Analysis Paralysis sucks, let's start doing!
Hi Everyone,
I'm a 27 year old living in the Hermosa neighborhood of Chicago. I'm first generation Latino, born in Ponce, Puerto Rico. I've gotten the privilege to see my mom earn her citizenship and watch my dad work so incredibly hard to provide a future for us. Now, I'd like to return that favor. I'm a new investor and just wrapped up my first joint venture (and only venture) deal.
I've probably watched hours of bigger pocket videos and podcasts in the last year, along with reading J Scott's book on house flipping. I want to take all of this information and start actually applying it on some deals of my own. I'm interested in purchasing distraught properties, specifically, 3bd/2ba SF homes in the 60639 and surrounding zip codes. I'm also interested in smaller MF properties in the same area. Working on something outside of that? Let's chat anyway!
I don't have as much capital as I'd like but I like numbers. I believe I can bring value to other investors by offering my creativity and bringing potential deals to the table. I hope to connect with many of you and potentially partner on some deals!
I agree, just buy deals. Stop over thinking and trying your best to talk yourself out of a deal because of fear. Make sure you are buying way under market value and you can never lose
Welcome to the forums and congrats on doing your first deal!
Buying and holding small multi-family properties, especially house hacking, is a great way to keep growing your portfolio. It's a solid strategy for investing even in a softening, higher interest rate market since owner occupants will get more attractive interest rates compared to a non owner occupant.
Plus you're able to put less money down (3.5-10%) and fulfilling your need for a primary residence too. SFHs can be a good option for more inventory.
Exactly, key phrase being "way under market value". My first mistake when I made the decision to pursue Real Estate was thinking that'd it be easy to find deals through sites like Zillow, Redfin, etc... It's definitely possible but few and far between. After analyzing so many properties and nothing making sense, I hit a wall. J Scott's book really drives the point of finding a property or owner in distress and offering a solution. Huge mind shift.
Definitely! I think with the right number of units, in the right area, you can definitely live for free or possibly even cash flow.
Wherever you buy just be sure to talk to some realtors. They can give you insight into where to buy and turn what looks like a so-so deal into a great deal! A good investment focused realtor should have insight into where the city is investing money and infrastructure that will force appreciation into those specific neighborhoods. You are buying to hold for the future, not for conditions today!
Good luck on your adventure @Jeison Rosado! Look into Ashley Hamilton and her story, I think she could provide you some great motivation!