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Updated over 7 years ago,
New Investor Ready to Get My Feet Wet - Chicago, IL/Northwest IN
Hello BP! I've been thinking about getting into real estate investment for a few years now and now that I'm a bit more settled I want to get started (was previously living somewhere more short-term). I'm looking to introduce myself and my plan in order to get some feedback etc.
A bit about me. I'm 25 and single and just moved to Chicago in August. I currently work as an engineer in the chemical industry (~7-5 salaried job). I'm originally from Atlanta, but I currently live in Chicago and work in NW Indiana. Work takes up a lot of my day so I think that the best plan for me is to buy and hold rental properties for additional cashflow.
My Plan. I've been saving up for a while now and I have what I would consider a sizable chunk of capital to use for part of a downpayment on a property. I was thinking about buying a sizable multiplex(~10 units) in the next 6-9 months, but I was reading that once you get out of the 4 unit multiplex you switch into another realm (commercial real estate). Additionally, I like living in Chicago, but there are some really great tax benefits to buying in Indiana and living there as well (No double dipping on state income + much shorter commute). That doesn't include what I imagine to be much lower rates of property tax. Right now my goal is to get my first property and move into it as one of the "tenants" and then move forward with the intent to aim for 100 units down the road (maybe more maybe less depending on where I am at in life and when I say that I have enough).
My biggest hurdles right now are finding that first deal, buying my first property EVER, and taking the initial plunge into real estate investment.
I still have a lot more podcasts to listen to and articles on BP to read through to gain more knowledge on everything. What would be the best things to focus on getting started? Deciding on a specific area, finding a realtor, looking for a mentor, building relationships with banks/lenders, etc.?