All Forum Posts by: Mark Pollard

Welcome to BP Mike. It sounds like you are doing a good job of learning as much as you can. Best of luck to you

-Mark

Hi Terry,

I'm looking to do the same thing in Chicago. Owner Occupying a 4- plex is one of the easiest and safest ways to get started in real estate. It has many advantages over other investments:

1. Easiest to finance. You can own 4 units and still get residential financing (less money down, longer term, lowest rate)

2. Less vacancy risk. A vacancy in a quad is only a 25% vacancy and you'd have other renters to help make your payments.

3. Easiest to improve. You don't have to do all the improvements at once. You can try improving 1 unit a little to see if that brings in more rent. You can do improvements at your own pace and it will be convenient if you do the work yourself and if you live in the building.

As far as an investment strategy I think you're on the right track. But, like the others said, I don't know about your area. You can try calling the local police department to find out about crime and the safety of the block. But as far as speculating about gentrification, who knows, but I wouldn't count on it. As long as you feel safe living there that's all that matters. And as long as you are making a positive cash flow you shouldn't even care too much about long term appreciation, that's another strategy altogether.

Thanks everyone for the warm welcome! And James, cool website, and congratulations on your success.

After lurking around the forum for a couple months it is time I introduced myself. First of all, I love the forum and the way everyone shares their knowledge to help others learn and grow. I especially appreciate the honest, credible, and unbiased advice (50% rule, $100 per door goal) I've seen here, compared to books that oversimplify investing and overexxagerate profits. I've been looking for the best online real estate investing community to learn and network on and I think I've found it.

By way of introduction, I'm a 23 year old recent graduate of the University of Illinois. As part of my business degree, I took classes in real estate investing, real estate law, and finance. I also got my real estate salesperson license in 2010 just to gain more knowledge. I now work as a CPA for a public accounting firm and I'm getting ready to make my first acquisition. I'm working with a real estate agent and looking for a residential multifamily that I can live in while I fix it up and rent it out. My strategy and goal is to buy 1 new duplex/triplex every year by living in it, fixing it up, and then renting it out and keeping it as an investment.

Thanks again for taking the time to read my introduction. I hope I am able to contribute a modest amount to the forum, but I mostly look forward to learning from the knowledge and experience of you all.