Newish investor in Chicago/Wisconsin

3 Replies

Hi guys,

Im a 30 year old married guy living in Chicago currently. I have 4 properties, and closing on my 5th in a couple weeks. I bought my first property in 2010, it was a SFH 2/2/2 foreclosure that I renovated and lived in. Then got another SFH 3/2/2 foreclosure in 2012. Moved to Chicago and bought our condo that we live in now in 2014. The past year I've acquired two houses in Wisconsin that operate/going to operate as vacation rentals.

I've been a lurker on the forums long before I had an account, and a big fan of the podcast. I noticed I needed to get more involved in the community as there are more and more questions that I don't have clear answers to. I'll be cash flowing enough to replace my income in about a year(or at the very least enough to cover my burn), and I want to 'retire' and go full time investing/flipping/hustling side businesses. I'm worried about running into the issue of not being able to get loans as soon as I quit my job. I'm hoping I can save up a nest egg in the next couple years so that I can just operate with cash. Would love to hear from anyone that has left their 9-5 and had to go back to it later.

Looking forward to getting more involved in my local REA and here on the forums.

welcome @Christopher Feggestad

and congratulations. 

Getting active in your local REIA, hanging out with similar like-minded investors and building relationships are key.

I still have a W2 but our portfolio has been consistently growing, since I started networking more. 

Hey @Christopher Feggestad welcome to the forums.  Check out the BP meet ups in both Chicago area and Milwaukee as another way to meet like-minded investors. There was just a Midwest Real Estate Investor Networking Summit in May that will be an annual event that you won't want to miss.  

Ask for what you need and I'm sure you'll find it here.  

Susan

Originally posted by @Christopher Feggestad :

Hi guys,

Im a 30 year old married guy living in Chicago currently. I have 4 properties, and closing on my 5th in a couple weeks. I bought my first property in 2010, it was a SFH 2/2/2 foreclosure that I renovated and lived in. Then got another SFH 3/2/2 foreclosure in 2012. Moved to Chicago and bought our condo that we live in now in 2014. The past year I've acquired two houses in Wisconsin that operate/going to operate as vacation rentals.

I've been a lurker on the forums long before I had an account, and a big fan of the podcast. I noticed I needed to get more involved in the community as there are more and more questions that I don't have clear answers to. I'll be cash flowing enough to replace my income in about a year(or at the very least enough to cover my burn), and I want to 'retire' and go full time investing/flipping/hustling side businesses. I'm worried about running into the issue of not being able to get loans as soon as I quit my job. I'm hoping I can save up a nest egg in the next couple years so that I can just operate with cash. Would love to hear from anyone that has left their 9-5 and had to go back to it later.

Looking forward to getting more involved in my local REA and here on the forums.

 Hello and welcome! Best of luck to you!

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