Real estate investing (Starting Out)
Hi everyone
I need some advise with getting into real estate. I want to get into Realestate investing, I am tired of the 9 to 5 corporate job. I have been to many seminars on the subject and been watching a lot of youtube.
It's hard for me to get involved in with realestate because I am in a chapter 13 and don't have a money or savings for a deposit.
I am studying for my license currently in the hope's of getting into investing and also chicago has the law were u can't buy more than one property at a time without having a realestate license.
I am looking at the BRRR method, storage facilities and other investments. My goal is to purchase a Multiplex and rent to section 8 and leave in one unit for a year.
Really would like to get started and have some advice on what direction to take
Most Popular Reply
@Richard Dunklin you are definitely in a tough spot here. The real estate license, while it may help, is not going to solve any of your issues. Also, you don't need a license to own more than one property. I think you may be mixing up the wholesaling laws with ownership laws?
Investing is not a panacea for all your issues, and it is only one piece of your total financial puzzle. I would start by looking inward. How did you end up in Chapter 13? You will need to handle a lot of cash as an investor, and you will need to be good at budgeting for reserves, CapEx projects, etc. You will also need to be able to balance a prudent amount of debt with the income from properties.
I would personally double down on your job and potentiality grab a side job. Get yourself back to a stable financial position and you will be able to pull through to the other side where real estate investing is a lot easier and more attainable.