Just looking for the best way to (re)start out

[Teddy Mao]

I started working back in summer 2018 and was very interested in real estate investing. I bought my first property for self-living back in early 2019, a condo in Dallas TX. I was living by myself at that time, and was very much into house hacking, but the pandemic hit and disrupted my plans. In late 2021 my wife and I both found jobs in Chicago, bought our second property (also a condo) there, moved in and had our first kid there. We were super lucky to have hit relatively low rates (15-year 2%-3% range) that we would not see again today.

The Dallas property is now rented, giving a almost zero cash flow over a 15-year fixed mortgage, until the recent HOA increase pushed it into the negative side slightly. I have been a passive remote landlord throughout the time, thanks to my agent and nice tenants over there.

We have almost enough cash to pay off the remaining balances of the mortgages but obviously we want to use it in a different way. But my real estate investment knowledge is very limited to the basics that one always starts buying it as their primary residence. I was thinking of PRR but it seems challenging with a toddler. Getting a property solely for investing purpose (without living in it first) is completely new to me and seems costly at this time.

So I am here to ask for some ideas on how I can start out with this. Thanks!

[Jonathan Klemm]

Hey There @Teddy Mao - Welcome to the Chicago BiggerPockets Community!

You got some great advice above from @Nathan Gesner and @Rene Hosman, so I will keep it short.

My biggest piece of advice is to get involved in some of the local Chicago meetups. Meeting other investors in person will help set your compass in the right direction.

Check out some of the local Chicago events posted on BP here:  https://www.biggerpockets.com/forums/521-real-estate-events-...