Rockford, IL Wholesalers

[Antwaun Johnson]

Is there any wholesalers in the Rockford, IL area that can help show me the ropes?  I understand its not as easy as it seems.  I just want to connect with a seasoned Wholesaler who knows what they are doing.

[Tim Hoffman]

@Elbert D., I have been able to buy right so my CCR is infinite or VERY high. The last home I bought was a 2 BR in Loves Park, Il (a town just N of Rockford separated only by a Railroad track. I paid $22k, spent about $10k siding the garage, new roof on garage and updating the kitchen. When done, it appraised at $55k. My bank allows me to borrow 70% of appraised value so I was able to borrow all $32k invested. Now I own and manage with none of my own cash involved. (I generally do not take any cash out even if available. I want to own some day.) . This home rents for $775, taxes are about $1,500/yr, mortgage on a 20yr am is roughly $220/mo, insurance is roughly $500/yr, tenants pay all utilities. I set aside about $150/mo for repair/maint/vac/capital.

The house before that was purchased for $32k, invested about $1,500 and it appraised for $42,500.  That one rents for $725, $1600 taxes, $200 mtg, $450 ins and again, $150 set aside for rep/maint/vac/cap.  I have about $4k of my money in this home (including bank fees related to the mortgage).   Both of these houses are in what I consider middle to lower middle working class areas.

The last home I bought in an upper middle area was Dec 2015.  I paid $75k, put about $5k in and it appraised for $109k.  Rents for $1,200/mo, taxes are $3600, insurance is $550, mortgage is $525, tenants pay all utilities.  This one has gone up to about $115 in the last year so a bit of appreciation on top of the cash flow.

Like I said, Rockford is not such a bad place to invest.

Tim