Newbie from Rogers Park neighborhood of Chicago
Hi all,
I'm a newbie who lives in the Rogers Park neighborhood of Chicago, IL - one of the most diverse neighborhoods in the country. I am a homeowner who's lived in RP for around 6 years, and in Chicago for 15 years.
My family background is in commercial real estate appraisal and owning apartment buildings, but I have been a graphic designer (print and web) for the last 16 years. I currently work at a real estate brokerage as a designer in the marketing department, which has definitely fed the real estate bug in me.
I'd like to start investing, preferably in my neighborhood, but I'm open to other neighborhoods as well. My goal would be to own enough rental properties to have a steady stream of income - enough to retire with. The 7 year plan pdf from BP is very appealing (starting with small properties and reinvesting until you have larger properties), but I'm not sure if the market is right to do it in Chicago. When I search for a property that fits the "2% rule", "50% rule" and "70% rule", I come up with nothing!
I'm looking forward to learning and networking with other Chicago investors to get advice about starting in the rental market to see if it's feasible.
Best,
Rick