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Hi - i am newbie in NW burbs of chicgo - probably going to invest somewhere around me but am also open to nearby states - WI, MN.

Could u pls tell me what areas/towns/cities in MN you would focus on for buying income properties (rentals) well below market value?

thanks

Hi,
Is it possible to find online rental data about any particular area i might want to target. Up to date:
- vacancy rate
- average rental rate
- average rental increase
- etc etc (whatever else i should be looking at!)

thanks in advance

OK, here's the last questions for today atleast....

So, back a year or 2 ago, flipping almost was a slam dunk i assume due to a risking market...Now the market is flat to declining....How are people faring with flipping now? What are you doing differently? Is it 'simply' a matter of reducing even more the max % of FMV you will pay for a property and then when re-selling, price the property below those in the area to help get a quick sale?

Lastly - HUD properties that the government is trying to sell - I have yet to read a lot, so i will try to find some good posts on them here...But in short, do people find them a good deal either for rentals or flips (if indeed u can flip them)?

thanks alot.
Brett

OK, a question to everyone that's been doing this for ages (>5 to 10 yrs).

Do you find now that there has been a great influx of newbies (like me) that have somewhat diminished the pool of great deals out there? Has this made real estate investing a less attractive venture..I guess i am really asking - all the money you've made - did you make it back in the 80s, 90s rather than now?

I guess i just wonder about investor greed and just like the stock market has influxes of $$ and people I am curious if this is true for real estate investing also...

For example, i am in Chicago NW 'burbs and trying to figure out how to get started....One thing somewhat holding me back is thinking of all the people out there (competition) that are trying to do the same thing....Do markets support this number or again, is real estate investing now less attractive? I wonder for example in Chicago if every man and his dog is doing wholesaling/flips and so i am limited to other avenues (perhaps rentals etc).

thanks,
Brett

Hi,
I am in NW burbs of Chicago where real estate can get quite expensive...In fact to get a cheap SFH retail is high $100's atleast and goes way up. To get a multi-family is a lot more...So, i am a little confused as to how to start...i am going to some clubs for the first time this month so hopefully I will meet someone that will 'unconfuse' me....

However, i read a lot that it is good when starting out to pick a small, focused area and stick to it for the first 1 to few deals...makes sense..and this area should be close by...problem is, all places close by are reasonably expensive...

I am primarily interested in accumulating income producing properties so should I:
- stick to a somewhat local area and simply try to find a _really_ cheap deal - not sure how difficult yet
- branch out to outer counties or even into wisconsin (racine/madison) where prices may be more agreeable?

Do people that have done a lot of rental property investing find there is an ideal price point at which rents vs mortgages are good and beyond, the rent income diminishes with the increased price of the property? I am wondering from some of the posts i have read so far if i should be focusing on properties _well_ less that $150k and even less than $100k for rentals rather than go higher and maybe not see a direct ratio increase in rents....

sorry this ended up long!

thanks,
Brett

Hello! I just joined this forum and live in Libertyville, IL. I am tired of working for a large company and am now serious about branching off to make some $$ and be independent. I am mostly wanting to priortize on accumulating solid, income producing properties but would not say no to other 'quicker $$' opportunties.

nightowl/manuto23, can u PM me your email addresses? I would love to get in touch with similar newbies in the area and see what you are doing, network, learn etc.

One thing i am concerned with in Chicago is simply the price of properties. Being in the suburbs, i am not sure that i want to look in the actual city due to the time of the drive down there and the fact I don't know much of the town (i have not lived here all my life). But, in particular with being in the suburbs the prices for homes are expensive..I wonder if i should try to focus on a market in another area of IL or South East WI perhaps or even MI??

MikeOH - I am a noob (sorry!:)), and i have read and found a lot of your postings very informative and helpful thankyou. I also agree that it seems logical that you must know your market and value in particular. Some basic questions:
- To do this, do you suggest picking one or 2 cities/towns/geographical locations or even an entire county? It would seem to me difficult to become an expert if the area is too large
- How exactly do you 'go out there and look' at properties - Do you suggest actually finding out what properties are for sale and going to the property to at the very least look at the outside but possibly also the inside if there is an open house?
thx!

Hi All,

I have just started trying to read everything and suck up knowledge from this site and books to meet my goals of starting up real estate investing. I am in my low 30's and am about to hit my 10 year anniversary with a large company. I have a good income from this company but am tired of working for someone.

I am a little hesitant on how to start. The whole flipping/rehabbing seems to be good in an upward market but with the market right now I don't know if I should focus on trying to get long term buy and holds for rental. If so though, I won't get much cash flow from this initially so will still have to work:(

So, i guess i'll just keep reading and hopefully through the forums or some clubs I am going to join, i will figure out or be taught how to start and build momentum.

Cheers,
Brett