New to Bigger Pockets // Eager to get started investing // Need more connections

Chicago, Illinois
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New to Bigger Pockets // Eager to get started investing // Need more connections

Mitchell Petrosky
Member since 2024 · 4 posts · 5 votes

Hello!

I am 24 years old and I just moved to the Lakeview area in Chicago, IL. 

I've recently become interested in the idea of Real Estate Investing for a few reasons. I have two friends who own rental properties and they are successful with their properties, I read Rich Dad Poor Dad twice along with Rental Property Investing and Power of Habit, I've been told by multiple people apart of the Baby Boomer and Generation X that they wish they invested in Real Estate at my age, I was a Resident Advisor at my University and I enjoyed that role so some of the skills are transferrable, and lastly this is the best time for me to take a risk. I don't have any debt and I don't have kids or much going on outside of my 9-5 career. 

I NEED all of the help and support that I can get to take action and make it happen. I'm not one to take risks but I feel I am capable of becoming a Real Estate Investor as long as I do my due diligence. I'm reading up on books and articles on how to do this but sometimes it's easier to join social groups or talk to people close to me that have done it before.

Right now my goal is to get pre-approved for a loan and to learn from others. Once that has been done I'd like to purchase a property walking distance from myself so I can keep an eye on the property and because I don't have a car. I plan to manage this property myself, manage the finances, manage the tenet forms and etc all by myself so I can learn how to do everything right away when I'm first starting. My biggest fear or weaknesses will be trusting lenders, trusting Real Estate Agents, and trusting contractors. I believe I can do a good job as a Landlord once I have tenants and when I'm up and running. Hoping to accomplish this in the next 3-months. 

Hoping to connect with those who have done this before! Much appreciated!


-Mitchell Petrosky

3Reply
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  • John Mason
    Member since 2024 · 1k+ posts · 351 votes
    1y

    Mitchell Welcome to Bigger Pockets and good luck investing!! You have come to the right place to begin your investing journey.
    Have you looked into attending local meetings and joining Facebook groups?

    0Reply
  • Mitchell Petrosky
    OP
    Member since 2024 · 4 posts · 5 votes
    1y

    John,

    That is a great idea! Thank you for pointing that out. I tried only once to find the local meetings so I should try again! I'm sure that there are multiple groups near me. I used Facebook to find my current roommates so why not use Facebook to find other local Landlords.

    0Reply
  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    1y

    Welcome @Mitchell Petrosky to the Chicago BiggerPockets Community!  

    You are already on the right track.  

    1.  Educate = Read/Listen

    2. Network = Forums/FB/Meetup groups/1:1 coffee

    Check out Meetups here on BP website = https://www.biggerpockets.com/forums/521-real-estate-events-...

    3. Take Action = Get pre-approved/deal analysis/write offers

    I love the plan of purchasing close by.  Is there any way you can house hack and buy a 2-4 unit...live in one unit and rent out the others?  In my opinion, house hacking is the easiest way to get into the RE game with the lowest money out of pocket...plus if you throw in a renovation loan like the 203k or homestyle, you can boost your worth quickly!

    Why is your biggest weakness trustl?  If you connect with some BP folks, I think you'll see how trustworthy some of them are!  Agent wise connect with @Brie Schmidt, @Henry Lazerow, or @Jake Lieser.  Lender wise talk to @Zack Karp or @Jose Valdovinos...all of those folks work mainly with invetors and have a great pulse on the Chicago market.

    [email protected]
    Quality Builders4.966 Reviews
    WebsiteView Page
    0Reply
  • Riley Poppell
    Lender · Chicago · Member since 2024 · 88 posts · 24 votes
    1y

    Hey Mitchell. This is a good idea and one that will be super valuable long term! We have a great event at A and N Mortgage tonight and also tomorrow night that will cover a lot of these topics, you should go to it! Message me for more information and I can send you it!

    0Reply
  • Logan Lambert
    Lender · Kingsville, MD · Member since 2023 · 103 posts · 35 votes
    1y
    Quote from @Mitchell Petrosky:

    Hello!

    I am 24 years old and I just moved to the Lakeview area in Chicago, IL. 

    I've recently become interested in the idea of Real Estate Investing for a few reasons. I have two friends who own rental properties and they are successful with their properties, I read Rich Dad Poor Dad twice along with Rental Property Investing and Power of Habit, I've been told by multiple people apart of the Baby Boomer and Generation X that they wish they invested in Real Estate at my age, I was a Resident Advisor at my University and I enjoyed that role so some of the skills are transferrable, and lastly this is the best time for me to take a risk. I don't have any debt and I don't have kids or much going on outside of my 9-5 career. 

    I NEED all of the help and support that I can get to take action and make it happen. I'm not one to take risks but I feel I am capable of becoming a Real Estate Investor as long as I do my due diligence. I'm reading up on books and articles on how to do this but sometimes it's easier to join social groups or talk to people close to me that have done it before.

    Right now my goal is to get pre-approved for a loan and to learn from others. Once that has been done I'd like to purchase a property walking distance from myself so I can keep an eye on the property and because I don't have a car. I plan to manage this property myself, manage the finances, manage the tenet forms and etc all by myself so I can learn how to do everything right away when I'm first starting. My biggest fear or weaknesses will be trusting lenders, trusting Real Estate Agents, and trusting contractors. I believe I can do a good job as a Landlord once I have tenants and when I'm up and running. Hoping to accomplish this in the next 3-months. 

    Hoping to connect with those who have done this before! Much appreciated!


    -Mitchell Petrosky


     Hey Mitchell,

    Welcome to the world of real estate. Always great to try and build connections. Getting pre approved and establishing a relationship with a lender is super crucial. I would love to connect with you and help. Shoot me a connection.

    0Reply
  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    1y

    @Mitchell Petrosky

    Here is a structured approach to house hacking, including getting pre-approved for a loan, identifying an ideal investment property, building a trusted team, researching and making offers, managing the property effectively, and overcoming common challenges. Finally, stay disciplined, trust the process, and take action to build momentum. Stay disciplined, trust the process, and ask for help if needed.

    Good luck!

    [email protected]832-776-9582Podcast Guest on Show #469
    NETWORTH BUILDERS5236 Reviews
    WebsiteView Page
    0Reply
  • Paul De Luca
    Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes
    1y

    @Mitchell Petrosky

    Welcome! I can recommend a few investor-friendly lenders that could help you get pre approved if you PM me.

    0Reply
  • Mitchell Petrosky
    OP
    Member since 2024 · 4 posts · 5 votes
    1y
    Quote from @Jonathan Klemm:

    Welcome @Mitchell Petrosky to the Chicago BiggerPockets Community!  

    You are already on the right track.  

    1.  Educate = Read/Listen

    2. Network = Forums/FB/Meetup groups/1:1 coffee

    Check out Meetups here on BP website = https://www.biggerpockets.com/forums/521-real-estate-events-...

    3. Take Action = Get pre-approved/deal analysis/write offers

    I love the plan of purchasing close by.  Is there any way you can house hack and buy a 2-4 unit...live in one unit and rent out the others?  In my opinion, house hacking is the easiest way to get into the RE game with the lowest money out of pocket...plus if you throw in a renovation loan like the 203k or homestyle, you can boost your worth quickly!

    Why is your biggest weakness trustl?  If you connect with some BP folks, I think you'll see how trustworthy some of them are!  Agent wise connect with @Brie Schmidt, @Henry Lazerow, or @Jake Lieser.  Lender wise talk to @Zack Karp or @Jose Valdovinos...all of those folks work mainly with invetors and have a great pulse on the Chicago market.

     @Jonathan Klemm- Thank you so much for your message. All of this information is very helpful to me. I will be attending the meet up this Saturday so I appreciate you letting me know about it. 

    House Hacking sounds like a great idea to me and I'd love to go that route. However I'm in my current lease until May and I like my current living situation with my two roommates. I'm not opposed to revisiting this topic. 

    Trust is my weakness with Lenders and Agents because in every Podcast I listen to about what went wrong in a deal, it stems from not having coordinated the right team. Yes there are ways to mitigate these risks but it's scary that I don't have any mentors at the moment that are investing in the same area as me. These fears I have will change the more I meet people and interact with Bigger Pockets. I'm confident in that! 

    1Reply
  • Mitchell Petrosky
    OP
    Member since 2024 · 4 posts · 5 votes
    1y
    Quote from @Paul De Luca:

    @Mitchell Petrosky

    Welcome! I can recommend a few investor-friendly lenders that could help you get pre approved if you PM me.

     @Paul De Luca - That would be great! I'll connect with you when I'm ready. 

    1Reply
  • Andy Nathan
    Rental Property Investor · Chicago, IL · Member since 2019 · 203 posts · 119 votes
    1y

    It's great that you're starting young and already taking steps by educating yourself and setting clear goals! Trusting lenders, agents, and contractors can be tough, but building a solid team and doing your due diligence will help ease that process. Keep networking and learning—you’re on the right path to becoming a successful real estate investor!

    0Reply
  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    1y

    Love it @Mitchell Petrosky!  Maybe revisit house hacking and maybe use time to save money?

    Something has gone wrong with every deal I've done, but I learn and grow from each one as well!  The more you can develop that growth mindset the better off you will be, but it will also take a couple trips and faceplants!

    Happy to connect and share more of my experience investing in Chicago if that would be helpful!

    [email protected]
    Quality Builders4.966 Reviews
    WebsiteView Page
    0Reply
  • Victor SoBusiness Member
    Real Estate Agent · Chicago, IL · Member since 2017 · 324 posts · 192 votes
    1y
    Quote from @Mitchell Petrosky:

    Hello!

    I am 24 years old and I just moved to the Lakeview area in Chicago, IL. 

    I've recently become interested in the idea of Real Estate Investing for a few reasons. I have two friends who own rental properties and they are successful with their properties, I read Rich Dad Poor Dad twice along with Rental Property Investing and Power of Habit, I've been told by multiple people apart of the Baby Boomer and Generation X that they wish they invested in Real Estate at my age, I was a Resident Advisor at my University and I enjoyed that role so some of the skills are transferrable, and lastly this is the best time for me to take a risk. I don't have any debt and I don't have kids or much going on outside of my 9-5 career. 

    I NEED all of the help and support that I can get to take action and make it happen. I'm not one to take risks but I feel I am capable of becoming a Real Estate Investor as long as I do my due diligence. I'm reading up on books and articles on how to do this but sometimes it's easier to join social groups or talk to people close to me that have done it before.

    Right now my goal is to get pre-approved for a loan and to learn from others. Once that has been done I'd like to purchase a property walking distance from myself so I can keep an eye on the property and because I don't have a car. I plan to manage this property myself, manage the finances, manage the tenet forms and etc all by myself so I can learn how to do everything right away when I'm first starting. My biggest fear or weaknesses will be trusting lenders, trusting Real Estate Agents, and trusting contractors. I believe I can do a good job as a Landlord once I have tenants and when I'm up and running. Hoping to accomplish this in the next 3-months. 

    Hoping to connect with those who have done this before! Much appreciated!


    -Mitchell Petrosky


     Hey Mitchell! I love your ambition to get this done in 3 months. Are you planning to househack or just buy an investment property? You’ll be able to use a low down payment loan like an fha or conventional 3-5% down loan if you househack versus if you buy an investment property. I’ve househacked for 6-7 years now and I’ve found that house hacking was the most low risk, high reward type of  way for me to invest in real estate. DM if you want to discuss further! 

    Victor So Real Estate LLC517 Reviews
    WebsiteView Page
    0Reply
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