All Forum Posts by: Jeremy Klein

That's awesome nice to see there are people from my area on BP. How are the landlord laws in Illinois? I hear it's kind of rough. There are a lot of laws to protect the tenants? Is it hard to evict them? I hope I never have to do that but just curious as to how difficult is it. I have heard some horror stories in IL.

So I'm a new investor. Just wondering if anyone out there on BP is around the Peoria Illinois area. Trying to further my knowledge about the Illinois market and landlord laws. I have one single family rental. The past year it's all been going pretty smooth but kind of feel like I wont get lucky twice with another easy going rental lol. 

I don't know my parents bought a house for 350k and it was assessed at 500k. They went to the assessors office and they lowed it for the following year. It went from 12k a year down to 8k a year, so a pretty big difference. I'm currently trying to do the same with mine.

So I always hear people talking about getting the financing and everything to purchase a rental of fix and flip. I don't really hear anyone talking about how they financed or cover the cost of rehab part of it. What are some of the best way to pay for the rehab. My single family home I lived in for about 5 years and fixed it before I turned it into a rental. I'm wanting to buy another rental but I would pretty much only have the money for the down payment. I do have equity in my current home I live in and the rental. I feel like most people use their equity to make another house purchase though?

yea I might stick with another single family. I would probably end up using the 15k for this home, but after that would be left with a huge profit from selling this home for a better investment. I have never messed with multi family but I'm sure vacancies are higher. I have never rented either but if it was me and I was looking for a place to rent. I feel like I would be looking at houses. I would much rather live in a house and have a little yard over an apartment with neighbors above and below you. Those are just my opinions but I guess people like the simple easy no yard work of an apartment. 

  So I have a few things in mind and not quite sure what would be the best investment. Right now I currently have one single family home that I rent out. It cash flows $350 a month. Great renters and have had it about a year and a half. No problems always pay on time. That's what has got me into thinking about another rental. Buy another single family home and rent it out or try and look into getting a multifamily home? Single family seems to be easy to rent out and I feel like people are more likely to stay longer in single family than apartment. My renters have the whole garage packed with stuff doesn't seem like they are likely to move out any time soon. A small apartment building might be more of a challenge financing as I only have about 15k to put down on something. Researching and financing would be good experience for me though.

  My second option is fix and flip out current home we bought last year. We got a great deal on it for 150k. The bank appraised it for 185k at closing before we even had the keys. The homes around our neighborhood are going for around 200k. I feel like it would go for 200-250k easy, it's a very nice home. It's 3 bed 3 bath and has the perfect square footage to add a 4th bedroom down stairs and egress window. The flooring upstairs is rough, old carpet and laminate flooring. Hardwood flooring and new carpet would really make this home perfect. Those are the only real things holding it back. We love the home and getting my wife to agree to move will be very difficult. She thinks we would never find anything as nice as this for the price lol. Our taxes are extremely high though for this area and why I want to sell. I'm sure we would make a big profit off it. 

  So do I fix and flip our current house? Seems like the safe thing to do, or invest in another rental? I'm 30 years old and I feel like investing in rentals would really have me set towards a much earlier retainment down the road.     

Thanks for the advice  

So Last year me and my family moved. We bought a new place and rented out our old place. It currently makes 350 a month cash flow.  We have great renters no serious problems. I just can't believe how easy this has been on such a small scale. It's like why doesn't everyone do this. I guess I'm just now beginning to scratch the surface. I seen there are meet ups but the closest is Chicago. Chicago is about 3 hours away from me and honestly really dislike Chicago traffic lol. I'm just trying to wrap my head around all of this. I kind of think I should be looking more along the 5plex over single family from my research so far? Any advice would be much appreciated.