Hi biggerpockets! New member here. I could use some advice

[Arturo Perez]

Hi there. I am a new investor looking to get into rental units in the Chicagoland area.

I need an advice; I am currently renting in Chicago IL. I have a stable job, I could be re-assigned out of state in the next couple of years, but if I don't I have no problem living here long-term. I am in the Old Town area, very close to downtown, my rent is $1260 per month and includes most utilities and even parking. This is a great deal and I really like where I live, unfortunately these are apartments and are not for sale. I have looked at similar properties in the area and they are well outside of my price range, so I think I should continue to rent for a year or 2 and look at investment properties. Talking to a few lenders and financial advisors that I met through friends, they all recommend that I buy so I start building equity before I start getting into rental investments. What do you guys think? Is this wise advice?

[Michael Facchini]

The purchase of a primary residence is the easiest (less hurdles, best rates, lowest down payments) and makes the most sense in many cases.  You then build equity like you're saying, and give consideration to future investments in a year or two.  You could also look at buying a 2 or 3unit and get the best of both worlds.  A primary residence with rental income from other units.

In any regard, that primary could become an investment years down the road when you move to the next one.  Happy to provide more guidance on this anytime, just let me know!