Bolingbrook, IL · Member since 2015 · 3 posts · 2 votes
I have no experience in real estate investing but I am interested in learning and potentially investing. I am interested in multi family homes. The plan is to purchase a few building then enter the flipping aspect. I'm eager to network with more experienced people and learn what I can.
Hi Loren! Welcome to the BP community! Congrats on taking action and working towards your financial independence! Recently I've headed a group of Chicago BP investors that go out every Saturday to view properties and make offers using no money down lines of credit. I have documented our experiences in the investor deal Diaries forum under the name project BP. We have a lot of fun learning about properties and taking action! Please check out the links below and leave a contact number if interested.
Hello and welcome! If you wanna learn this is definitely the place, everybody on here is super helpful and friendly. Do you have an idea of where you might wanna invest at? You can certainly find some good deals Indiana, although I'm not too familiar with South Bend.
Lorren Lacey my name is Dante. I've been wholesaling in chicago for a number of years and I frequently wholesale in in the Bronzeville neighborhood. Feel free to inbox me.
Good deals around Joliet have been going surprisingly fast as of late and prices are a lot higher then they were just a few months back... at least from my perspective.
@Lorren Lacey, the Bronzeville area is great! I bought my first rental property there last month. As a new investor, you might consider beginning with a condo or townhouse, because a multi-unit rehab can have lots of hidden, costly variables for a new investor. If you begin with foreclosed units like condos or townhouses that need minor work, you can build equity, learn the "game", and build your portfolio with less risk in the early stages. After that, multi-unit, dilapidated buildings make more sense. My two-cents.
@Dante Williams, I would also be interested in being contacted about Bronzeville wholesale deals.
@Demetrius Davis that you for the advice. You are the first person on site to give me valuable advice and not attempt to pull me into a deal. Thank you for your curtesy. The thing is I am interested in buy and holds and becoming a landlord. I work a full time job and I don't want to give that up. My goal is to purchase a multi family unit, at least 3 units, occupy one of the units and rent out the others. Do you know of any properties in the bronzville area that fit my needs?
@Lorren Lacey, I don't know of any off hand. But if you haven't already done so, set up a saved search on realtor.com, truly, zillow, and redfin for your desired price-range, multi-unit, etc. for the 60653 area. This way, you'll get notices when new inventory hits the MLS. You will likely find good opportunities in Woodlawn too. Perhaps seek out multi-units that have been well maintained by an older landlord/owner occupant, yet hasn't been updated in a long time. This way, you get a building in solid condition, at a reasonable price due to it being dated. If you have a building that only needs fun stuff such as kitchen and bath remodels, trim, painting, and flooring, while items such as electrical, plumbing, roof are in good shape, you have yourself a good, low-risk project. Plus you can typically get FHA financing for these multi-units and only put 3.5% down since you will be an owner occupant.
Also, connect with a realtor who hustles. She/he can set up an MLS automatic search for you and look at properties on your behalf as soon as they hit the market. My realtor visits properties while I'm at work, then sends me the video from her phone. This allows me to make quick decisions on newly listed properties, rather than waiting for evenings and weekends that align with both our schedules.
Lastly, as you analyze deals consider using the Real Estate Investment Calculator on BP or download a property analysis spreadsheet/worksheet from BP. This allows you to plug in numbers of each potential deal to evaluate the return. This helps take the emotions out of potential deals and enables you to see potential profit and compare deals side by side.