REAL ESTATE NEWBIE ADVICE!

[Morgan I Levy]

Hi everyone! My name is Morgan Levy and I am seeking advice on how to begin my real estate investment journey.

I have read several books, listened to audios, met with agents so I have a basic understanding of the strategies and steps involved in real estate investment.

My goal is to purchase a multifamily property (2-4 units) but 2 is ideal- tenant occupied.

I rented a duplex for 5 years while living in Appleton, Wisconsin and saw the potential income and decided it was something I just had to pursue. My father sadly passed away a couple years ago and was an entrepreneur. I believe it is innate in me.

With that said, I have the capital left from him so money down is not an issue. I am very, VERY grateful and I know he would be proud of me going this route. However, I was a stay at home mom while living there with a couple part time jobs. I recently moved back to Chicago, I now have a job(1 month now). So my employment history for the past 4 years hasn't been very stable.

From what I've researched, correct me if I'm wrong, employment history, isn't necessarily a deal breaker when it comes to investing. I have the capital/cash. I have decent credit. Not great, but ok minus student loans.

Wisconsin vs Chicago is a huge difference in terms of cost of living-what you get for your money. I know the market in Wisconsin is steady and prices are ideal.

I know in my heart Chicago is temporary. Essentially, I guess what I am asking is, I really want to purchase a multifamily property first and foremost and I am leaning towards purchasing in Wisconsin. The areas I am searching is about a 3 hour drive from Chicago as far as commute and, I have several connections there in the event something needs to be fixed etc.

So,has anyone started their real estate investment from another state and if so, how did you go about it? What are the risks if any? Are sellers opposed to out of state buyers?

Any advice or suggestions is greatly appreciated. I am ready to just dive in and would love to hear input from anyone who has done this.

Thanks in advance!

Morgan