Ready to "Get my feet wet"
hello bp!
My name is Corey, and I just joined bp. I had honestly never heard of bp until about 4 days ago when my friend, who ironically happens to be a real estate agent in the Chicago land area told me about the podcast, as he knew I had been trying to learn the INS and outs of buying property to use as rental income. (Notice the lack of jargon) I have what I consider huge goal, but to alot of you they are probably modest at best. I am a father of two boys, so my ultimate goal at this time is to be able to provide for my family so we can live comfortably without spending ever waking hour at work, missing out on them growing up.
I am hoping someone would be generous and share a tip or two of how to prepare for the first deal. I have been watching my area for lower priced properties that catch my attention. I would like to start out with a duplex. It is 2 incomes from one property, and for some reason that just sounds appealing to me. The only real experience i have as a home owner is the one we live in, which I bought from a family friend on a rent to own basis. Nothing was really under contract. So I didn't learn alot about the process, unfortunately.
I live in rural north central Illinois where houses vary from $20,000-$500,000 and rents vary from $300-$800. Please share some words of wisdom, as I only know what I've picked up from a few books and forums.
Thank you