Hey BiggerPockets community, I am looking to purchase my first duplex/triplex in the Naperville, Glendale Heights, and/or Downers Grove area. I am open to exploring other areas and will take any recommendations I can get! My budget cap is around $370k. I am willing to invest in a cheaper property that needs rehab work as well.
I love connecting with others that share the same passion as I do and if you simply would want to connect to learn more about myself and my situation, feel free to reach out!
Investor · Raleigh, NC · Member since 2019 · 433 posts · 743 votes
5y
My advice:
1) Acknowledge the seller's market, know that it's going to be tough to get good deals on the MLS. So open your funnel to off market deals.
2) People will always tell you its a good time to get in, a good time to get out, a good time to buy, a good time to sell, a good time to wait, a good time to act. Do what you want, just be smart and calculated about it.
3) Get educated. Ditch music, listen to podcasts. Ditch news feeds & social media (unless marketing) and start reading books and blogs about investing.
4) Try house hacking your first one. That's my biggest financial regret, that I didn't do this.
5) Acknowledge that you're going to mess up. It's part of the process and its the cost of your education by doing.
6) Just do it. Don't overthink stuff. You'll learn the most by doing.
New to Real Estate · Frederick, MD · Member since 2021 · 39 posts · 36 votes
5y
@Tucker Cummings this is great. My husband and I are on our 3rd book. Currently reading Brandon and Josh’s How to Invest in Real Estate. We are also in an extra tough area. Frederick MD... less than 300 houses on the market and everything in our price range is going for more than 10K over list. This is great advice and I just wanted to say thank you .
Rental Property Investor · San Diego, CA · Member since 2014 · 1k+ posts · 2k+ votes
5y
@Ryan DiCanio
Hi Ryan,
This is Swanny from Podcast 238z I have been in San Diego since 1978 and am originally from Glen Ellyn, in Illinois too. Maybe you should think about investing in areas that rents are about $1,000-$1200.00 a month in strong Blue Collar neighborhoods. That’s what I did in pricey San Diego to get started and now have 230 front doors as a lowly paid Catholic School PE teacher and I told my story on BP Podcast 238. Feel free to reach out to me for advice. If I can do this, anyone can!! That goes for anyone on BP.
@Michael Swan thank you for the tip, I will tune into that podcast! Lets connect further, I would love to gain more insights from someone who has success like you!
Investor / Real Estate Agent · Aurora, IL · Member since 2015 · 170 posts · 42 votes
5y
@Ryan DiCanio Congrats on taking the first step, like everyone mentioned this is a seller's market. Don't let it discourage you as long as your numbers work that's all that matters. Naperville is pricy, I'd recommend you look into cheaper towns.