New kid on the block

New kid on the block

Homewood, IL · Member since 2018 · 3 posts · 0 votes

Hello everyone, my name is Marcus Craighead, im am new to the BP group and the investment world. I currently stay in the south suburbs of Chicago, looking to buy my first investment property, because i believe real estate investments are the way to go if I want financial freedom for my family and I. I have read almost all of creator of the "Rich dad poor dad" books (I refuse to butcher Rob's last name lol) and listened to a hand full of podcasts from Bigpocs, still trying to figure out where to start. Do i need to get a trustworthy team consist of realtors,contractors, lawyers, lenders, and cpa together first?  How can i get finance for the "Brrrr" method? And how can a investor tell if their property is in a great area for very low vacancy rate in the next 10+ years? Some many other questions i cant list on here but i would just love some advice on the next steps i need to take on getting that first illusive property. They say the first investment property is always the hardest to get, can anybody out there help me get over this hump? Thank you BP gang

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  • Specialist · Dallas, TX · Member since 2017 · 368 posts · 102 votes
    8y

    @Marcus Craighead Welcome to BP! It's a great place to learn and network. Kind of properties are you interested in starting out with?

  • Real Estate Broker · Chicago, IL · Member since 2016 · 44 posts · 16 votes
    8y

    Hey Marcus,

    I think a good first step would be to work with a lender and real estate broker to identify what types of properties you can target. I'd be happy to put you in touch with some of the lenders I've referred other clients if you'd like? Vacancies are primarily a function of location and conditions of the unit/building and it' price. It can be tough to rehab occupied units so especially as a newer landlord I'd recommend buying something that won't need a lot of work in the near term. Since you live in the south suburbs you probably have a better idea of which areas there are more desirable for renters but of course proximity to public transportation, restaurants, schools, etc can influence your ability to reduce vacancies. Excited for you as you begin this journey and I'd also strongly recommend reading the Millionaire Real Estate Investor by Gary Keller! Feel free to reach out anytime to discuss further :)

  • Homewood, IL · Member since 2018 · 3 posts · 0 votes
    8y

    Hey guys, first and foremost I want to thank for your responses and welcomes. @Mr. Solomon I would love to find a nice 2 unit building with minimum upgrades and in fha shape.  @Mr. Fraher, yeah I am in a definite search of a lender and broker who can understand the mind of a new investor and what comes with it. I definitely have some areas out here in mind but I get pretty discouraged by the high property taxes that are associated with some of the townships in the south suburbs.  Is it possible to start off with acquiring properties without being limited to a certain area?

  • Investor · Chicago, IL · Member since 2016 · 515 posts · 247 votes
    8y

    Hey Marcus.  What area(s) are you looking to invest in?  I'm an investor on the north side of the city. 

  • Homewood, IL · Member since 2018 · 3 posts · 0 votes
    8y

    Hey Mr. Burdick, i really don't want to restrict myself so, anywhere in the Chicagoland area or northwest indy for starters will do.  Just want to be in a good low vacancy area where the taxes aren't too rich for my blood

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