Real Estate Investor · Schaumburg, IL · Member since 2009 · 10 posts · 0 votes
Hello All,
I am very new to the REI game and am looking to soak up as much knowledge as possible from any place I can find it. Books, Journals, websites, BP's, etc... I find all aspects of this field to be quite fascinating and hope to make a career/life out of it. I think this might be the first time in my life when someone asks "what do I want to do when I grow up" (pushing 30 already), I think I finally have an answer for them!
Where I'm at now, I think I'll be focusing on a buy and hold strategy, initially targeting single family homes. I'm hoping to acquire my first property by April and continue on from there. If anyone is familiar with the western suburbs of Chicago (DuPage, Western Cook, Kane, etc..) and has any tips on market selection, it would be much appreciated. If not, any tips in general on evaluating potential markets would be also be appreciated.
Real Estate Investor · Atlanta, GA · Member since 2009 · 12 posts · 0 votes
16y
Hello Jake,
I don't know the Chitown area very well. I don't think it would be real hard to know if you are buying right. I'm assuming you will start in your own backyard. You definitely need a good tool for determining what property values are. If you can get a property 60% under what 'current' comps are, you would probably have a good deal. There are some other considerations though. ie age and condition of the property etc.. You have to do your dudiligence. Make sure that you go into the forums to check them out. Ask questions, many members are happy to offer what they know. I hope this helps a little.
Investor · Chicago, IL · Member since 2010 · 504 posts · 191 votes
16y
Hello Jake,
I am also from the western suburbs of Chicago. I am also relatively new as I started the first of this year. As of today, I have two properties under contract and closing on one of them Tuesday. If you need any help in the western suburbs email me at [email protected] and we can talk about what you are looking for in a market and I can help you locate your target areas. Let me know how I can help.