Newbie from Chicago Interested in Multifamily Rental Properties

[Mike T.]

Hello Everyone,

My name is Mike, I'm out of Chicago and I'm completely new to the world of real estate investment. I first became interested in real estate after reading the book Rich Dad Poor Dad by Robert Kiyosaki. I found out about BP after buying and reading The Book on Rental Property Investing by Brandon Turner. I've since been watching webinars, YouTube videos, and reading BP forums to try and learn as much as I can. My goal is to eventually become completely financially independent using the buy and hold or the BRRR strategy with multi-unit properties. At this point I'm dying to get off the sidelines and into the game, however, I feel like I don't know where to start. Maybe getting a loan preapproved or possibly having a real estate agent put me on a list to send me daily property listings? I'm not sure, but I suppose posting here is a good start.

Thank you for welcoming me to the great BP community! I look forward to making some great connections who may be able to provide some guidance as I embark on my rental property investment journey.

Kind regards,

Mike

[Mitchell Ridge]

Welcome, Mike. I would recommend getting the financing portion (both conventional mortgages and hard money) ready as soon as possible because you'll be depressed if you find a deal and you don't have that set up. Find out the max you can get, then see if there's anything out there that you can afford. If not, get out to all of the networking events that you can to see if you can find someone to bring the money portion. I'm at about a dozen properties that I've tried to make work that have fallen through, so mentally prepare yourself for that and you'll make something happen. Best of luck.