I have been spending a lot of time lately on biggerpockets forums/podcasts lately. I believe i am ready to get my feet wet and start investing in Real Estate. I live in Chicago (northside)
1. I understand calculating ROI (my background is finance from DePaul)
2. I have about $50K cash in my savings
3. i have friends that are willing to pool money together for a real estate property as long it is a good deal
My issue: Now finding a property or a good deal. What is the best way to start? Can you guys recommend any real estate agents in Chicago that is investment savvy that can help me get my first deal?
Its a pleasure to meet another DePaulian! I would suggest you look around and see what areas you like in general. You can start off looking for deals by doing a mailing. Look in the county records, cookcountyassessor.com and cookcountytreasurer.com to find Parcel Id Numbers or PIN's and look up tax records. You can then see where tax bills are going. That is how you can start asking if people want to sell, that way you can work out deals sans a realtor. I do use a broker and I can pass his name along to you if you want.
When I started I found that I did a better job understanding analyzing better when I worked out the deals myself that helped me get comfortable with numbers based on what I sought as a return. Often brokers can give you leads but its up to you to find the deals that work. Hope this helps.
Go to some RE groups. @Brie Schmidt runs a group and @shelly forte started one to. It would be worth your time to go to them and see what locals are doing.
Congrats on almost ready to pull the trigger. If you change the topic to something like "Need Investor savvy agent on northside of Chicago" and you will get the info you need.
Thanks for the advice everyone. Ill check out the information that was sent my way. I appreciate it.
Welcome to BP, Syed.
I am real estate managing broker as well as an investor And I do property management as well.
What kind of property are you looking for? Single Family Rental, Multifamily, Retails, etc? I could assist you. Are you getting any kind of financing?
Like I said I might be able to assist you.
I am looking for Multifamily. I will be getting bank financing.
Let me know if i can view some listings
What is your price range?
I could send you some properties.
Welcome to BP @Syed Lateef