All Forum Posts by: Steve B.

Hi Arco, 

Welcome to BP and best of luck to you. It’s awesome you are starting so young. I wish I would have. We are in Centralia, we have not done any wholesaling, we have a couple single families and have recently completed a flip. We are looking at a small multi right now. There have been challenges but so far not bad being in a small town. Don’t know housing market in Effingham but I have visited enough to think it’s probably a good place to invest. As always learn the market and do your due diligence. Good luck. 

Steve

Timothy, We are about 25 miles north of you. I’m not exactly sure what to expect for rents in Mt. Vernon, I would guess that is close and I’d say your local contact with 30 units should have a good idea so I’d trust him or her. I’m always a little conservative when doing due diligence with the option to adjust later. Just make sure the numbers will work if rents are a little cheaper. We have looked at a few properties in Mt. Vernon but have not found the right one at the right time for us there yet. Also, check with your agent, I’ve been curious but haven’t investigated yet but seems like I heard the city has some landlord rules or regulations that may need to be considered. Other than that it seems like a decent deal especially if you can get it for less than asking and don’t have much work to do. I’m somewhat familiar with the area that duplex is in and I believe it’s good. I saw it says basement is open to both sides, you May also be able to look at other income opportunities there, laundry, storage, additional bedrooms or bathrooms, etc. On another note, very impressed by @richie Thomas, excellent research, I’d keep his comments in mind. I may have to start sending him my deals before I act. Lol. Feel free to contact me if I can help and best of luck. 

Hi, we are in Centralia and we use a LLC for our real estate. We have been successful with a cash out refi doing the BRRR method. We used a smaller bank. Feel free to message me and I can suggest a couple banks and answer questions. Best of luck to you.

@John Humphries

Sounds to me like you did a great job with it considering you are short on time. I like the diversification. Hope it all pans out for you.

Brent, glad to see someone doing some good with those parks around Salem.  I actually saw you guys working on the one on 37 south not too long ago and was wondering who was doing it. Keep up the hard work. I’m sure it will pay off. 

Steve 

I’m in Centralia 

Welcome to BP and best of luck to you. We are not to far from you down in Centralia. 

Hi Rachele, welcome to BP. We live and invest in southern Illinois as well. We are about 60 miles east of Belleville. Best of luck. 

@Edward Bowlby based on information your giving it doesn’t sound too bad. Without more information it is hard to tell. Just make sure you double check all your numbers, $20/month for insurance sounds low.  Best of luck 

Hi Michael,

Kudos to you for educating yourself and starting your real estate investing early in life. I wish BiggerPockets would’ve been around when I was your age. As far as Downers Grove, sounds like @Account Closed knows the area well and has provided some good insights for you.  I have not analyzed that market yet, but am considering it as I have been traveling there once a month for about the last 6 months or so and will be for the foreseeable future. Best of luck to you. Keep us posted on your progress and if I can be of any help let me know. 

Thanks for sharing your story, interesting and educational.