All Forum Posts by: Rj Lindemann

I own three properties here in southern Illinois in B/C class neighborhoods, but I know some people in surrounding areas that own properties in some A/B class neighborhoods. While properties cash flow in huge portions of Illinois, I do want to make sure you are aware of some of the tenant friendly laws Illinois has.

If you have the options and resources, I highly recommend you look into nearby midwestern states such as Indiana or Ohio. They will certainly be better options for you. 

If you have your heart set on Illinois though, The further south you go, the better the cash flow and the lower class the neighborhoods, generally speaking. So if you're looking for a good balance, I would probably advice you buy around the center of the state.

Check, Money Order, Paypal, ACH if tenant is banking inclined.

Jon, @John Warren is absolutely correct. I live in southern Illinois in an area with a population of just 3,000 people and even a duplex in terrible shape will rent for $350 per unit, with higher end units going up into the $600 - 700 range. If i were you I'd do some more investigating into the market rents for the area. It's possible the previous owner didn't have a mortgage to pay and simply didn't ever see the need to increase his rents with the market.

It depends on what part of Illinois you invest in. I currently have two properties that I purchased with 20k, putting 20% down on both. But I am in the southern, more rural part of Illinois. In Chicago, 20k will be a lot harder to work with.

Yes! I've been actively monitoring my local listings and have been making offers when I can!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $33,000
Cash invested: $1,000

A single-family, one bed, one bath home.

What made you interested in investing in this type of deal?

I just recently purchased my first home, and I moved on to the next!

How did you find this deal and how did you negotiate it?

My parents owned this home previously, but they didn't want to be landlords, so I was able to get a no-money-down seller financing agreement.

What was the outcome?

It is now being rented out, and is cash flowing well!

I just realized I had a typo in the title. Shoot!

Investment Info:https://www.biggerpockets.com/...

Single-family residence buy & hold investment in Newton.

Purchase price: $47,500
Cash invested: $11,000

Two bedrooms, one bath, with a basement and one car garage.

What made you interested in investing in this type of deal?

It was almost entirely turn-key and required very little work. Since I'm still in high school, it's exactly what I needed.

How did you find this deal and how did you negotiate it?

It was for sale by the owner, and my initial offer was accepted.

How did you finance this deal?

I went through a bank and got a loan using my income from my part-time job.

How did you add value to the deal?

I didn't add a lot through renovations, but I did purchase it somewhat under market value.

What was the outcome?

I got it rented to a quality tenant within the first two weeks of closing!

Lessons learned? Challenges?

I haven't run into any surprises yet, but of course, time will tell me what I should have done differently.