First time buyer dilemma !!

[Matt Stoch]

Hi Guys! This is my first post so I am sorry if this is not the right place! I am looking for some solid advice on purchasing investment property in Chicago. I currently rent an apartment from my folks and I am thinking about buying a property (2 flat or more if I can afford it). I saved up only $50k so I am not sure if that's enough to purchase a decent rental property. I just started looking in Bridgeport (south Chicago) and there are some properties which cost around $300k (2/3 flat). The only down side is that they are all build prior to 1900s and need some serious remodeling. I have some background in remodeling as I worked for general contractor all through college (4-5 years). Any advice will be greatly appreciated! Also if you have stories about your early days of real estate investing please share!

[Chris Puglisi]

If you are going to live in the property you could get away with only 5% down and use the other $30k towards rehab costs.