I am getting started in real estate and looking to start picking up SFH rentals in Champaign & Urbana IL. I have started talking with an agent and I'm meeting with a lender this week. We are planning to rehab at least the first one ourselves (this is something I want to learn more about, so I'm taking a hands-on approach). We are planning to self-manage the rentals until we find a good property manager. Any advice for a new investor would be much appreciated.
Welcome and good luck
@Derek Rankin Welcome to the Fun. Lets connect!
@Derek Rankin house hacking is always my first suggestion in getting in the game. I know some people have family or kids, so don't feel comfortable enough starting this way though. I recommend being committing for at least one year.
Daily podcasts, checking in BiggerPockets, and knowing your "why" will make the persistence much more easier. Personally "The Book On Estimating Rehab Costs" by J Scott was biggest help for me going into rehabs learning the scope of work, timeline, how to price out jobs, etc.
I am full time investor here in the Champaign area. Feel free to reach out anytime.
I second, “the book on estimating rehab costs by jay Scott. Also jays book, “the book on flipping houses.” Both are excellent books!
Definitely connect with your local real estate investor group. There is one in Champaign/Urbana.
Thanks everyone! I have been reading, listening to podcasts, and I just finished reading David Greene's book on BRRRR. I will continue reading and hopefully connect with investors in the area.
My advice is do it all yourself hard work is what made a lot of successful Flippers who the are today,of coarse that`s just my opinion. Good Luck
@Derek Rankin welcome to the tribe! From the excitement of buying and selling to the pleasure (and pain) of dealing with tenants, being a real estate investor is quite unlike anything else! That is of course, for one thing: you have to follow the rules in order to win the game. There may be times when inexperience or temptation may land you on the wrong side of landlord-tenant or property laws. Don't let it! Stay informed, and be sure you have the help of a local real estate attorney who knows the landscape. Good luck, and I wish you much success!