Newbie in Chicago, IL - Interested in Buy and Hold

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Newbie in Chicago, IL - Interested in Buy and Hold

Stefan Hyde
Mount Prospect, IL · Member since 2014 · 2 posts · 1 vote

Hey BP crowd,

I'm a new member from the Chicagoland area looking to get started in buy and hold investing. I just graduated from NU in March, so I'd like to get into the market by way of house-hacking, if at all possible. I don't have very much experience with real estate, at all, but I have been doing a lot of reading and I am beginning to understand the numbers.

Any advice on where to get started in my area? I am open to either single family or multi-family properties, and am not afraid of doing some renovation work. I would prefer to be on the NW side of the city or in the near NW suburbs, but am willing to venture further if necessary.

Looking forward to meeting and hearing from you all!

Stefan

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Paul Timmins
Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
11y

@Stefan Hyde

Welcome.  Take a good look at student housing see below.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers).

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul 

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  • Rachelle RodaviaPro Member
    BiggerPockets Support · Manila, Philippines · Member since 2015 · 1k+ posts · 149 votes
    11y

    @Stefan Hyde

    Welcome to BP! 

    Make sure to stay active :)

    Cheers!

    BiggerPockets
    0Reply
  • Joseph Ziolkowski
    Inspector · Alsip, IL · Member since 2008 · 361 posts · 75 votes
    11y
    Hi Stefan, welcome! I'm in the Chicagoland area as well. Try Chicago Reia. Best group I've found so far for giving guidance to new and experienced investors locally. Hope it helps. Joe Ziolkowski On Target Home Inspection 708-274-7279 www.OnTargetHomeInspection.com
    0Reply
  • Steve Haight
    Las Vegas, NV · Member since 2014 · 732 posts · 137 votes
    11y

    Go to market place on B/P an place an add put your price range what you are looking for and find some wholesalers in your area. Market place worksgreat.

    0Reply
  • Mark Nolan
    Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
    11y

    @Stefan Hyde

    BP is full of useful resources. Welcome to the Bigger Pockets community-be sure to check out all the awesome BP blogs under “Learn.”

    0Reply
  • Paul Timmins
    Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    11y

    @Stefan Hyde

    Welcome.  Take a good look at student housing see below.

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers).

    Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

    Consider checking out HUD homes for small multi's owner occupied gets first crack.

    You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

    Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

    http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

    Good Luck

    Paul 

    2Reply
  • Stefan Hyde
    OP
    Mount Prospect, IL · Member since 2014 · 2 posts · 1 vote
    11y

    Thanks for the great tips! I have thought about attending REIA meetings, but wasn't sure where to start.

    I've been reading quite a bit on the forums and the blogs, as well as listening to the podcast. Certainly a lot of mentions for J. Scott's work, so I'll have to give it a try.

    0Reply
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