Newbie from Rogers Park neighborhood of Chicago

[Rick Franklin]

Hi all,

I'm a newbie who lives in the Rogers Park neighborhood of Chicago, IL - one of the most diverse neighborhoods in the country. I am a homeowner who's lived in RP for around 6 years, and in Chicago for 15 years. 

My family background is in commercial real estate appraisal and owning apartment buildings, but I have been a graphic designer (print and web) for the last 16 years. I currently work at a real estate brokerage as a designer in the marketing department, which has definitely fed the real estate bug in me. 

I'd like to start investing, preferably in my neighborhood, but I'm open to other neighborhoods as well. My goal would be to own enough rental properties to have a steady stream of income - enough to retire with. The 7 year plan pdf from BP is very appealing (starting with small properties and reinvesting until you have larger properties), but I'm not sure if the market is right to do it in Chicago. When I search for a property that fits the "2% rule", "50% rule" and "70% rule", I come up with nothing! 

I'm looking forward to learning and networking with other Chicago investors to get advice about starting in the rental market to see if it's feasible. 

Best,

Rick

[Paul Timmins]

@Rick Franklin

Welcome.

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). Find them through Google and meetup.com

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

To find out about an area go to IREM.org search for ARM certified property managers. Call 5 ask them what they see expenses running per category per unit. What do they see them selling for per unit, what is the market occupancy rate. What are the market rents? Ask them if they know anything coming up for sale. Great way to pick up some good info and possibly a deal.

You can also search NARPM.org for the RMP (Residential Management Professional) and MPM (Master Property Manager) certified.

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