Looking to Invest in first rental property. Needed advice

Chicago, Illinois
General Real Estate Investing
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Looking to Invest in first rental property. Needed advice

Chintan Patel
Member since 2022 · 9 posts · 6 votes

Hello everyone,

I am seeking help and advice on investing in my first rental property. Specifically, I am looking to invest in a single-family property around $250K which can generate little cashflow, but I am unsure of which area to invest in for 2023.

I will not have time to manage property to myself so looking for property management service as well. 

I would greatly appreciate any insights or advice on areas that are currently good for investment, as well as any tips or suggestions for someone new to the rental property market.

Thank you in advance for your help!

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Jonathan KlemmBusiness Member
Moderator
Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
3y

Hi @Chintan Patel - Congrats on starting the search for your first property!  It only gets easier from here and I found the key to getting ahead is getting started.

Is there a reason you want a single family instead of a multi-family?

Chicago is huge...I think the best thing you can do is to link up with an investor-savvy lender like @Andy Smith or @Zack Karp get pre-approved and then find an investor-friendly agent like @Eudith Vacio or @Paul De Luca....make sure the agent you work with is familiar with neighborhoods you are looking in.

[email protected]
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  • Brian Jackson
    Realtor · Akron, OH · Member since 2023 · 56 posts · 40 votes
    3y

    I would recommend listening to podcasts, audio books, or simply doing some google searches. You can get a lot of information in a very short time. Best of luck to you on your investing journey.

    0Reply
  • Chintan Patel
    OP
    Member since 2022 · 9 posts · 6 votes
    3y

    Thanks Brain for the information.

    0Reply
  • Kathie Russell
    Professional · Raleigh, NC · Member since 2016 · 126 posts · 123 votes
    3y
    The best place to begin is usually in your own backyard.  You can expand into other areas later - when you start, it is better to be in proximity to your first property.  Join your local REIA.  Go to as many meetings as you are able.  Volunteer.  Make friends.  Give back.  If you do this, you will soon have all of the education, networking, mentoring, and resources that you will ever need to become a successful real estate investor.
    0Reply
  • Juan GarzaPro Member
    Real Estate Consultant · Lake county · Member since 2022 · 1 post · 0 votes
    3y

    I’m in lake county I have done 6 renovations very knowledgeable of the construction process and picking areas you need some help inbox me 

    0Reply
  • Account Closed
    Investor · Jacksonville, NC. · Member since 2016 · 11 posts · 1 vote
    3y
    Quote from @Chintan Patel:

    Hello everyone,

    I am seeking help and advice on investing in my first rental property. Specifically, I am looking to invest in a single-family property around $250K which can generate little cashflow, but I am unsure of which area to invest in for 2023.

    I will not have time to manage property to myself so looking for property management service as well. 

    I would greatly appreciate any insights or advice on areas that are currently good for investment, as well as any tips or suggestions for someone new to the rental property market.

    Thank you in advance for your help!




    Would you be interested in properties around 85% LTV that needs light cosmetics or are rent-ready in good rental areas like FL, NC, Northern VA, SC, and such? Also, do you buy fix and flip deals?
    0Reply
  • Jordan Alexander
    Member since 2022 · 106 posts · 39 votes
    3y

    Use the "Find An Agent" tab on BiggerPockets and connect with a investor friendly agent in your area!

    0Reply
  • JooYung Choi
    Realtor · NJ · Member since 2023 · 215 posts · 99 votes
    3y

    If you don't plan on moving into the property that you are purchasing, be prepared to pay at least 20% down + closing costs.

    Connecting with your local market realtor will give you good insight!

    0Reply
  • John Warren
    Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
    3y

    @Chintan Patel we see a lot of folks looking in the SW suburbs or the south suburbs in those price points. 250k is a very competitive price point in Chicago right now as it is so hard for buyers to find modestly priced homes. You will need to be very aggressive once you identify your area! 

    In terms of management, there are plenty of great management companies out there. For single family, it is all about finding the right area so your tenants have the means to pay and will stay for a long time. 

    0Reply
  • Eudith VacioPro Member
    Real Estate Agent · Chicago & NWI · Member since 2015 · 860 posts · 521 votes
    3y

    Hey @Chintan Patel - were you able to get started? definitely agree that that price range will leave you looking in the south side of chicago!

    1Reply
  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    3y

    Hi @Chintan Patel - Congrats on starting the search for your first property!  It only gets easier from here and I found the key to getting ahead is getting started.

    Is there a reason you want a single family instead of a multi-family?

    Chicago is huge...I think the best thing you can do is to link up with an investor-savvy lender like @Andy Smith or @Zack Karp get pre-approved and then find an investor-friendly agent like @Eudith Vacio or @Paul De Luca....make sure the agent you work with is familiar with neighborhoods you are looking in.

    [email protected]
    Quality Builders4.966 Reviews
    WebsiteView Page
    2Reply
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