What would you do in my shoes?

[John Taylor]

Hi everyone.

I have been lurking here for quite a bit and I am ready to dive into buying my first rental property. I am in a thankful situation where i recently finished school and have a steady income of 250k annually with no debt. I am looking for some guidance and critique of my plan, as someone with experience, for someone just starting out. My current plan is to get pre-approval for about 300k and seek a RE agent to buy a property for the goal of renting it out. I am eying lake view in the north side of Chicago, as it’s a growing area with high demand, I aim to find a property that cashflows with taxes/mortgage/pm/hoa accounted for. As time goes, i will save up for another down payment and repeat the process. I would prefer to be as passive as possible due to my work hours, which is why i’m shying away from brrr as it will be challenging to rehab with no experience. Is my plan far stretched and is lakeview a good area for my goals?

[John Underwood]

Based on your reply to Lucas I gather you listed this to the wrong forum?

You can rehab with no experience and do BRRR, you just need a good contractor. You dont have to be like the TV shows where you do work yourself. If the deal is good enough you can pay a contractor and still cash flow. That is what I do. I rehab houses with my checkbook.