My name is Ed Navarro and I am a 22 year old with aspirations of establishing cash flow through multifamily investing in the Chicagoland area. I have a $75k salary that will help me put $50k down on a $200k 3 unit property(1 of the 3 I will living on) in January of 2016. Whether if it is someone here who can advise me leading to that time or suggest a group in Chicago to build my knowledge in MF investing. I would greatly appreciate either help.
@Ed Navarro link upwith your local REIA group, a landlord group in your area, agents and all the forum post and podcast you can digest on multifamily investing.
@Ed Navarro welcome to the site.
Join us for a networking event at Bar Louie, 5615 N Cumberland Ave, this Tuesday from 6:30-9:30ish. No agenda or pitches, just straight-up networking.
Christopher Hunter: I will look into all these options. Thank you
James Wise, any tips you can give someone barely putting their feet in the water?
Daniel: I work the evenings so I would not be able to attend. Do you have other events on weekends?
What will be rent of the other 2 Units ( and the Unit you will live as well)?
Did you already sign a contract for the property, or you are thinking to get a
MF property in the price range of $200K?
Gautam: I'm thinking about one in that range, I'd be on the first floor, the rent for the basement goes for $700-$850. 2nd floor $1000-$1100 . In two years when my credit will be above 800 and have $50k as a down payment, I may have a mortgage with taxes in the $1,000-1,200 range. That I can pay my self out of my pocket
Welcome to BP and congrats on getting started so early! In addition to the suggestions above, you might also consider finding ways to work directly with more seasoned investors to gain experience first-hand. It seems like there are a lot of folks here doing just that.
Also, there are resources on BP for estimating the expenses associated with different types of investments. You mentioned mortgage and taxes in your last post, but there are many other costs (insurance, repairs, vacancies, etc.) that you should factor in as well.
@Daniel Inskeep, how often do you meet at that Bar Louie? Is this part of a local REIA?
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