Network for newbie investor in Chicago

[Majid Safdari]

Hello BP

I have some real estate investing out of the US and wanna start my investment in multifamily residential. I moved to Evanston, IL two year ago.

My goal is to get close to my first deal and open to suggestions but currently targeting an 8-12 unit, with up to 180-200k down payment in North Chicagoland. Add value concept looks very appealing (maybe for many investors). I also went on and put a target date for myself for accountability (hopefully, my first deal is done before September) But it might be hard based on LTV.

Right now in stage of analyzing online deals in the evenings.
I am looking for network, leads and very much appreciate any suggestions you may have on joining teams and other local investors.

Bests/M

[Jake Fugman]

@Majid Safdari Congrats on taking first steps! I would recommend starting by building up your team (agent & lender), and leveraging them as a sounding board for deal underwriting. On the north side of Chicago the 5+ multifamily deals are trading anywhere from a true 5-7% CAP rate. If you venture into mixed use sometimes you can get towards the higher end of that range. Lenders will want to see a DSCR of at least 1.2 to allow for 25% down. On the north side that can be tough with the low CAP rates - so be prepared for potentially needing 30% down.

As far as networking Im a fan of the "Straight Up Chicago Investor" podcast that is hosted by @Mark Ainley and @Tom Shallcross. Also, the WindyCity ROI group meets on the north side every Sunday.

Hope to see you out there and good luck!