All Forum Posts by: John Strong

I have operated my restaurant and bowling alley for 17 years out of a 14,000’ building here in Fairbury Illinois. It has 3 distinct sections that we have listed for 125,000 each. The bowling alley being the least valuable possibly only worth 75,000. I have a restaurant interested in leasing 1 or 2 of the sections. I’d rather sell but I realize not much chance of a sale here in this tiny town especially at that price. Determining a rental price is only my first step to your advice but it is my road block to start. What number should I use to determine the amount to charge for rent. I have all numbers you could ask for but which numbers are the the ones to use to have a win win situation? I can answer any questions that may help you to help me. This is my only and first commercial property.

@christopher j. How do I contact you?

I apologize just saw this and do not know how to PM. Yes I would like the info. I tried to hit contact you but it is hidden

My question is how to handle the initial introduction of my idea to agents. I have a paid for restaurant/bowling/bar building currently renting to myself. I would like to stop pizza after 32 years here and get a large multi family of 25 to 40 units with the proceeds from the sale. I do not want to list the restaurant place as not to disturb my employees and customers. I am located in fairbury and would like a complex in the east of peoria and west of champaign in central illinois. My thought is to write up with pictures what I have to sell and what I want to buy and send out to a lot of real estate sales companies. Is this the best way to get started? If i sold for 400k I think I would be able to qualify for 1.2 million purchase. I have 17 other units and been self managing for 25 years.

I have a small parking lot, maybe 25 cars. Needs resurface and 4 buildings of 14 units that need paint or stucco. I'm in Illinois so asking anyone in Albuquerque that could point me in the right direction of good contractors.

surprisingly no more than a new home. I live in a home we built 25 years ago. I usually have to do some large repair at some point in the older home. Roof on one but expected that. Sewer line on another wow that was costly. New heater a/c on another. But overall, day to day, no not much difference. I do not even care about the age almost the older the better craftsmanship. You get size in exchange for the open concept and then bathrooms and kitchens were not important back then and you can tell. 

I'm in Fairbury, 30 miles south of Dwight. Great towns. I look for older large houses in the 50 to 60k range that are being lived in. Need no rehab and rent for 650 to 800 depending on the house. I have 4 Sfr here. I, like you, have grave concerns about ever selling or what will our towns look like in 20 years. Schools drop in enrollment by at least 1% every year. When I moved here in '92 we had about 3000 students now hover around 1700 k-12. I doubt the houses will hold value much less appreciate. I invest where I live and don't worry about stuff I cannot control. I would love to go to Bloomington/normal but I don't live there. Lots of great contractors here in fairbury. Small towns are great but home runs do not exist here. 1 landlord here has about 25% of all units might be higher. About 5 more landlords own the next 50%. I have 14 total units now so maybe in top 20 in town of units owned. Lots of room to grow, even here. Houses rent before I can close on them. The other reason I get older houses is the taxes are horrible on anything newer and ruin cash flow. I live in a 150k house and pay 6k in property tax. The rental houses run 1500 to 1700. So better but not much.

My wife has saved me more times than I can count. I get so excited to buy, all my evaluations go out the window. Having that person that tells you point blank "look at what you are doing, you dummy" seems to help me snap out of the trance. All my rentals are here in Fairbury. Mixed bag of great deals and over paid deals for a very average portfolio. Let's keep at it!!!

Ryan, I do not know how to use the pm. I'm in Scotland 😊today and email is not working so I just copy and paste. Thank you for contacting me about my daughter And son. The job starts on December 12th. They will be staying in Santa Fe with my wife's parents until they figure their next move. They will leave Illinois about December 10th so it would be great if I could broker a short meet and greet between the three of you. I hope it works out but schedules are tricky and kids have other ideas than the parents. can I pass your contact information on to him and let him take it from there? Thank you. John Sent from my iPhone

My son-in-law got a job with LANL in los alamos New Mexico. The new family is making the break from Illinois! He is interested in REI but it may be a while before he can execute his first investment. My thought is perhaps his first purchase that they plan on getting in a month or so could be a major factor to his success. I have property in Illinois and Albuquerque but do not know los alamos at all. He would prefer to get a place near his work. I want to ask if anyone with a bit of time and a great deal of knowledge about los alamos would interested in talking to them and fill him in on the ins and outs of the town.