First time Flipper/investor

[Ellyn Cook]

Hi All,

I am a Realtor. Been in the business only 6 months but finding success already. I am looking to buy my first condo in November which will also be an investment. I am wanting to live there while I flip it. I can be a minimalist so I have no fear of living through it. I am in Chicago and wanting to start with a condo and focus on cosmetic renovations for my first flip. I have found some properties and ran comps to see what I could resell for. I am new to this but wanted to be in RE investing for years now. Any advice would be much appreciated. 

[Jonathan Klemm]

@Ellyn Cook - Sounds like you are already on the right path! Search properties, estimate rehab, run ARV, rent/sell......

Is your plan to live there for two years to avoid capital gains?  Or are you looking to hold the property afterward as a rental?

I personally like the idea of rehabbing condos right now because it seems like you can find some properties at discounts with many millennials moving to the suburbs.  What areas are you looking in?