Many of my clients are interested in investment properties, so I have put together a list of resources that I recommend. If you have questions about buying a rental property or home to flip, please contact me. I would be happy to set up a search for you so that you will receive an email anytime a property in the geographic area you are looking for and within your price range is listed.
BiggerPockets.com is an excellent web site for anyone thinking about investment properties. The free version (just create a login) allows you access to many resources, and below are some of the most helpful:
– https://www.biggerpockets.com/rei/ – A list of their best tools and resources
– https://www.biggerpockets.com/buy-and-hold-calculator – Rental Property Return Calculator
– https://www.biggerpockets.com/tools/REIPropertyAnalyzer.xls – Rental Property Calculator Excel Spreadsheet Download
– https://www.biggerpockets.com/renewsblog/biggerpockets-podcast-247-buy-or-next-property-year-the-90-day-challenge/– They have a great podcast, but this particular podcast was the one that got me motivated to buy my first rental property.
The Peoria County Assessor’s Office is where you can look up information about property taxes – http://propertytax.peoriacounty.org/.
Peoria County has also has a web site for rules and regulations of Non Owner Occupied Residences (Rentals) – http://www.peoriagov.org/peoria-rental-information/.
Financing options for rental properties is something that you need to spend the time to understand before investing.
I always recommend developing relationships with lenders in your area at both a bank and credit union who can talk you through your options for basic mortgages, as well as using your home’s equity (HELOC or Home Equity Loan) if you are looking to leverage your investment further – https://www.homeunion.com/5-options-for-financing-rental-property-investments.
The Rich Dad Book Series are all excellent reading about investments, but these two books in particular are great resources for getting started in investment properties:
– The ABCs of Real Estate Investing – https://www.amazon.com/ABCs-Real-Estate-Investing-Investors/dp/1937832031
– The ABCs of Property Management – https://www.amazon.com/ABCs-Property-Management-Maximize-Advisors/dp/1937832538