Newbie in Chicago, IL - Interested in Buy and Hold

[Stefan Hyde]

Hey BP crowd,

I'm a new member from the Chicagoland area looking to get started in buy and hold investing. I just graduated from NU in March, so I'd like to get into the market by way of house-hacking, if at all possible. I don't have very much experience with real estate, at all, but I have been doing a lot of reading and I am beginning to understand the numbers.

Any advice on where to get started in my area? I am open to either single family or multi-family properties, and am not afraid of doing some renovation work. I would prefer to be on the NW side of the city or in the near NW suburbs, but am willing to venture further if necessary.

Looking forward to meeting and hearing from you all!

Stefan

[Paul Timmins]

@Stefan Hyde

Welcome.  Take a good look at student housing see below.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers).

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul