New Member from Chicago, IL

11 Replies

Hello BP Community. My name is Julio Puentes from Chicago, IL. I recently joined the BP website and looking to learn as much as possible in order to jump into my first REI. Aside from owning my single family home and managing my late father commercial property, I consider myself very much a newbie to Real Estate. However I have this itch to invest in my first property to get started on my path to financial freedom and eventually liberate me from my 9-5.

I have two goals at the moment. First, purchase my first rental multi-home property (2-3 flat) within the next 6-8 months. As far as capital for the purchase and rehab costs, I am looking into a Home Equity Line of Credit, which I think I could probably obtain around $115K. Of course, with this first goal would be to rehab and fully rent this future property. My second goal, is to figure out what to do with my late father and uncle's 10,000 S/F commercial warehouse property.  I'll post more about this in the commercial property section. 

Thanks and look forward to learning and connecting within this community. 

Julio 

@Julio Puentes

Congratulations on joining the BP community! 

I've read about converting warehouses into apartments on the forums. But my idea is how about converting the warehouse into a restaurant? 

Good luck!

Originally posted by @Julio Puentes :

Hello BP Community. My name is Julio Puentes from Chicago, IL. I recently joined the BP website and looking to learn as much as possible in order to jump into my first REI. Aside from owning my single family home and managing my late father commercial property, I consider myself very much a newbie to Real Estate. However I have this itch to invest in my first property to get started on my path to financial freedom and eventually liberate me from my 9-5.

I have two goals at the moment. First, purchase my first rental multi-home property (2-3 flat) within the next 6-8 months. As far as capital for the purchase and rehab costs, I am looking into a Home Equity Line of Credit, which I think I could probably obtain around $115K. Of course, with this first goal would be to rehab and fully rent this future property. My second goal, is to figure out what to do with my late father and uncle's 10,000 S/F commercial warehouse property.  I'll post more about this in the commercial property section. 

Thanks and look forward to learning and connecting within this community. 

Julio 

 Hey Julio.  Welcome to bigger pockets!  I am a fellow investor on the north side of the city.  I deal universally with 2-4.  What areas are you looking for for a 2-3 unit?  

@Jeff Kao - Thank you for the welcome and suggestion. Unfortunately the building is located within a residential neighborhood that I don't think it would make for an ideal restaurant location. Apartments might be something. Thanks!

@Jeff Burdick - Hey Jeff, thank you for the welcome. I am in the SW side of the City , specifically in the South Lawndale area. Without really having done any research yet, my gut tells me that prices in this area are going to go up fast in the next few years as people are starting to push west of Pilsen. I would ideally like to find something in this area or perhaps further south where homes might be more affordable. 

Originally posted by @Julio Puentes :

@Jeff Burdick - Hey Jeff, thank you for the welcome. I am in the SW side of the City , specifically in the South Lawndale area. Without really having done any research yet, my gut tells me that prices in this area are going to go up fast in the next few years as people are starting to push west of Pilsen. I would ideally like to find something in this area or perhaps further south where homes might be more affordable. 

 I love the southwest side.  Little Village, McKinley Park, Brighton Park are three areas I like.  I agree completely with your assessment.  Lagunitas, Riot Fest in Douglas Park, Cinespace, El Paseo Trail connecting Pilsen and Little Village.  I think that area has a lot going for it!   

@Julio Puentes

Welcome to the BP family! Glad you joined the best real estate investing website! 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/

Wishing you the best!

Hello! @Julio Puentes

Welcome to BP, and congratulations on making the decision to invest in your future via real estate.

I have written a few blog posts that may help you get started here on BP, and with your investing. Please click on the links, give them a read, and share your thoughts in the comments.

First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:

https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp

The second is a post that will help get you focused with your real estate investing goals:

https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciated

The last one is a post that will help you choose an “investor friendly” real estate agent.

There are many agents out there, but it’s important to choose the right one.

https://www.biggerpockets.com/blogs/5868/52724-im-new-to-investing-how-do-i-find-an-investor-friendly-agent

I love answering questions if you have any! Good Luck :)

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