New Member from Chicago's North Side

[Brian Dowling]

Hey guys! I've enjoyed lurking and reading posts on BP for the last few weeks, as well as working my way through the podcasts, and have decided to introduce myself.

Here's the short(ish) version of my story:

I decided recently that I'm tired of writing out a rent check every month with nothing to show for it, and started looking for my first home. My boss overheard me discussing my house hunt and suggested buying a multifamily home in an up and coming neighborhood rather than paying top dollar for a one bedroom condo in a more expensive neighborhood.

It sounded a bit ridiculous to me at first, but the more I think on the idea the more excited I've gotten. My boss owns quite a few properties, has a good contractor that he uses regularly, and he's offered to help me through the process by making introductions, being a sounding board, and even as an investor if we can find the right property.

Now, why do I want to do this? It's a simple story, really. I spent 8 years in college, and racked up an impressive amount of student loan debt. None of that is tax deductible for me, so the idea of owning a potentially income generating property, gaining equity for the future, and receiving tax benefits in the short term is quite appealing. I like my job, and enjoy what I do, but I don't see how I'll ever move beyond my current status if I don't take some risk or make a move. Buying a three flat, or something similar, seems ideal to me because I can mitigate some of the risk by living in one of the units.

I look forward to learning more on the site, and appreciate any thoughts you may have. I hope none of that sounded too naive/unrealisitc. Thanks!

-Brian.