Chicago attorney looking to get started in real estate investment

Member since 2020 · 3 posts · 3 votes

Hello! My name is Nicole Kulach, I'm a newly licensed attorney in Chicago, IL. I want to purchase my first investment property in 2022, I have some books to start researching, but any advice of tops cities to look into for cash flow or types of properties to start out with?? My fiance and I own a home in Chicago, but I would like to possibly do an airbnb in AZ in the future.

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Michael J Scanlon

Realtor · Chicago, IL · Member since 2019 · 222 posts · 153 votes

I would consider a multifamily house hack in Chicago too! Still look for outside investments but house hack while you're young. : )

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Michael J Scanlon
Realtor · Chicago, IL · Member since 2019 · 222 posts · 153 votes
5y
I would consider a multifamily house hack in Chicago too! Still look for outside investments but house hack while you're young. : )
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Will Fraser
Real Estate Broker · Salt Lake City & Oklahoma City · Member since 2018 · 3k+ posts · 2k+ votes
5y
Hey @Nicole Kulach, welcome to the Biggerpockets forums! You're on a great path to making 2022 a successful year by sharpening the sword this year!
Personally I would disregard anything anyone says about "top cities" right now. The trend I see happening in our reddit-mania times is that if a city makes a "top" list you've got some short(ish) amount of time before the returns that originally made that city hit the list are inflated away.
Instead, I'd recommend watching the subtle moves of our economies and noted who the weather losers and winners are over the next 12 months. There will be the Top Ponies like Austin that the Elons of the world publicize, and then there are going to be other markets that are steady winners of growing economies and then steady, public losers of economy and weather variability. Noting these and finding a market to test that ISN'T on a "top list" seems like a winning strategy IMO!
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Nicole Kulach
OP
Member since 2020 · 3 posts · 3 votes
5y
Thank you both so much!! @Will, where do you mainly get your information from? Do you follow particular websites, etc.?
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Tony AngelosPro Member
Real Estate Agent · Member since 2019 · 192 posts · 131 votes
5y
Hi @Nicole Kulach a good resource for you if you're interested in STR is the forum regarding it here. Also, AirDNA is another good resource. Their blog has some great insights into the STR market.
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Jake FugmanBusiness Member
Real Estate Broker · Chicago, IL · Member since 2016 · 256 posts · 250 votes
5y
@Nicole Kulach Congrats on getting started! I always recommend investment #1 being "small" and close to home if possible - HIT A SINGLE. Perhaps a condo in a rental friendly HOA, nearby your current neighborhood that you can self manage to cut your teeth.. If the ROI isnt strong enough in the areas you are comfortable self managing consider a duplex or single family in a suburb where you can get close to the 1% rule. Chicago is such a huge market that I would recommend looking close by before seeking out of state options. Just my thoughts, but Im sure others had had success out of state their first time stepping up to the plate.
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Jonathan KlemmBusiness Member
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Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
5y
@Nicole Kulach - Welcome to the Chicago BP community. Tons of great investors above already commented on your post. Definitely keep networking!
What's your end goal for wanting to get into real estate? I think that's the first and foremost question you have to answer to figure out the right strategy and investments for you. If you want a nice vacation home you can use and also make some money with, then sounds like AZ AirBnB is the way to go. If you want to build massive wealth through passive income then maybe a different investment is the right path.
Out of curiosity are you a real estate attorney?
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Nicole Kulach
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Member since 2020 · 3 posts · 3 votes
5y
Originally posted by @Jonathan Klemm:
@Nicole Kulach - Welcome to the Chicago BP community. Tons of great investors above already commented on your post. Definitely keep networking!
What's your end goal for wanting to get into real estate? I think that's the first and foremost question you have to answer to figure out the right strategy and investments for you. If you want a nice vacation home you can use and also make some money with, then sounds like AZ AirBnB is the way to go. If you want to build massive wealth through passive income then maybe a different investment is the right path.
Out of curiosity are you a real estate attorney?

Thank you! To start, it would be great to create passive income, get experience, and ultimately see what the best fit is for me. Further into my career a vacation home seems great, though.

I am a real estate attorney! Primarily work on estate plans and corporate files right now, but will be focusing back on real estate in the coming summer months.
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Jennie Berger
Lender · Chicago IL · Member since 2020 · 359 posts · 230 votes
5y
Hi @Nicole Kulach! How awesome and congrats on your new law practice. I'm with @Jake Fugman on this one. As much as my heart is drawn to other cities and states--which it very much is as we want to live part of the year in SW Florida--I definitely recommend starting close to home. Unless you have on-the-ground, real life knowledge of the out-of-state locations you're considering, or you know someone there who can/will work with you whom you trust...start hyperlocal. I'd love to keep in touch with you and see how you progress!
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