New to BiggerPockets

New to BiggerPockets

Investor · Tampa, FL · Member since 2016 · 8 posts · 3 votes

Hi Everyone,

I've been registered on BiggerPockets for a few months now, but haven't really had a chance to get active.  I'm looking to purchase buy, hold and rent single family and multi-family properties in the Chicagoland (IL) and Milwaukee (WI) areas.  My first property was my primary residence in Chicago, and I'm hoping to make another purchase by the end of the year.  I've been searching for a few months now, but have not had much luck in this market.  Bidding wars are routine and it seems like the good deals come and go within days.

I'm looking for a couple of things:

1.  Suggestions on how a new investor can start marketing for exposure to deals and contacts?

2.  Networking in Chicago - where/how did you find a reliable contractor/handyman/other key players?  I'm also interested in meeting experienced investors that would be interested in working together on future investments.

A little about myself:

I moved from Florida to Chicago about 7 years ago and currently work in Finance at an investment bank downtown.  I recently received my Illinois Real Estate License and am sponsored by a local brokerage.  I've had a passion for real estate for quite some time now and am itching to get a deal done this year.  Given that this is my first investment property (outside of my primary residence), I'm looking to start small to get some experience with the process and taking on the role of landlord.  I hope to become more aggressive after that.

Looking forward to meeting you all and appreciate the feedback in advance.

Best,

Ankit

1Reply
57 views

Most Popular Reply

Wholesaler · Batavia, IL · Member since 2015 · 21 posts · 7 votes
9y
I'd be happy to show you some purchase opportunities. Expert in the western suburbs. Message me
See this reply in the discussion

30 Replies

Jump to latestLatest
  • Rental Property Investor · Miami, FL · Member since 2017 · 2k+ posts · 911 votes
    9y

    Ankit.

    What type of deals are you looking to do?

  • Investor · Chicago, IL · Member since 2016 · 160 posts · 41 votes
    9y

    @Ankit B.welcome to BP!.

    You have come to the right place...here you will find all the resources to get you going towards your investment goal. yes, market is hot right now, so finding a deal via MLS in Chicago north side is hard...but you can still find deals if you act early and not look where everyone else is looking...or find properties which need work, get them rehabbed and then refinance out...House hacking via FHA loan may also be a good idea.

  • Ian WalshBusiness Member
    Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
    9y

    Welcome. Enjoy.  Lots of good info out here.

  • Shawn AckermanPro Member
    Real Estate Entrepreneur · Mid West, East Coast · Member since 2015 · 3k+ posts · 1k+ votes
    9y

    @Ankit B. Congrats on choosing the Milwaukee market.  It's a great market for cash flow.  I can say that the landlord tenant laws on the books in WI are more favorable to the owners opposed with Illinois where tenants receive much more leverage when it comes to eviction.  There are tons of talented people in the Milwaukee market and you will not have a difficult time locating a solid deal.  Best of luck to you.  Always remember to persist and you will WIN!!!!

  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    9y

    @Ankit B.

    Welcome to the BP family! Great that you joined the site! Here are some recommendations for you:

    Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet
    Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts
    Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
    Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/

    If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box. He or she will be notified of being tagged so that the conversation will continue.

    Wishing you the best!

  • Investor · Tampa, FL · Member since 2016 · 8 posts · 3 votes
    9y

    @Antoine Martel I'm interested single family and multifamily homes.  Looking to buy and hold to generate passive income to start.  Happy to chat further.  It would be great to hear about your past experiences and what you're looking to do going forward.

    @Dhru Das Thanks! Appreciate the input.  Any areas in North Chicago you recommend?

    @Ian Walsh Thanks, Ian!

    @Shawn Ackerman Thanks! Looking forward to tapping into that market.

    @Dmitriy Fomichenko Thank you!  Excited to be here.

  • Wholesaler · Batavia, IL · Member since 2015 · 21 posts · 7 votes
    9y
    I'd be happy to show you some purchase opportunities. Expert in the western suburbs. Message me
  • Shawn AckermanPro Member
    Real Estate Entrepreneur · Mid West, East Coast · Member since 2015 · 3k+ posts · 1k+ votes
    9y

    @Ankit B. Anytime my friend.  Best of luck to you.

  • Gilian GegawinPro Member
    Virtual Assistant · Scottsdale, AZ · Member since 2017 · 236 posts · 38 votes
    9y

    @Ankit B.  Hey Ankit and welcome to Bigger Pockets! BP is the ultimate real estate investing site around! There are so many cool and exciting things going on. For starters, you have the free informative forums to read and learn about real estate. Second, you can network with any real estate investor both new and experienced. Third, you will learn how to get deals done the right way. You have come to the right place and welcome to the Bigger Pockets community!

  • Real Estate Agent · Chicago, IL · Member since 2016 · 283 posts · 71 votes
    9y

    @Ankit B. welcome! I would recommend attending REI clubs to form your team here! Otherwise find a more experienced investor to help guide you here. There is no reason for you to go through all the leg work of finding these at times because the real estate investing community is usually very kind and can provide this info

  • Shawn AckermanPro Member
    Real Estate Entrepreneur · Mid West, East Coast · Member since 2015 · 3k+ posts · 1k+ votes
    9y

    @Alex Bok Very good points!

  • Investor · Grapevine, TX · Member since 2014 · 152 posts · 24 votes
    9y

    Start throwing signs, going to 2x meet ups per week, postcards, letters, craigslist, bush buys etc.

    Go to home-depot when they first open in the morning all the great contractors will be getting ready for the day. Also, drive new neighborhoods being built. These developments always have good workers. 

  • Shawn AckermanPro Member
    Real Estate Entrepreneur · Mid West, East Coast · Member since 2015 · 3k+ posts · 1k+ votes
    9y

    @Ankit B. also remember to remain engaged here on BP.  you don't know how many times new investors looking to come to the Milwaukee market make a few posts and disappear.  If investors get the sense that your serious(regular posts/comments) they are more likely to work with you.  Best of luck.

  • Real Estate Investor · Eola, IL · Member since 2014 · 137 posts · 22 votes
    9y

    Welcome to BP @Ankit B. . What area of Chicagoland are you interested? I invest in Western and South western suburbs mainly for buy n hold rental SFH. PM me with questions.

    Best of luck!

  • Shawn AckermanPro Member
    Real Estate Entrepreneur · Mid West, East Coast · Member since 2015 · 3k+ posts · 1k+ votes
    9y

    @Gautam S. What are typical price to rent ratio numbers on SFH in your market? Just curious.

  • Real Estate Investor · Eola, IL · Member since 2014 · 137 posts · 22 votes
    9y

    @Shawn Ackerman my rentals are 1.2%-1.5% range.

    for example I have just rehabbed a 3BR SFH in Flossmoor, IL . Its rented for $1575 for a long term ( 2yr) lease.

    The Net Cashflow on the property, if financed ( 75%), is about $400/mo.

    Its now listed in BP marketplace. PM me if interested.

  • Shawn AckermanPro Member
    Real Estate Entrepreneur · Mid West, East Coast · Member since 2015 · 3k+ posts · 1k+ votes
    9y

    @Gautam S. Those numbers are pretty solid.  Thanks for the offer however I buy strictly in the Milwaukee market.  however I'll share the add with some of my investor buddies who invest in some of the IL markets.

  • George SkidisPro Member
    Rental Property Investor · Belleville, IL · Member since 2017 · 875 posts · 529 votes
    9y

    Contact the Chicago Creative Investors Association. It is run by Jane Garvey. She has a large association and regular monthly meetings.

  • Real Estate Consultant · Chicago, IL · Member since 2014 · 720 posts · 439 votes
    9y

    @Ankit B. , welcome to Chicago market. Milwaukee and Chicago are as different as they can be. :)

    Regarding finding deals, it all matters what you are looking for: cash flow, equity? Also, are you looking for long term or to hold relatively a short time? 

  • Investor · Chicago, IL · Member since 2016 · 160 posts · 41 votes
    9y

    @Ankit B. depends on your goal. If you are looking for appreciation then Irving park, Avondale, Logan Sq etc are good. For cashflow you will need to look into south side of Chicago. Although there you will need good property managers and need to know the area as South side is block by block.

  • Investor · Waukesha, WI · Member since 2011 · 199 posts · 97 votes
    9y
    Originally posted by @Leo Lanza:

    Start throwing signs, going to 2x meet ups per week, postcards, letters, craigslist, bush buys etc.

    @leo lanza- Just curious because I'm always learning.  What does it mean when you talk about bush buys?  Haven't heard that term before.  Thanks!

  • Investor · Grapevine, TX · Member since 2014 · 152 posts · 24 votes
    9y

    Just another term for driving for dollars

  • Bill HamptonBusiness Member
    Accredited Investment Fiduciary, AIF®, Financial Planner, Tax Strategist, Real Estate Investor · Atlanta, GA · Member since 2012 · 2k+ posts · 977 votes
    9y

    @Ankit Bavishi, 

    Welcome to BP and good luck. 

    Hampton Tax and Financial Services LLC4.7106 Reviews
  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    9y

    Welcome to BP Ankit and best of luck investing!

  • Real Estate Consultant · Brookfield, WI · Member since 2014 · 873 posts · 350 votes
    9y

    Welcome to BP. This is the place where all your questions get answered. So don't be afraid to ask a lot of questions.  

Join the conversationCreate a free account to reply, vote on answers and follow this thread.