Soon to be 22 years old and I live in the south suburbs Chicago/ Northwestern Indiana area. I have set goals to purchase a rental property before the year end. Preferably a duplex. I'm thirsty for knowledge. I don't have much money but I have a good credit score so wholesales, loans, or fix and flips might be the way I have to start out to own my rental properties.
Hi, Jeremiah. 22 years old and already wise beyond your years! Congratulations on being so focused, so young.
While money makes investing easier, most of us start off on a shoestring budget, the very motivating factor we get into real estate. That said, the general consensus is that wholesaling is the way to start. In my experience, lease options, particularly cooperative assignments, are a heck of a lot easier. Best wishes for success!
Hi JJ.....I regularly poke around the Redfin website out of curiosity more than a desire to buy anything and I've noticed that the properties in Crete and Steger appear to be very reasonably priced for a pretty solid working class suburb. If you go out and start actively looking at properties feel free to take a slew of photos, upload them to dropbox, and send me a link.....I'd be happy to go over the photos with you to help you better understand the condition of the property. Best of luck in your search!
Hi @Jeremiah Johnson and welcome to BP! It sounds like you have a great start for planning on how to achieve your goals. My suggestion would be to narrow your focus to one niche and just run with it. Not sure who said it but its better to be great at one thing than mediocre at 10! I think wholesaling is a lot more difficult than most think. I would read up on the BRRRR strategy (Buy, Rehab, Rent, Refinance, Repeat) if you haven't already (read and watch about it here https://www.biggerpockets.com/blog/brrrr-buyrehabrentrefinancerepeatprimer/ or https://youtu.be/udWrw5vhm2k)
This is the strategy I'm targeting and am currenty in the middle of acquiring a property from a local wholesaler that I found after connecting with him and his partner on BiggerPockets. Networking really is the key to success!
Another great resource to help quench your thirst for knowledge would be BP's "Ultimate Beginners Guide" http://www.biggerpockets.com/ultimatebeginnersguide.pdf
Hope that helps and I look forward to hearing about your success in REI!
@Jeremiah Johnson welcome to bigger pockets. 3 things to think about. Bigger Pockets has a ton of calculators, make sure to look at some sales and analyze them to help guide you to what type of deal will cash flow, then when the right one comes along you will be more confident in pulling the trigger.
Also Network, attend local events, you may meet some local Realtors, lenders and wholesalers. Having a network is invaluable. You never know when you might gain useful knowledge from these connections or even deals.
Last thing is if you have not seen the bigger pockets podcast start binge watching them. They are not only inspiring, they offer a lot of knowledge just by listening to other who have done it already. Hear them talk about the success and failures they encountered. You will gain a wealth of insight!
Hope this helps you on your journey!
Thank you all so much for reaching out. I sincerely value all of you all's advice.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you