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Old 12-13-2016, 09:29 AM
 
197 posts, read 302,171 times
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we can't move anywhere we have 4 kids. We can easily afford what we have now, size of the house we live is acceptable for our needs, we don't want anything bigger because we don't want to pay higher taxes and bills. Toria- thanks for clarify with renting and neighborhood selection, I wouldn't think about it. I am wondering how about Bolingbrook renting trend? My hubby work in Bolingbrook coming to Aurora so we both could be easy to drive.
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Old 12-13-2016, 10:01 AM
 
Location: Saint John, IN
11,582 posts, read 6,736,853 times
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Quote:
Originally Posted by majka View Post
i guess you can't make mistake getting outdated house in Naperville downtown 60540 house is solid for maybe 400k, 2 units to rent
I guess people love to live in Naperville, walking distance etc.


If you can get a 2 unit building in Naperville for $400K that's a steal!! Rent is VERY high in Naperville due to top notch schools. Close to best in the state. Plus, Naperville has a fantastic river walk area in downtown with shops, restaurants and night life. It's a VERY desirable area. With that said, taxes are also high, but they will be in Chicago as well. I personally would buy a rental in Naperville before I did in Chicago!
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Old 12-13-2016, 11:04 AM
 
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CGab- you kind of sound mad when mentioning steal. There were 2 nice duplexes in Naperville sold lately bellow 400k I guess (not being expert) it was a deal for this location. They were walking distance to downtown neighboring with historic district.
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Old 12-13-2016, 01:00 PM
 
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Default All about the target tenants...

Quote:
Originally Posted by majka View Post
CGab- you kind of sound mad when mentioning steal. There were 2 nice duplexes in Naperville sold lately bellow 400k I guess (not being expert) it was a deal for this location. They were walking distance to downtown neighboring with historic district.
The sorts of folks renting a duplex in that part of Naperville are rather different than not just the folks looking to BUY but also different than folks who wish to rent a modern professionally manged apartment...

There are ways to profit with duplexes, but you have to understand the trade offs...
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Old 12-13-2016, 02:22 PM
 
197 posts, read 302,171 times
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chett- very interesting... i wouldn't mind to know it.
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Old 12-13-2016, 02:56 PM
 
4,011 posts, read 4,254,863 times
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Originally Posted by majka View Post
yes, next years in summer we will be able to get about 200k on new mortgage and on top of it our car will be paid off, not mentioning my hubby credit score is in good stand as well as mine is excellent, except I don't have income so it probably doesn't matter. Mean time, I slowly read R. Bruss book recommended by Chat. Not bad at all life looks optimistic at least to look for small renting property just to start. In fact we are living in HOA neighborhood not by choice rather by what we could afford at that time (school are biggest factor), we are ok with them but true is it would be grade to update the exterior of the house the way we wanted, definitely, we would be happy to not live whichin their rules.

ONE MORE THING
I would be happy to attend some kind of meetings that I could hear how realtors, investors cooperate, or maybe volunteering on some events related with this business. Do you know where to call, ask, what to ask (lol) to some kind of way to participate in this RE world? I live in western suburbs Aurora/Naperville. I have plenty of time during my kids school time. Any idea suggestion, thanks in advance!
Definitely avoid the 'get rich quick' (very typical) RE meetings per se. They will just scam you. Rarely is someone there to truly show you the ropes since it's all about making a buck competitively.

Really, you should get your feet wet by experience at this point and nothing else. Set aside a reasonable amount for RE investing that doesn't negatively affect your 'nest egg' or savings as such.
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Old 12-13-2016, 07:53 PM
 
Location: Saint John, IN
11,582 posts, read 6,736,853 times
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Quote:
Originally Posted by majka View Post
CGab- you kind of sound mad when mentioning steal. There were 2 nice duplexes in Naperville sold lately bellow 400k I guess (not being expert) it was a deal for this location. They were walking distance to downtown neighboring with historic district.


Sorry, didn't mean to sound mad! I meant that's an awesome price for a 2 unit (or any home in general) near downtown Naperville. Most homes near downtown Naperville, especially in walking distance to downtown go for over a million if they are in good updated condition. A lot of people are buying properties there and then tearing them down to build mini mansions. It's a VERY desirable area and you could get top dollar for a rental there! I'm assuming if the price is that low it needs some work. Regardless, I doubt it will be on the market long.


I used to live about 10 minutes from there and the area is just fantastic. People love it as there is so much to do and one of the best school districts in Illinois. Bolingbrook in the 60490 area code going to Plainfield or Naperville schools would also be a good option, but homes in Bolingbrook going to Bolingbrook schools or Romeoville schools would not be good for rental income. Plainfield (60585) would also be a very good option for rental income. Homes there bring in $2200-3000 a month or more.

Last edited by CGab; 12-13-2016 at 08:07 PM..
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Old 12-14-2016, 09:43 AM
 
197 posts, read 302,171 times
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CGab- yes, I've got it! English makes me crazy sometimes,lol
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Old 12-14-2016, 10:44 AM
 
197 posts, read 302,171 times
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I have to admit, I've got here many good ideas, advice, amazing to read posts and have feeling that people who write here knows answer, knows how things works, I always enjoy to read City Data. Most of my friends already invested in something either years ago or just couple of month ago and some of them act like they are happy, successful, and they make me feel like as if they want to tell me 'do like me'- those friends make me sometimes confused and irritated and I feel like poor little thing who only talk and dream and do nothing. The other friends are rather quiet or are selective in words they use, but they sounds more realistic and trustworthy, and I feel I like to spend more time with them. Therefore, all of them invested in single properties and/or multi properties or other businesses. Maybe the fact that they came with parents to the USA made them easier to start, I don't know, I just think so. My husband and I started our USA experience similar like our friends but with no parents, so to this day all what we have is my husband solo work, and we really don't complain for what we have and how we spend our free time,(I will definitely mention with no government help which make me even more proud) I wish I could live like this when I was a child. However, investing in property would me my kind of next plan as I always dreamed about it, long before I knew my friends. I am sure, that because I didn't vote for Trump I pay a price of not having a luck to become a real estate mogul. Well, I wish I was born with wisdom and bag of money for multiplex down payment.
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Old 12-14-2016, 12:25 PM
 
4,011 posts, read 4,254,863 times
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Absolutely. Having family nearby for support can definitely make a difference for immigrants. If not for the monetary assistance, for encouragement to navigate the right type of risks to get ahead/seek out higher education/etc.
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