I'm 25, and new to REI. I've been interested in investing for some time now and I hope. To buy my first property this year. I work in Tech and live in Seattle, however, I'm moving to Chicago in August. Is anyone interested in helping a newbie?
Flipper/Rehabber · Columbus, OH · Member since 2018 · 51 posts · 22 votes
7y
@Sophia D.
Hello and welcome. I would suggest start reading and listening to the biggerpockets podcasts. There is a list of great books on this website that should keep you busy for a while. Its helped me a ton. Good luck!
Flipper/Rehabber · Columbus, OH · Member since 2018 · 51 posts · 22 votes
7y
@Sophia D.
Hello and welcome. I would suggest start reading and listening to the biggerpockets podcasts. There is a list of great books on this website that should keep you busy for a while. Its helped me a ton. Good luck!
Lender · Cleveland, OH · Member since 2011 · 587 posts · 435 votes
7y
@Sophia D. love chi-town. I would recommend familiarizing yourself with the concept of house hacking. There are tons of other posts on here which will explain the concept much better and more detailed that I can do I won’t go to deep. Basically, the idea is buying a property, preferably a 2-4 unit, living in one unit, renting out the other units, and letting that rent pay you mortgage.
You can then most likely use the Homepossible mortgage which only requires 5% down and gives you a very low 30 year fixed mortgage. You can even use the proposed rent as qualifying income to enhance your buying power.
Real Estate Agent · Renton, WA · Member since 2017 · 204 posts · 151 votes
7y
@Sophia D. You're at the right place here on BP, take the time to educate yourself and understand the market you'll be moving into. There are lots of season investors here on BP reachout and network as they can help guide. Happy Investing!
@Eric Veronica, I'll definitely look into this. I thought about buying using an FHA at 3.5%, fix & flip the property or buy & hold - maybe live in it for a short time. Seems like an interesting article. I'll look into it.
Los Angeles, CA · Member since 2014 · 2k+ posts · 515 votes
7y
Welcome to BiggerPockets, @Sophia D. BP is maybe the greatest free resource to help you get started in Real Estate Investment there is on the internet. Congratulations and I wish you a ton of success.