Buy and hold single family homes near Chicago.

Buy and hold single family homes near Chicago.

Investor · Villa Park, IL · Member since 2016 · 35 posts · 20 votes
Hi all, I'm Bob and I am looking at single family homes for buy and hold real estate in the suburbs of Chicago, more specifically DuPage county. I've been watching a lot of videos and podcasts here on BP and I went to a local real estate club meeting. I have been looking at foreclosed properties and I want to try calculate a brrrr. I saw a couple of properties that I want to watch. I plan to see what they sell for and try to calculate it. I want to watch a few auctions and try to take in information. I don't see myself making any purchase until I get mor comfortable with the market. Does anybody have any general advice at this point? Is there some big part of the equation that I need to pay attention to that I haven't considered, obviously there is a lot more to learn. My wife and I have a little money to invest and I have some time to put into this, but we do both work full time jobs. I'm just looking for any directional advice. Thanks!
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  • Member since 2016 · 13k+ posts · 12k+ votes
    9y

    Investing takes time, a lot of time starting out. With full time jobs you can count on putting in some long additional hrs. Be prepared to do the time.

  • Rental Property Investor · Elmwood Park IL · Member since 2016 · 45 posts · 10 votes
    9y

    Hi Bob.  I am also in the Chicago area.  I'm too new to offer any advice but I want to say good luck.  You are in the right place.

  • Investor · Villa Park, IL · Member since 2016 · 35 posts · 20 votes
    9y
    Thanks guys. Bradley I plan to use the brrrr calculator here on BP to analyze some deals, but I won't have any final results because I will never know how much money the buyer puts into it. I will talk to some contractors about real costs.
  • Real Estate Agent · Newport Beach, CA · Member since 2015 · 13 posts · 3 votes
    9y

    Hey!

    You are making an awesome choice to be part of the industry. 

    First things first, when buying an investment, ALWAYS do a scope of work to see how much the project is going to cost you. Run the comps or find a Real Estate agent to work with. ( I'm an agent and work with investors, so feel free to reach out). If the numbers make sense, then make the move. 

    Finding s reliable contractor will be difficult but get refrrrals and make sure to take them on a walk through because they'll see things you don't. 

    Look at auction homes and foreclosures. Buying an investment is always about getting it for the right price for the the neighborhood!

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