New in the Western Suburbs of Chicago

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New in the Western Suburbs of Chicago

Michael Nowak
Westmont, IL · Member since 2016 · 2 posts · 2 votes

4 months ago I was on vacation in Costa Rica (using 6 of my total 15 days off a year) for a desperate breath oxygen and relief from my desk job, when I met a family on the beach. They had 5 kids and were in their first month of an 11 month world tour with their children. I simply had to ask how they afforded this lifestyle; how could they pack up the whole family and travel for 11 months? The answer was that they derived all their income from real estate. They had enough properties and positive income that they could hire a full time property manager and travel the world while he took care of the day to day. 

I was hooked. I long for the freedom to follow my interests and passions and am convinced that the key to that is through developing means of passive income that are not tied directly to my time. I don't want another job. I'm looking to get into real estate in the western suburbs of Chicago. 

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  • Eric M.
    Flipper/Rehabber · Louisville, KY · Member since 2008 · 1k+ posts · 1k+ votes
    10y

    All I can say is slow down and take a breath.  If you had met someone on vacation who had won the lottery would you come home intent on hitting the lottery? If you had met someone who cashed out from being employee #5 at google, would you run to silicon valley? Or if you met a stock trader? or international jewel thief?

    Yes, it can be done.  RE is wonderful but what you think you saw in that family is not the end result for 99.9% of Real Estate investors. I would bet they made real sacrifices to make that trip possible and you don't know what happens afterward.  Do their properties suffer in their absence? Does their property manager embezzle from them or just otherwise not perform.  Maybe the next week they got a call that their building caught fire and they had to cancel the whole trip and run home.  The snapshot of their life that you saw looked perfect, but I doubt it was.  You just don't know. 

    Educate yourself, be realistic, start small, see if you like it, follow your passion, don't focus on the money, set realistic goals. Believe me, it is not easy.

    Good Luck.

    0Reply
  • Jerry Stanford
    Chicago, IL · Member since 2015 · 469 posts · 81 votes
    10y

    Welcome @Michael Nowak. There are lots of great opportunities in Real Estate along with rewarding work that's involved. Some days are easier than others. It's good to have and hold to a vision like that family on the beach but always be willing to do the hard work to get there.  Many of us need and want that breath of oxygen you described and Real Estate can be the exhale you've been wanting. BP is a good place to start learning. I would encourage you to listen to the podcast and read the blogs and ask questions in the forum to see what direction you wish to go in. As long as you are willing to dig in and think outside the box on a regular, you just may just end up enjoying that same experience. 

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  • Michael Nowak
    OP
    Westmont, IL · Member since 2016 · 2 posts · 2 votes
    10y

    @Jerry Stanford, Appreciate the encouragement. I certainly know there will be a lot to learn and a lot of hard work. I've started digging into the podcasts and am looking forward to it. I figure at the very least I can start supplementing my income and move to a place where I am less reliant on my full time work for all of my income. 

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  • Jerry Stanford
    Chicago, IL · Member since 2015 · 469 posts · 81 votes
    10y

    @Michael Nowak...You are more than welcome. I've noticed also that I've changed my circles a bit in that I believe if you want to be successful in real estate, you have to think and talk about it. It's hard to do that with people who are not in the same frame of mind as you are about real estate. When you are talking about real estate and learning about it with others who are like minded, it is more exciting and more encouraging, even when deals may not go the way you would like. Local REIA's and meet ups have been very helpful for me in that department. Other people have started to notice a difference in my speech and thought process and because of that I've gotten a couple of private lenders. For me, the more I surround myself with real estate, the more I speak and think about it, and the more I attract opportunities in real estate.

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  • Jonathan J. Miller
    Lender · Denver, CO · Member since 2015 · 275 posts · 35 votes
    10y

    I want to hang out on the beach.  Good luck in your investing Michael.

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