Updated about 5 years ago on . Most recent reply
Chicago area investing
Hello to any Chicago realtors. I am a young man looking to try to find investment property anywhere in Chicago, but specifically on the southside. I am really new to all this research. I have been looking throw some of the posts to figure out and understand some of the real estate jargon. I have already made a post and was suggested to start off with a single family unit. Even with that suggestion I do not know where to start besides getting employed. Can anyone in the Midwest give a starter some advice?
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Hi @Benaiah Savage - nice name by the way. :)
Writing this post is a good step and I'm sure you will receive plenty of advice. There are a variety of options to investing and one that I am a huge proponent of as a first-time investor is house-hacking. You can even make money on a SFH by renting the basement out and the garage for parking.
There are plenty of books, articles, and podcasts out there that can help you gain better clarity on your next steps. But you are correct that you will need a source of income to get a pre-approval from the banks to help you take the first step. Action over everything is essential in real estate.
If I can help in any other way, feel free to DM me. Best of luck @Benaiah Savage!