). Held on to the rental for 6 years until the market recovered enough to get most of my downpayment back out of it.

Lessons learned? Challenges?

Learned how to be a landlord, budget money, do repairs, fix code violations, etc. A worth while and valuable experience.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Sean Morrissey at Chicagoland Realty Group helped manage the rental and brokered the sale of the property. Great guy to work with, very knowledgeable, and an investor himself. Would definitely recommend working with him!