Valparaiso, IN · Member since 2015 · 6 posts · 5 votes
Hi all,
My name is DJ and I'm a new member! It's nice to meet you all. I've been listening to the Podcast obsessively for the past month and I've learned a lot.
I'm located in the Northwest Indiana area (close to Chicago) and I'm interested in single family and multifamily units for buy and hold investing. My end goal is to be completely financially independent through real estate by the time I'm 40 (currently 23).
I haven't done any deals yet, but I'm looking to buy a single family home to fix up and rent within the next 6 months!
Investor · Downers Grove, IL · Member since 2015 · 353 posts · 213 votes
10y
@Matt White - you do not always have to deal with "Class D" tenants. Hammond is a CITY and quite large. There are many different areas. If you judge all cities by the lowest common denominator, then I guess Chicago's northside (near Wrigley where many Cubs and Blackhawks live) would also be terrible?
Just because some people have lower incomes and therefore can afford a lower rent, doesn't mean they are class D. Yes, there are trouble tenants, but I have found they come at all levels of income. So, in the end, it comes down to how you finish your property, how you screen your tenants, and then support them once they are in there.
I was taught a single item from my coach. If you picked up the property and moved it to where you wanted to live, would you live in the home yourself? Could you live in it? If you leave the crappy windows in, or put in new ones, but fail to seal or insulate around them, the bills skyrocket in the winters and it is cold. Would you still want to live there? So don't ask others to do that.
This line of thought has increase my up front expense for renovation and rehab, but it saves you in the long run when you don't have vacancy numbers. When I finally came on board with that line of thinking, I have seen an increase in the quality of tenant/applicant, and a massive reduction in evictions and turnover.
If a person feels comfortable and knowledgeable enough about an area, just exercise solid fundamental analysis on the area. There are people that have made solid money through the years investing in properties and areas I would never touch. Just because it doesn't work for me, doesn't mean they shouldn't keep doing it.
Good luck to everyone, just remember be smart, be educated and believe in yourself!
Investor · Downers Grove, IL · Member since 2015 · 353 posts · 213 votes
10y
Welcome to BP. great opportunities exist in NW Indiana to do exactly what you are seeking. Get out and network with others making it happen locally. Just be careful.. as I haev found. Lots of phonies and fakes. But there are also several really solid people that follow through and are honest.
My name is DJ and I'm a new member! It's nice to meet you all. I've been listening to the Podcast obsessively for the past month and I've learned a lot.
I'm located in the Northwest Indiana area (close to Chicago) and I'm interested in single family and multifamily units for buy and hold investing. My end goal is to be completely financially independent through real estate by the time I'm 40 (currently 23).
I haven't done any deals yet, but I'm looking to buy a single family home to fix up and rent within the next 6 months!
-DJ
Hey DJ,
Welcome to Bigger Pockets, my best wishes for your goals heading forward!
Boonsboro, MD · Member since 2011 · 137 posts · 26 votes
10y
Welcome to BP! Can't wait to hear from you on future forums as to how you are doing and what you have accomplished. Go to several local REIAs, and network. I am with
@Dale Stevens though, there are a lot of talkers out there, that don't know what they are talking about! LOL
Investor · Downers Grove, IL · Member since 2015 · 353 posts · 213 votes
10y
Yes @Terry Beall many bloviate without knowledge. Some do it to stroke their own ego, others do it as they are selfish. My faves, including many on here, attend classes taught by others. Run here, record a podcast, that basically is what they just learned, and hope you think they are the expert.
I attended a local class, two posters on here, attended that, and a few others by the same instructor. Now I see they are claiming they are self taught and one if not both, are pushing you to pay them to teach you. Sad really, just be honest.
At least what they teach works, but be honest about where the education came from, and that it means you, will always have a limit to your teaching because these two people, never learned how to move to the next level from the instructor.
I don't mean to scare anyone off, just be EXTREMELY careful the advice you take, the source of that advice. In the end, you are your own best advocate, and you need to be sure for yourself!
Real Estate Consultant · Whitestown, IN · Member since 2014 · 547 posts · 933 votes
10y
Welcome DJ. I would definitely consider getting started in your local area. I work in Indianapolis and see people from all over the US and world-wide invest here. The state has very good Landlord-Tenant Laws, reasonable home pricing, and a stable economy and job market. If/when you are interested in breaking in to the Indianapolis market... feel free to reach out.
Investor · Downers Grove, IL · Member since 2015 · 353 posts · 213 votes
10y
Yes, the areas you mentioned are solid areas, but with everything, make sure you stay on top of it. The key is to be fully educated on the areas, the codes, the laws, the processes, taxes, etc. It may sound overwhelming, but getting that information up front might be time consuming, but once you have it, it is amazing how quickly you "get it" and can move forward. I wish you nothing but luck and success.
Realtor · Summerville, SC · Member since 2015 · 60 posts · 16 votes
10y
Welcome to BP! Glad to see someone so young and goal oriented. Wish I would have stepped up at 23 and started then, but it's never too late. Good luck in your endeavors!
Highland, IN · Member since 2016 · 9 posts · 3 votes
10y
Djurica Bukur I also am new and wishing to invest in our local nwi markets and I'm not the most knowledgable but I have noticed that yes Hammond is a cheaper area to invest BUT you'll have to deal with "class c" tenants maybe even class d it's all based on the area just my 2 cents like I was listening to on the podcast was go around and make offers on places that you are considering and if one person takes you by surprise and accepts your lowball offer talk it over with someone that is a lot more knowledgeable.
Djurica Bukur I also am new and wishing to invest in our local nwi markets and I'm not the most knowledgable but I have noticed that yes Hammond is a cheaper area to invest BUT you'll have to deal with "class c" tenants maybe even class d it's all based on the area just my 2 cents like I was listening to on the podcast was go around and make offers on places that you are considering and if one person takes you by surprise and accepts your lowball offer talk it over with someone that is a lot more knowledgeable.
Matt,
Thanks for the input. I know Hammond can be a little rough around the edges, but I know the area decently enough. I think if you buy in the right part of town, you can be very successful. You know what they say: "Location, location, location."
Investor · Downers Grove, IL · Member since 2015 · 353 posts · 213 votes
10y
@Matt White - you do not always have to deal with "Class D" tenants. Hammond is a CITY and quite large. There are many different areas. If you judge all cities by the lowest common denominator, then I guess Chicago's northside (near Wrigley where many Cubs and Blackhawks live) would also be terrible?
Just because some people have lower incomes and therefore can afford a lower rent, doesn't mean they are class D. Yes, there are trouble tenants, but I have found they come at all levels of income. So, in the end, it comes down to how you finish your property, how you screen your tenants, and then support them once they are in there.
I was taught a single item from my coach. If you picked up the property and moved it to where you wanted to live, would you live in the home yourself? Could you live in it? If you leave the crappy windows in, or put in new ones, but fail to seal or insulate around them, the bills skyrocket in the winters and it is cold. Would you still want to live there? So don't ask others to do that.
This line of thought has increase my up front expense for renovation and rehab, but it saves you in the long run when you don't have vacancy numbers. When I finally came on board with that line of thinking, I have seen an increase in the quality of tenant/applicant, and a massive reduction in evictions and turnover.
If a person feels comfortable and knowledgeable enough about an area, just exercise solid fundamental analysis on the area. There are people that have made solid money through the years investing in properties and areas I would never touch. Just because it doesn't work for me, doesn't mean they shouldn't keep doing it.
Good luck to everyone, just remember be smart, be educated and believe in yourself!
Portage, IN · Member since 2016 · 18 posts · 4 votes
10y
Welcome to BP!
I'm in portage, currently living in half of my first multi home property, in the process of finding my second. I started a little over two years ago, no expert but can offer basic advice and help. Good luck and lmk if you have any questions.