Investing in Chicago...Newbie Alert!
Hey BiggerPockets colleagues!
I'm very new to investing, and when I say new, I mean NEW. I've made tons of Barnes and Noble trips, relentlessly listened to podcasts, and now I'm an avid blog skimmer. At this point, I think I'm finally ready to make my first move towards purchasing a property.
From my previous research, House Hacking is how I am choosing to embark on my new journey. Are there any specific areas that have potential for some appreciation and good projected cash flow? Any areas I should stray from? Any advice is welcomed!
Although, I don't mind taking a bit of risks (considering that's how I tend to naturally live my life), it is a bit intimidating, and doubt can be monstrous at times. I'm anticipating some mistakes, just want minimize as many mistakes as possible.
I thank you all for ANY help in advance!
Kindly,
Franswa A.
Most Popular Reply
@Franswa Adams congratulations for taking the first step! House hacking is a great way to get started, and I would recommend that you start to think about the areas you would be interested in living. Because you are mixing your life with your investment, you will run into some inevitable compromises. I would recommend that if you are thinking of building a portfolio long term that you think of clustering your properties together, which is why I think it makes sense to find areas where you can pick up multiple buildings as you get started.
You also would want to start the conversation with a lender very soon. The lending component is very important, and you want a lender who you trust. Your realtor should be able to make that introduction as most of us agents work with preferred lenders on a regular basis who know the house hacking end of things.
Hope this helps! You are in the right place to get started.