New Chicagoan Here!

[Seemaab Mujtaba]

Hello everyone. I'm a resident of Chicago and starting my journey in the investing space. 

I have experience managing and maintaining an 8-unit multi-family building that belonged to my father, but I've never purchased anything myself. I've saved some cash and feel it's time to start making some moves.

I'm hoping to find great mentors and learn as much as possible before I start. What appeals to me is rental properties and fix and flips.

I would really appreciate any and all resources that would benefit a newbie like myself. 

[Luran James]

Quote from @Seemaab Mujtaba:

Quote from @Luran James:

Quote from @Seemaab Mujtaba:

Hello everyone. I'm a resident of Chicago and starting my journey in the investing space. 

I have experience managing and maintaining an 8-unit multi-family building that belonged to my father, but I've never purchased anything myself. I've saved some cash and feel it's time to start making some moves.

I'm hoping to find great mentors and learn as much as possible before I start. What appeals to me is rental properties and fix and flips.

I would really appreciate any and all resources that would benefit a newbie like myself. 

 Welcome  and let me stop you right there on the word 'newbie.'

Managing an 8-unit building is not beginner experience. You understand tenant relations, maintenance, occupancy, and operations  things most first-time investors have to learn the hard way after they've already bought something. You're starting with an edge, own that.

Now, between rentals and fix-and-flips they're both solid, but they require different mindsets and capital strategies. Rentals are about patience and cash flow. Flips are about speed, execution, and knowing your numbers cold. Chicago is actually a strong market for both if you know which neighborhoods to focus on.

A few things I'd point you toward as you build your foundation:
- BiggerPockets is the most practical community and resource hub for exactly where you are right now
- Start analyzing real deals on the MLS even before you're ready to buy  the reps you get running numbers will sharpen your judgment faster than any course
- Connect with a local investor-friendly agent and a hard money lender early, even if you don't need them yet

The cash you've saved is your starting position. The knowledge you build in the next 90 days determines how well you deploy it.

What's your timeline looking like, and do you have a specific side of Chicago you're most fam

Hi Luran. Thank you for the kind words and insights.

I'm most familiar with the north side of Chicago, as I grew up there.Should I be focusing my attention towards certain areas? So that I can become more familiar with the property market trends there? That does make sense, rather than overwhelming myself with different markets.

I've never heard the term 'investor-friendly agent' but I now understand that's what I was hoping to find at some point. How should I go about finding one? Also, how would I access the MLS? 

 I will message you get you more further