All Forum Posts by: Kyle Wilkins

@Joel Florek Thanks a lot for your help! After posting this I did end up finding a few great posts on South Bend, reaffirming my thoughts of its potential. I appreciate the reply.

I know that South Bend is a bit outside of the Chicago area and there may be a better forum for this, but hasn’t anyone explored this area?

As I’m getting my finances in line and trying to learn as much as I can I thought that South Bend would be a great place to invest. Living in Chicago, South Bend is driveable and there are several universities in the city that would bring a constant need for renters. Has anyone explored this?

@Derek Luttrell You and I sound like we're cut from the exact same cloth. I have spent a lot of time myself down in Bloomington so it sounds like we're aware of the same areas. Everyone seems to have the same thought process I have in regards to Chicago. I believe I'll look in Indiana for now and may consider Chicago once I am to get a portfolio up and running. Congrats on your closing next week!

@Account Closed That is kind of what I was thinking but wanted to get another opinion. Although I'll be living there as well but having family in Fort Wayne, there will be the first place I look

@Phil Bottfeld Phil, this exactly what I needed to hear. Thanks so much for commenting!

@Matthew Olszak This makes a lot of sense. That makes me feel a lot better about getting the ball rolling. Just to be curious, my girlfriend and I are looking to make the move to Chicago but I've shyed away from even looking there and have searched more in my hometown of Fort Wayne. What is the market like for rentals in Chicago? Is this something to look into or is best off to look elsewhere?

@Jeremy Hua Thanks so much for the reply. This makes a lot of sense. As an absolute rookie, where do you usually look for these types of poorly managed, mom and pop homes?

To clarify, by no means am I saying that an additional $300/month wouldn't be great, simply that I plan to save the vast majority of the first home's rent to continue to help grow the portfolio and it just seems like little progress can be made

Hello,

I'm 26 and looking to get into the rental business. I'm truly inspired by everyone's stories and hope to one day too create a cash flow stream for myself through rentals.

I spent time today looking into properties online and running figures. After doing some calculations though and factoring in the costs listed on this site to consider as well as the mortgage it seems that I will only be profiting on average about $300/month.

I could be leaving something out in my calculations and in no way am I thinking this will be a "get rich quick" avenue, but it is hard picturing much sucesss with such low margins. Any words on the subject would be more than appreciated!