It seems as if I cannot find a good property that will cash flow im Near Chicago and wanted to know if anyone if finding deals that cash flow?
I have looked at over 25 properties physically and over 300 online, ran the numbers with no luck.
any help please advice on this.
Is it better to find deals either out of state or what?
Anyone making $ in illinois willing to mentor?
Hi Carlos,
If it isn’t a positive cash-flow situation for me, you won’t find me near it. The Atlanta Georgia market has opportunities, but I have to work to find them. Down here (probably in most places), investors are paying more and more, which is narrowing their margins. I’m disciplined so I take myself out of the running. Another deal will come along. I had a huge dry spell – it took me four months to find my most recent property – but if you’ve read my Former-Owner Problems post, you’ll see why I probably didn’t have much competition LOL.
What are you looking at online and in person? Bankowned? HUD? VA repos? Don’t forget FSBOs (For Sale By Owner) and preforeclosure situations. You may have to expand your area and go farther away from Chicago.
There are investors here who invest out-of-state. I’m not one of them. The only time I did, the tenant paid on time, so I thought all was great, but in reality they were busy dismantling the house and running a rabbit breeding company LOL. Entirely my fault, I rented to a “friend of a friend.” I seem to learn via the school of hard knocks – I would only use a Property Manager if I went out of state again.
Good luck to you!
Illinois…JAFBS!
Look at the map…it is VERY difficult to cashflow in Blue states!
No scientific proof yet, just a theorem I am working on!
Keith
Keith what do you mean by blue states?
I just looked at a 4 unit, 1 of which is a store front. It has a pretty good cash flow about $150-$250 but it’s about 85 years old and needs work.
Look at the politcal map of America…the Blue states (voted Democrat last Presidential election) like California, New York, Illinois, Maryland, Massachusetts, et. al are largely unaffordable!
Keith
Carlos,
I too is from Illinois and been looking around fro a cash flow for almost 4 months now… no luck. Though i am not really loking on a full time basis. Mostly online listings and a friend broker’s help. I am looking at working with my buddies now to start investing
Mrbernz
I’ve looked in a number of states and it seems to get even neutral cash flow, you have buy something that needs quite bit of work or a very distressed seller. I’m sure there communities out there where this is not the case, but I bet the rental market is softer so you may have some more vacancies than bigger/urban markets.
I think your right aak5454 I have found several places here in Illinois that might cash-flow but they are in undesirable places for renters.
Yeah, like I said…it’s an FBS…try the rural areas!
Keith