New Member from NW of Chicago

[Nelson Gaske]

Hi, I'm Nelson. I am from the NW suburbs outside Chicago, and am on the very beginning of my real estate journey. I found BiggerPockets a few weeks ago and have been hooked on the podcasts ever since. I am working my way through the backlog of BiggerPockets podcasts (by my Evernote notebook count I have listened to 35) and have been taking notes almost constantly while listening. There are so many nuggets of wisdom that I have learned through the podcast already it is ridiculous.

I am currently looking to utilize FHA financing to buy a slightly depressed property (due to mismanagement, etc.) and refi/flip out of it to build capital for a larger property. This is my plan because I don't have the capital for a large down payment and haven't found anyone I want to partner with (maybe that will change on BP!), as well as build experience as a landlord. I have qualified for an FHA loan at the maximum 3-unit (will also work on 4) in cook county but am priced out of many areas in Chicago closer to downtown with FHA unfortunately. I am currently talking with a Realtor and have visited a few properties, although through my analysis there aren't many deals on the MLS that will cash-flow or even break even with FHA financing (at least at this time of year).

I hope to make it out for the Chicago Meetup this Tuesday and start networking with locals and learn more about the community.