Hi there, over the past few months we have noticed a lot of parks come up for sale in Illinois (mostly in the central or southern part of the state). I’ve also noticed that a lot of the Illinois parks are staying on the market for what feels like longer than usual. Some websites are saying there is a mass exodus out of Illinois and the population is rapidly declining. Is investing in a park in central or southern Illinois a bad investment at this time? Obviously, the specifics matter a lot as to where the park is, but just wondering what the general consensus is.
I’m far from the authority on this but when I see New York, Illinois, California, ,New Jersey I skip the listing due to landlord/tenant laws heavily in favor of the tenant. For Illinois I have heard outside of Chicago the rules are better. If that’s where you want to invest I would do more research on those areas of interest. Good luck.
Sister lives there and have snooped around over the last six months or so. Yeah… lotta parks for sale at what seem like great prices but overall housing is cheap, rents are low, pad rents are really low. Not much demand. No expert… just driving around after holiday dinners.
The problem in Illinois is they won’t let you bring in new homes in some of the counties. They have passed a lot of laws and there are a lot of local nuances that make it impossible to “value add” the park. We had a park under contract there and the local city literally tore the homes out of the park before we closed. Devastated the owner and killed the deal. Totally illegal but really showed what I’d be working with so I walked.
Good to know, thanks.