I'm a newbie who lives in the Rogers Park neighborhood of Chicago, IL - one of the most diverse neighborhoods in the country. I am a homeowner who's lived in RP for around 6 years, and in Chicago for 15 years.
My family background is in commercial real estate appraisal and owning apartment buildings, but I have been a graphic designer (print and web) for the last 16 years. I currently work at a real estate brokerage as a designer in the marketing department, which has definitely fed the real estate bug in me.
I'd like to start investing, preferably in my neighborhood, but I'm open to other neighborhoods as well. My goal would be to own enough rental properties to have a steady stream of income - enough to retire with. The 7 year plan pdf from BP is very appealing (starting with small properties and reinvesting until you have larger properties), but I'm not sure if the market is right to do it in Chicago. When I search for a property that fits the "2% rule", "50% rule" and "70% rule", I come up with nothing!
I'm looking forward to learning and networking with other Chicago investors to get advice about starting in the rental market to see if it's feasible.
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). Find them through Google and meetup.com
Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook
To find out about an area go to IREM.org search for ARM certified property managers. Call 5 ask them what they see expenses running per category per unit. What do they see them selling for per unit, what is the market occupancy rate. What are the market rents? Ask them if they know anything coming up for sale. Great way to pick up some good info and possibly a deal.
You can also search NARPM.org for the RMP (Residential Management Professional) and MPM (Master Property Manager) certified.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Thanks Paul - that's great practical advice! I'll check out the organizations - these are new to me. And I downloaded one of the books already - good reads.
Hey there @Rick Franklin and welcome to BP!! I agree with Account Closed as that is what I am doing. I have 2 meetings with local REIA's this week that I will be attending and I have become a member of another. BP has a ton of great resources and I am still combing through it.
@Rick Franklin welcome to BP, where you'll find great people always willing to help and share! There are rules and there are business plans. You can make RE work for you and you can bend the rules. Look at the plan you've created and discuss it with few mentors or other investors.
BP is full of useful resources such as forums and blogs. Welcome to the Bigger Pockets community-be sure to check out all the awesome BP blogs under “Learn.”
Welcome @Rick Franklin
The BP site is loaded with great, practical advice and loads of people to help look through business plans and assess ideas. The RE space is an exciting place to be in many geographies - although, as the saying goes, 'it's all local', so work hard at assessing your target locations as the averages rarely transfer across.
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