My job title or real estate investor status

Joliet, Illinois
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My job title or real estate investor status

Aurelio Benavidez
Member since 2026 · 10 posts · 5 votes

In the Bigger Pockets book the chapter on Getting your ducks in a row.  How do I go about getting a lawyer, property manager CPA, etc if my "capital is limited"?  How does that work?

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Jules Aton
MD/DC · Member since 2024 · 1k+ posts · 1k+ votes
1mo

Totally agree with @Chris Seveney and the added bonus is that working hard and saving money takes discipline which will serve you well in all areas of your life.

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    1mo

    Focus on saving money first, and building up your capital war chest. I do not care what anyone says, those who get into real estate with very little money and their career w2 was not in real estate will find it 10x harder and very challenging to grow and build a portfolio

    Focus on that first. Once that starts happening go to some local REIA events and talk to other investors, there you will meet plenty of people who can connect you with the players you need to build a team

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  • Jules Aton
    MD/DC · Member since 2024 · 1k+ posts · 1k+ votes
    1mo

    Totally agree with @Chris Seveney and the added bonus is that working hard and saving money takes discipline which will serve you well in all areas of your life.

    3Reply
  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    1mo

    I would be looking to network at the local events. In Chicago, there's a great lineup of events weekly. I'd also listen to the straight up Chicago investor podcast as well

    [email protected]
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  • Stuart UdisPro Member
    Attorney · Philadelphia · Member since 2018 · 2k+ posts · 3k+ votes
    1mo

    @Aurelio Benavidez Have you been pre-qualified from a reputable lender to purchase real estate?  I am talking credit check, review of your tax returns, bank statements etc.? What are you qualified to purchase? What I am observing is most over extend themselves or get caught up pursuing investment strategies that are more aggressive or complex than they should take on. The same holds true for unnecessarily complicated legal services (often related to asset protection) or tax strategies.  

    If you qualify for financing, purchase a modest house below your means you can use as a primary residence. Ideally, find a property with some upside that does not require a complicated renovation. Alternatively purchase a duplex where you live on one unit, manage it yourself, and learn from the mistakes you will inevitably make.

    FHA financing is a powerful tool. I can assure you that 99% of people buying FHA-financed properties do not have a CPA and attorney lined up before making the purchase. Be smart with your money and complete the appropriate due diligence, but do not overcomplicate the process.

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  • Diana KhanPro Member
    Attorney · 10451 Mill Run Cir #755 Owings Mills, MD 21117 · Member since 2024 · 555 posts · 194 votes
    1mo
    Quote from @Aurelio Benavidez:

    In the Bigger Pockets book the chapter on Getting your ducks in a row.  How do I go about getting a lawyer, property manager CPA, etc if my "capital is limited"?  How does that work?

    @Aurelio Benavidez, one thing I’ve learned from working with new investors is that you do not need to put a lawyer, CPA, property manager, lender, and everyone else on payroll before you own anything. Building your team at this stage really means knowing who you would call when you need them. I would start having conversations now, ask what they work on, how they charge, and what type of investor they usually help. Then when you actually have a property or contract in front of you, you are not scrambling to find someone.

    I would also spend money based on where you are in the process. You probably do not need to pay a property manager before you have a property, but you can still interview a few and learn what they charge. The same goes for an attorney or CPA. I’ve seen new investors spend money too early because they think they need everything set up before they start. In reality, you want the right people identified first, then bring them in when the deal actually needs them. Since you are in Illinois, I would make sure the attorney and other professionals you choose understand your local market and rules. You are asking the right kind of questions early, and I’d be glad to stay connected and see how you move forward.

    [email protected]240-266-0291
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    • Aurelio Benavidez
      OP
      Member since 2026 · 10 posts · 5 votes
      1mo

      Thanks to the Bigger Pockets book, it’s got me thinking about the right real estate issues. Your response does help a lot.

      0Reply
  • Aurelio Benavidez
    OP
    Member since 2026 · 10 posts · 5 votes
    1mo

    I have not done any of this yet. I better get started on this asap. I do have a VA loan I haven't used yet.

    0Reply
  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    1mo

    Hi There @Aurelio Benavidez - I would echo others and say that you definitely need to get out there and network. Here is where you can find some of the meetups around chicago on BP: http://biggerpockets.com/forums/521?location=chicago-illinois

    Also, I can share a much larger list of local meetups.

    Save money first and play the long term game!

    [email protected]
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  • Dan NelsonBusiness Member
    Real Estate Broker · Chicago and Kansas City · Member since 2016 · 97 posts · 90 votes
    3w

    Aurelio, good news: the team chapter reads like a payroll list, but almost nobody on that list gets paid before you have a deal.

    Here is how it actually works on a first purchase in Illinois. The agent costs you nothing out of pocket to start working with. The attorney handles your closing for a flat fee, a few hundred dollars, paid at closing. In Illinois an attorney runs your closing anyway, so that one solves itself. A CPA is a tax-time expense, a few hundred dollars next April, and for property number one a good one just answers a couple questions. A property manager only gets paid a cut of rent that is actually coming in, and if you live in the building, you are the property manager.

    So "limited capital" does not block any of it. Nobody is on retainer. You are not hiring a staff, you are collecting phone numbers.

    How you collect them: ask investors who already own in your market who they use. Go to a local meetup and ask two people. Post here with your town and ask for referrals. People love recommending their attorney.

    Save your capital for the down payment and the reserves. The team assembles itself around your first deal, not before it.

    [email protected]773-295-1751Podcast Guest on Show 2 “Slam Dunk” Small Multifamily Deals in 2023 (and Where to Find Them)
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