New Member from Chicago, IL!

Accountant · Chicago, IL · Member since 2014 · 38 posts · 7 votes

Hello All!

My name is Polina Goncharova and I’ve joined the Bigger Pockets community after searching “investments” in my Podcast app. After listening to one podcast, I became HOOKED! In the last week I think I listened to all of the podcasts, began reading up on the beginner guide and now reading “Rich Dad, Poor Dad” – Awesome!

I am 4 years new to the Chicago area and live on the Near West Side. I am looking to understand the Chicago real estate market deeper and hope to learn from this forum. I do not have any experience in real estate and would like to make my first multi-unit purchase as a buy and hold property.

Looking forward to connecting with fellow Chicaegans to understand this market deeper!

I work in Accounting and am a current CPA so would be looking to learn about RE tax as well!

Polina

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Brie SchmidtBusiness Member

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Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes

12y

Welcome @Polina Goncharova ! I am a buy and hold investor in Chicago too. BP is a great resource and you will find a lot of great connections on here. We are actually having a networking meeting in Schaumburg on March 11th and then one in the city on April 9th

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George Foster
Residential Real Estate Broker · Streamwood, IL · Member since 2013 · 93 posts · 51 votes
12y
Yes that is the one. I just realized Brie mentioned it.
0 Reply
Brandon TurnerPro Member
Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
12y
Hey @Polina Goncharova welcome to BP! See you around the forums!
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Larry Smet
Flipper / Rehabber / Real Estate Investor · Toronto, Ontario · Member since 2012 · 392 posts · 77 votes
12y
Hi Polina and welcome to Biggerpockets. It's a great place to build your network and help to build your team. Remember to do a good amount of due diligence, especially on big decisions. But you'll learn a lot more doing rather than researching and in this business you have to move pretty quickly - if you find a good deal, pull the trigger! Good luck Larry
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Xavier Y.
Investor · Chicago, IL · Member since 2014 · 67 posts · 13 votes
12y
Originally posted by @John Hauser:
@Xavier Y. I have partnered with someone in-state and we are managing ourselves, so my example may not be typical. If you're interested in buy and hold out of state, you might want to follow @Ali Boone 's posts. She has a lot of experience with turnkey investing from her home in Los Angeles. For out of state flipping, @Larry Smet is the one I know personally who has had a lot of success doing that in Chicago. Out of curiosity, is there a reason why you want to invest out of state?

John, thanks for the recommendations and referrals. I appreciate it!

About investing out of state...I'm curious about what it takes to invest out of state. I think that buy and hold is more common out of state than flipping. So, I would lean towards renting out of state. I believe Chicago is a great city to invest with any strategy, but I'm also not opposed to buy and holds in Indiana (proximity) and Florida (personal contacts/family), for example.
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Engelo RumoraBusiness Member
Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
12y
Originally posted by @Andy Wong:
Rich Dad Poor Dad - what started it all for most of us.

Welcome Polina!

Sure did.

The book brainwashed me around 5 years ago haha

Thanks
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Larry Smet
Flipper / Rehabber / Real Estate Investor · Toronto, Ontario · Member since 2012 · 392 posts · 77 votes
12y
Originally posted by @Xavier Y.:

Originally posted by @John Hauser:
@Xavier Y. I have partnered with someone in-state and we are managing ourselves, so my example may not be typical. If you're interested in buy and hold out of state, you might want to follow @Ali Boone 's posts. She has a lot of experience with turnkey investing from her home in Los Angeles. For out of state flipping, @Larry Smet is the one I know personally who has had a lot of success doing that in Chicago. Out of curiosity, is there a reason why you want to invest out of state?

John, thanks for the recommendations and referrals. I appreciate it!

About investing out of state...I'm curious about what it takes to invest out of state. I think that buy and hold is more common out of state than flipping. So, I would lean towards renting out of state. I believe Chicago is a great city to invest with any strategy, but I'm also not opposed to buy and holds in Indiana (proximity) and Florida (personal contacts/family), for example.

Hi @Xavier Y. and @Polina Goncharova,

In my opinion it doesn't matter if you invest out of state or around the corner - it's all about your team. Putting a team together that are professional and that you can count on is critical. If you invest out of state like I do (actually, I invest from out of country), then perhaps you'll need a bigger team to ensure projects (or properties) stay on track because it's not as convenient to personally check progress. The main difference between flipping and rentals is mainly how you use a property manager (and handle financing as well, I suppose).

Generally the main players are your broker (flips) or property manager (rentals), contractors, property inspector and real estate attorneys. A great broker (or property manager) is worth their weight in gold. At the end of the day you'll need to assemble a whole team, but you don't need all of them to get started. Don't forget to do your due diligence!! When you talk to references always ask for team members that they would recommend and ask some general questions about their experience. It's amazing how much information you can pick up that way.

Good luck,

Larry
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