Student from Illinois and Newbie Real Estate Investor

Student from Illinois and Newbie Real Estate Investor

Bethalto, IL · Member since 2017 · 8 posts · 1 vote

Hello Everyone!

My name is Kevin and I m brand-spankin-new to the BiggerPockets community and real estate investing in general.  I am currently a student in Illinois and I am saving money for a down payment on my first real estate investment.  I plan on making my first purchase sometime next year, and I am using this time while saving my money to become as smart as possible on the subject of real estate.  I have never owned a home before and have just recently started renting myself.  In fact, the most expensive thing I have ever owned in my life was my very first car, valued at $5000 back in 2011.  I am very nervous to get started but at the same time extremely excited as well.  I am currently creating a road-map of sorts to help guide myself for the next several years, and after learning about all different types of real estate 'vehicles,' I have decided to invest in small multi-family houses using a buy and hold strategy.  If I do well enough for myself I hope to one day move to commercial property (though I don't have my eyes set on anything too crazy yet).  I first found out about BiggerPockets on YouTube and really enjoyed their videos (I can't recall what specific video I had first watched) and content on that site.  I have watched countless of the weekly podcasts on YouTube and have since decided to join the greater community here on BiggerPockets proper.  I am excited to utilize all of the tools available here on BP and I look forward to any interactions I may have here on the BP forums.

-  Kevin

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  • Real Estate Agent · Chicago, IL · Member since 2017 · 715 posts · 138 votes
    8y
    Kevin Osborn Welcome to BiggerPockets! It is great to have you and feel free to jump in the community there are great people in the forum.
  • Bethalto, IL · Member since 2017 · 8 posts · 1 vote
    8y

    @Aziz Raji  Thank you.  I had asked a question earlier, just something simple that I randomly thought about and believed I already knew the answer to.  Anyways, I was very surprised at how many replies I received in such a short amount of time.  Each response was very helpful as well.  I have only been with BP for a very, very short amount of time, but so far I have an extremely positive view on the community here.  Everyone seems to genuinely want to help each other out, and that's great!

  • Investor / Real Estate Agent · Aurora, IL · Member since 2015 · 170 posts · 42 votes
    8y

    @Kevin Osborn Welcome Kevin! The first step is making that decision, hope all goes well. 

  • Architecture drafter · Kansas city, MO · Member since 2018 · 59 posts · 24 votes
    8y

    The safest way to do it is to house hack, for me personally, I am closing on my first 3 bedroom house with a basement near a college here where ii live, so will live in the basement and rent out the 3 rooms to college kids/ or friends. And next I am looking at near investment properties with tenants already in place. Look up on youtube how to calculate numbers on rental property on youtube. that to me made the biggest sense. you would be surprised how many ppl or friends that you trust would jump on the opportunity to rent out a room in a big house for 450-600 a month. they arnt going to find that anywhere else. 

  • George SkidisPro Member
    Rental Property Investor · Belleville, IL · Member since 2017 · 875 posts · 529 votes
    8y

    Your first deal should be a multi-family you can live in and learn the business while paying for your housing. A Duplex, tri-plex or four plex would be a good starter home.

    The you need to decide if you will hire a management company or be a resident manager. Tenants will knock on the resident managers door at 2 AM and ask for bail money to get their significant other released. So try living their anonymously until you decide whether or not you like this business.

    Landlords can and will get abused by their residents both physically and financially. You need to determine how much you can take from others. 

    Older residents may try to buffalo you due to your youth.

    I suggest getting a property manager the first year or two. Then you may just buy the next 10 properties.

    Good Luck and good investing.

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