I'm a newbie in illinois looking to purchase my first property. Im looking for some advice. should I consider a preforeclosure or try to purchase through a auction. I would appreciate any help from the community forum. Thank you in advice.
Welcome to the BP family. You should try and acquire from any source that offers the best property for the least amount of money. There are many sources, HUD, Auctions, Hubzu and check out Zillow and Trulia and then explore the possibilities. Inspect the properties, get your financiel house in order. Determine how much less you want to offer below the advertised price and you are on your way. Check out some of the pod casts from the learn section as well as review some of the articles and get up the learning curve. Good luck and welcome aboard.
Welcome to bp angela.
my suggestion to you would be to go where the best deal is. Do not define where it is you should buy your 1st property beforehand. My strategy is always to buy the best deal available at that time wherever it may be.
Welcome. Fill in the foundation below.
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Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers.
Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook
Consider checking out HUD homes for small multi's owner occupied gets first crack.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Thank you Paul. The advice I received is a great for me to start my search.
Hi Angela, I would say that the best thing to do first before even looking at property is decide WHY you are buying. I help many first time buyers plan their next move but its key to know why you are making the move.
Is this for long term or short term
do you want a project (if so how big) or turnkey plug an play property
do you want the unit as a back up if ever you need to live there
are you more concerned about rental yield, capital appreciation or both
I would say answer the above questions and then decide whether your current search method is going to tick all of the boxes.
Buying your first property can be scary but also can be the best, and most addictive, thing you ever do.
Good luck and your welcome to DM me any questions if you need help
@Angela Smith - Is this strictly an investment or are you planning to live in the unit? How much capital do you have....or are you trying to use credit? Lot's of Chicago BP'ers here so welcome aboard!
Hi Angie, welcome! The community here can definitely help you navigate the REI waters. Search around and ask questions as needed.
I would suggest reading the "The BiggerPockets Ultimate Beginner’s Guide to Real Estate Investing" if you haven't. Good Luck
Hi Angela! Welcome my fellow ChiTowner! There is ALOT of good information on BP and its great to start with the advice that Paul Timmons gave. I just bought my first property and I used owner financing (only 5k down and $375/mo for 24mos). Got a pretty good deal with it being a 3 unit/possibly 4. Anyway, I had been doing Birddog work for about a year and a half and this allowed me to find my own deal! When I saw this deal come through my email, I said, "Oh Hell No!(excuse my French), I have to keep this one for myself!" And I hopped right on it.
Im still wholesaling, of course, it's only my first property. But this is just the beginning.
Check out the other Chicago BPers such as Wendell De Guzman and Brianna S. They usually write some very helpful posts.
Feel free to DM me as well.
Welcome to BP fellow Chicagoan follow @Mark C. advice. You need to know your threshold also. How much work you are willing to put in the place and what kind of work.
I am personally not a fan of auctions. Its too easy to get carried away and overpay for an investment.
There are still so many good deals out there that are not auction listed.
Just my opinion.
Thanks and have a great day.
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