Hello from Chicago ! newbie with some exposure

[Vincent Phan]

Hi everyone,

My name is Vince from Chicagoland area. I was reading a book on rental property by Brandon Turner and was referred to this page. I'm VERY excited to go down this path as a real estate investor :)  I've been lurking for few weeks and decided to post an intro today. I look forward to learning from everyone here!

Background: First gig at 16 was a receptionist at local Century21. First gig out of college was a rental property consultant in downtown Chicago. Quickly realized selling/leasing real estate was not my thing. I left and started working at a label & packaging company and have been here ever since (last 6.5 years). Very happy in my current role and could be happier with few rental properties :)

Goal: Ultimately, my wife and I want to create wealth through real estate rental. Our goal is to buy 1st property by end of 2020. 

Experience: I manage my parent's 1 unit rental property the last 10 years. So I've seen a thing or two.

Right now, we're thinking about doing one of the options below. We're open to suggestions.

Option1: Remodel our kitchen and then sell our single family home for a profit. Then buy a 2-4 unit property in the area and live in one of the units. This seems to make the most sense. We can stay with our parents while we find a 2-4 unit property or do an contingency. 

Option2: Buy a 1 unit condo and rent it out. Keep the current house. 

What do you guys think for 1st time investor?

[Vincent Phan]

Originally posted by @Diana Dorantes:

@Vincent Phan Welcome Vince, this is a great place to learn regarding real estate investments. Here's the answer to your question ...... it depends, probably not the answer you were looking for. So it really depends if you like the house, if you have kids, are you handy with fixes around the house, is your wife good with moving to not necessarily ‘the perfect house'. I personally love the idea of moving into a small multi family and growing from there. Condos are a good possibility BUT it's only as good as the HOA (special fees are a possibility). Condos many times have amenities that some people want and will pay extra. Many other pros and cons. What do you think would work best for you.

Best of luck!

 Thanks  Diana! Our first baby girl is coming this Jan :)  we love our house but willing to sacrifice. you can always find a better house. I'm pretty handy. Can do drywall, tiles, plumbing, minor electrical stuff and etc. So we'll be doing the kitchen remodel ourselves. wife is pretty much on board with anything I want to do. we have the same interests in mind.