Future Chicago area Investor

[Jonathan Klemm]

My name is Jonathan Klemm.  While trying to purchase my first home in Louisville, KY, I probably looked at 100 different homes and one of the first homes I looked at was an over priced foreclosure.   Eventually, that foreclosure was put up for auction on auction.com (keep in mind at the time I am a first time buyer and have no idea what I am doing on an auction site for a house).  The day after New Years in 2014 I ended up being the winning bidder in the auction and got an amazing price!  It has now been 3 years and through a lot of hard work the house is completely renovated (talk about a long term flip).  I am now getting ready to sell at the beginning of the new year 2017 and could not be happier to move forward in the real estate world.  After the sale of my house, I will be moving to the Chicago land area and plan to do a few small flips and possibly purchase a buy & hold multi-family through a 203k loan.  I grew up working with one of the best quality contractors (who has been over worked and under paid his whole life) and can not wait to team up with him to finally get him the financial freedom he deserves.  I appreciate any advice and am happy to join the bigger pockets social network.

[Jonathan Klemm]

@Dorothy Wulf - thank you!  I am confident the sale will go well.  What areas do you suggest in Chicago for multi-family?  If not in cook county I would be considering the Northwest suburbs.

@Brie Schmidt - Ideally, I would like to find a multi-family somewhere in the West Loop to live in, rehab, and turn into an income property; however the key word is ideal. I would be open to anything with a good ROI. Using the 203k was just an idea if I found something expensive to fix up and didn't have all the capital it would require. Have your clients had a bumpy path with the 203k due to contractors?