All Forum Posts by: Shawn Q.

Maybe it's naive to think this but (being from Champaign) I think you have some special considerations. Multi-family in town is dominated by maybe 4 big players - so much so that any of the smaller players are usually 6 flat and down, with building conversions more of a factor. So, add that to increased costs and a hot market and you're competing with a larger pool of buyers for an even smaller pool of properties. 

The big guys can pay more because they have the efficiencies and can keep their costs low. It's going to be interesting to see what the current building is going to do to their business models (as competition for student tenants increases). I wouldn't be shocked to see the big players develop trouble over the next 3-5 years as that added capacity comes on line and challenges their margins.

Thanks for the info! I ended up funding this deal with conventional financing, but I'll be sure to reach out to the above in the future (one thing I've heard in my REI education is that there's always a fight for funding). Of course, if anyone more local has anything to add, I'd love to hear it - more information is always better!

Anyone have any experience with hard money lenders in Illinois? Preferably downstate/outside of Chicago? 

I've looked at a few and the options are a bit mind-boggling. Also, anyone know of a lender with no minimum? The deal I'm looking at is about $40K all in. I'm exploring bank financing, but I thought I'd run the numbers on a backup option if I can find one.

Any chance of a Central/Southern region getting added to Illinois for those of us not in Chicago?