New real estate looking for advice if possible.
Hi, everyone, I am new to the forums, I have been reading a lot of other post about questions that I have. I wanted to make my own post. I have seen some consultants on post as well would love to connect to someone if willing to provide me with advice. I live in the Houston, Tx but I am originally from Chicago,IL. I am mostly interested in the Chicagoland area. I have searched the Houston area and not as much luck(I may be looking in the wrong area).
My goal is to hopefully start with multi-family no more than 3 units per property. Plan is to buy one property a year for the next 5 years. I want to hold these units for sometime and collect rental income.
I am looking to buy a place and rehab. Problems I am seeing in Houston, a lot of new construction and the numbers are not working due to the cost of the new units. Chicago has some homes I have come across low prices but may need a lot of rehab.
I am also looking into what pitfalls to be aware of when trying to do a rehab project on homes in major needs of upgrades in Chicago. Zoning laws permits ects.
I am open to the price point of 50k-150k purchase plus about another 50K-100K for rehab.
Would also like to rent out to section 8 tenant if possible. I have checked into starting the process but it seems as if you need to have the property to apply.