ADVICE NEEDED: Buying FIRST Property: Mulit Family Chicago

[Derek Rees]

Hello PB community,

I'm looking to start my real estate investing career by purchasing multi family. I'd be living in one unit and rent out the other(s). Here's some more details about my situation.

I've got excellent credit (800+). The major limiting factor is that I've 12k in savings for down payment. So I'll be getting an FHA loan. May be a 203k if the place needs some work. I am handy and can do some work myself, aka paint and flooring. I do need to commute into the city each day for my full time job

So far my general questions are...

- Being that I'm so new does it make sense to try and go the 203k route or find a turnkey property?

- Knowing inventory is low and should I go the 203k route does it make sense to connect with a wholesaler or scour the MLS?

- I am hearing the South Shore area is a good place to look, what other areas or near burbs would you suggest?

- If you have a free few hours each weekend how would you best invest that time to learn?

Any other thoughts feedback are welcomed.

Best

Derek