Hello all, My name is Franco Carollo. Ive been wanting to get into Real Estate for many many years now, but life took it course. Its time for me to get serious as I want to build a long term rental portfolio that can carry on through my golden years and for my children to one day take over.
I am currently looking to start around where I reside in Plainfield,IL the South Suburbs of Chicago, IL. Id love to connect it anyone willing to share some advice or guidance to help me get this ball rolling. Thank you!
Realtor 路 Columbus Ohio, Cleveland Ohio 路 Member since 2022 路 849 posts 路 830 votes
2y
Hey Franco, welcome to BiggerPockets! First of all, I'd recommend identifying a strategy for your real estate investments. Make sure the market you choose supports this strategy. Building your Core 4 Real Estate Team is also crucial. This team should include professionals like agents, lenders, contractors, and property managers.
Lastly, connect with other investors and attend local REI networking groups and meetups. Learning from experienced investors is invaluable. Consider seeking a mentor as well. Lenders, brokers and other investors can often connect you with someone who can guide you. Hope this helps!
I would love to hear more about the specific goals that you have. Are you looking to start with fix and flips, build up your cash, and then acquire rental properties?
I would also recommend building out your team, and attending local networking events to get in the room of like-minded people. Once you have your team, and a general idea of financing, find the right property! Starting off with a fixer upper in your area would be ideal, so you can keep an eye on the project and not rely on an agent/contractor to do this. Flip a couple of properties, and then start to build out your portfolio!
Sending you a message so we can connect further. Let's hop on a phone call and go over all your questions in detail!
I would love to hear more about the specific goals that you have. Are you looking to start with fix and flips, build up your cash, and then acquire rental properties?
I would also recommend building out your team, and attending local networking events to get in the room of like-minded people. Once you have your team, and a general idea of financing, find the right property! Starting off with a fixer upper in your area would be ideal, so you can keep an eye on the project and not rely on an agent/contractor to do this. Flip a couple of properties, and then start to build out your portfolio!
Sending you a message so we can connect further. Let's hop on a phone call and go over all your questions in detail!
That's the thing i'm a still stuck on. I am not sure what strategy would be the best to start with. My long term goal is to acquire rental properties, so do I try to start out the gate with a small rental that I can afford at the time? or do I try to do a flip, but capital and time is a bit time for something like that, nor do I have a team in place for that either. So I am not sure. At this time ive been just looking for a rental property that fits the numbers.
If you're goal is to acquire rental properties for long-term growth, you should consider a house-hack with 3.5% FHA or 5% conventional financing where you can live in one unit and rent out the others and repeat as often as you can to build your portfolio. That's how many of us got started into real estate, and its the easiest way to get started. Certain suburbs don't have many options for multifamily, so you might have to open your search to other locations.
But definitely a great way to build generational wealth for your children, it's one of the main reasons I got started. I want my daughter to one day own real estate! 馃槂