23 yo Newbie from Chicago Ready to Take the Plunge

23 yo Newbie from Chicago Ready to Take the Plunge

Chicago, IL · Member since 2018 · 9 posts · 5 votes

Hey everyone! My name is Kobi, I'm 23 years old, living in Chicago, and finally looking to take the plunge into buying my first property. I own a luxury streetwear company in India and a contemporary art gallery focusing on virtual reality art, both of which I am currently managing from Chicago. I've always known that I was going to want to get into real estate investing early on in order to build long term personal wealth, but only recently have I begun to start heavy research and reading as much as I can into buying my first property. 

I've seen so many of my friends start their corporate jobs making huge incomes, living in expensive apartments, spending all their money on avocado toast, hating their lives, and not actually saving much money year on year, which I've just never been able to rationalize. To me, life has always been about doing something that I truly enjoy, while trying to set myself up for long term financial freedom by creating multiple sources of passive income. So it always seemed natural to me that real estate investing was something that I wanted to eventually end up doing. 

My personal goal right now is to buy at least one positively cash flowing rental property by the end of the year in the Chicagoland area. I've been trying to read as much as can in order to make this first investment successful, and I would love to meet anyone else in the area who would be willing to share their knowledge with a motivated newbie trying to dive into their first investment property!!

Cheers to building long term wealth instead of short term income, 

Kobi

2Reply
23 views

Most Popular Reply

Investor · Salt Lake City, UT · Member since 2018 · 63 posts · 45 votes
8y

@Kobi Walsh the first step is to define your strategy. Are you going to buy and hold with a longterm rental strictly for cashflow, or are you looking for appreciation? Or both? Often times the best cashflowing properties are in slower appreciating areas, while the hot appreciating areas are tough to find cashflow.

See this reply in the discussion

9 Replies

Jump to latestLatest
  • Real Estate Agent · Chicago, IL · Member since 2018 · 12 posts · 7 votes
    8y

    Welcome Kobi!

  • Chicago, IL · Member since 2018 · 9 posts · 5 votes
    8y

    Thanks Travis!

  • Investor · Salt Lake City, UT · Member since 2018 · 63 posts · 45 votes
    8y

    @Kobi Walsh the first step is to define your strategy. Are you going to buy and hold with a longterm rental strictly for cashflow, or are you looking for appreciation? Or both? Often times the best cashflowing properties are in slower appreciating areas, while the hot appreciating areas are tough to find cashflow.

  • Chicago, IL · Member since 2018 · 9 posts · 5 votes
    8y

    @Peter Ledger thanks for the advice! In the areas that I am targeting in Chicago, I am expecting low to moderate appreciation with a buy and hold long term rental strategy for cashflow.

  • Real Estate Broker · Chicago, IL · Member since 2017 · 179 posts · 65 votes
    8y

    Welcome, @Kobi Walsh!!

    Are you considering living in the property and doing the owner-occupied? This is how I first built my portfolio by house hacking! Living onsite in one of the units and renting out the other units. Some were only a little value-add and work to be done and then as I got more experience I was into the complete gut rehab down to the studs on some. Now starting the next one ground up!

  • Chicago, IL · Member since 2018 · 9 posts · 5 votes
    8y
    @Weston Harding I've definitely considered house hacking! I'm currently bootstrapping and trying to live as lean as possible at the moment, so I've been able to live with family in Chicago. So I'm in a unique position where I am not constrained by rent expenses and can look to this first property right away as a positively cash flowing investment. Currently aiming for a property with low rehab costs, but as I gain more experience I definitely want to become comfortable getting to the point of full gut rehabs and ground up too.
  • Orlando, FL · Member since 2017 · 35 posts · 10 votes
    8y

    Welcome man, it's a great community here. I'm going to send you a connect request if you don't mind, I'm interested in the future of your venture into virtual reality. I'm sure you'll find a lot of success in that in the future. I'm a young guy too, it'd be cool to stay even slightly in touch. 

  • Rental Property Investor · Chicago, IL · Member since 2019 · 77 posts · 36 votes
    7y

    Hey Kobi,

    I am combing through old post from BP Chicago and wanted to see if you have made any progress towards your goals.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.