Updated 12 months ago on . Most recent reply
New member from the Chicago area!
Hey everyone,
Excited to join bigger pockets. I am from the Chicago area and looking to purchase my first property in the next 3-6 months. Have a steady 9-5 job but looking to branch into real estate investing as well.
Based on some of the research done, I am inclined towards starting out with a small multi family investment property (2-4 multi family home). Hopefully I am not being too ambitious given this would be my first ever home purchase. Looking forward to learn from folks on these forums!
Regards,
Vivien
Most Popular Reply
Welcome to BiggerPockets Viven, and congrats on taking the first step toward real estate investing! Starting with a small multifamily property is a fantastic idea—it gives you a chance to live in one unit while renting out the others, which can help offset your mortgage and build equity faster. It’s a smart way to dip your toes into investing while securing your first home.
You’re not being too ambitious at all! Plenty of successful investors started right where you are. Just focus on running the numbers carefully to ensure the property cash flows or at least covers expenses, and don’t hesitate to lean on resources here for advice.
If you're financing, look into FHA loans, as they're great for first-time buyers purchasing up to 4-unit properties with low down payments. Wishing you the best on your journey, and feel free to reach out if you have questions along the way—this community has a wealth of knowledge!