New Chicago investor looking to network and buy first rental

New Member Introductions
5yFollow

New Chicago investor looking to network and buy first rental

Jeff Duke
Bloomingdale, IL · Member since 2021 · 12 posts · 5 votes

Hi guys my name is Jeff and I am from the west suburbs of Chicago Illinois. I am new to real estate investing and have been obsessed with listening to podcasts and reading books about various topics.

I am just starting out and would love to connect and network with other investors, real estate agents and lenders. Any advice and guidance would be much appreciated. I would love to hear how you guys got started and what you are doing now.

My goal is to buy my first single family or duplex this year and keep growing.

4Reply
87 views

Investor-friendly agents in Chicago, IL

See the agents BiggerPockets members work with in Chicago, IL.

Most Popular Reply

Paul De Luca
Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes
5y

@Jeff Duke

Welcome to the forums! Where are you located in the western suburbs and where are you interested in buying your first property? I'd highly recommend house hacking a duplex or perhaps a 3-4 flat since the numbers will make even better sense and far more sense than a SFH. I'm house hacking my second duplex here in Berwyn and looking to do another later this year!

If you haven't already, you should check out the Straight Up Chicago Investor podcast. The information they provide on the show is specifically focused on real estate investing in and around Chicago. BiggerPockets Daily is a good one too where the host reads BP blog articles. They're short and to the point episodes.

2Reply
See this reply in the discussion

21 Replies

Jump to latestLatest
  • Reed Meyer
    Investor · Chicago, IL · Member since 2020 · 66 posts · 55 votes
    5y

    Hi Jeff,

    I am an investor and agent here in Chicago. I would love to get on the phone with you and help out!

    Reed

    1Reply
  • Julio GonzalezPro Member
    Specialist · West Palm Beach, FL · Member since 2008 · 4k+ posts · 1k+ votes
    5y

    That's a great goal, Jeff! Welcome aboard and best of luck investing!

    561-253-6640
    1Reply
  • Joshua Noth
    Real Estate Agent · Austin, TX · Member since 2020 · 338 posts · 296 votes
    5y

    @Jeff Duke welcome to the site! Keep reading/listening, and that will help tremendously as you get started.  For networking with local investors/lenders/agents, post keywords that will draw their attention on the site.  Mention cities, strategies, suburbs, etc. of where/what you are wanting to do.  Also, check to see of any local meet ups or groups to join in your area.  Hope that helps, and best of luck to you!

    1Reply
  • Paul De Luca
    Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes
    5y

    @Jeff Duke

    Welcome to the forums! Where are you located in the western suburbs and where are you interested in buying your first property? I'd highly recommend house hacking a duplex or perhaps a 3-4 flat since the numbers will make even better sense and far more sense than a SFH. I'm house hacking my second duplex here in Berwyn and looking to do another later this year!

    If you haven't already, you should check out the Straight Up Chicago Investor podcast. The information they provide on the show is specifically focused on real estate investing in and around Chicago. BiggerPockets Daily is a good one too where the host reads BP blog articles. They're short and to the point episodes.

    2Reply
  • John Warren
    Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
    5y

    @Jeff Duke welcome to BP! Podcasts were the place that I got the most value early on. I love the BP podcast, but I also like the Straight Up Chicago Investor's Podcast. After I got a property, I really got a lot of value from meetups. I have been a long time member of a land lording group in Berwyn and I also host a meetup in Forest Park (currently on zoom). I find that networking is the best way to build your business once you get rolling. 

    0Reply
  • Matt Ference
    New to Real Estate · St. Louis, MO · Member since 2020 · 35 posts · 33 votes
    5y

    @Jeff Duke Jeff we are in the same boat. I currently am a student athlete at Northern Illinois looking to invest after school!

    1Reply
  • Jeff Duke
    OP
    Bloomingdale, IL · Member since 2021 · 12 posts · 5 votes
    5y

    @Reed Meyer thank you, can’t wait to chat!

    0Reply
  • Jeff Duke
    OP
    Bloomingdale, IL · Member since 2021 · 12 posts · 5 votes
    5y

    @Julio Gonzalez thank you, much appreciated!

    0Reply
  • Jeff Duke
    OP
    Bloomingdale, IL · Member since 2021 · 12 posts · 5 votes
    5y

    @Paul De Luca thank you. I am located on Bloomingdale, about 45 min away from Chicago. Definitely looking to go into 3-4 unit properties if I can. Thanks for the advice. I sent you a request with a message. Hope to hear from you

    0Reply
  • Jeff Cichocki
    Lender · All 50 States · Member since 2015 · 401 posts · 250 votes
    5y

    @Jeff Duke, Welcome. Congrats on taking the plunge. You're in for a bumpy and rewarding journey (all the good ones are).

    Make sure you hit up the forums and ask questions. There's lots of really good people in there eager to help.

    1Reply
  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    5y

    @Jeff Duke - Welcome to the BP community!  You've already got some great resources above.  

    Bloomingdale is a nice pocket!  I know @Zack Karp is out in your area and is a lender that works with a bunch of investors.  

    Happy to connect and help out any way I can.

    [email protected]
    Quality Builders4.968 Reviews
    WebsiteView Page
    1Reply
  • Zack KarpPro Member
    Lender · Schaumburg, IL · Member since 2015 · 834 posts · 774 votes
    5y

    @Jonathan Klemm thanks for the tag!

    @Jeff Duke welcome to BP!  All of this is exciting, can also be overwhelming, and the second best thing I can advise you is to be a sponge and soak it all in.  However, the first step is that you need to talk to an investor-friendly loan officer (whether me or someone else) and get preapproved.  Even if you aren't ready to pull the trigger yet.  That way you know exactly where you stand, your lending options, how much you can be approved for, etc.  But then comes the part that separates 99% of LO's from the 1% that you want to be working with.  More importantly, understanding your long term goals, how to get from point A to your point Z, exit strategy for getting from the first property to the second one (super important so you don't get stuck), how to actually navigate building a portfolio, how to structure your loans for maximum benefit...dozens of next-level strategies and concepts that your basic order-taking loan officer just simply isn't equipped to do.

    This should be your very first step, it changes the game for how you analyze deals, and then you can have a focused approach to all of this.

    Best of luck!

    847-387-5513
    1Reply
  • Scot Howat
    Investor · Hoffman Estates, IL · Member since 2014 · 434 posts · 185 votes
    5y

    Hi Jeff, I'm a realtor and investor here too.  I only work in DuPage and NW suburban Cook County though.  Feel free to reach out if you want to network.  My cell phone is on my page too

    1Reply
  • Jeff Duke
    OP
    Bloomingdale, IL · Member since 2021 · 12 posts · 5 votes
    5y

    @John Warren thanks for the advice! I definitely want to get involved in some meet ups later in my journey

    0Reply
  • Jeff Duke
    OP
    Bloomingdale, IL · Member since 2021 · 12 posts · 5 votes
    5y

    @Matt Ference that’s awesome! Good luck to you finishing school and investing!

    0Reply
  • Jeff Duke
    OP
    Bloomingdale, IL · Member since 2021 · 12 posts · 5 votes
    5y

    @Jeff Cichocki thanks! People in the forums have been super nice and helpful. Great community here

    0Reply
  • Jeff Duke
    OP
    Bloomingdale, IL · Member since 2021 · 12 posts · 5 votes
    5y

    @Jonathan Klemm thanks for the post. People have been awesome giving me advice. Would definitely love to connect with him to get the ball rolling

    0Reply
  • Jeff Duke
    OP
    Bloomingdale, IL · Member since 2021 · 12 posts · 5 votes
    5y

    @Zack Karp wow thank you for the post. Lots of great information in there. Would love to connect with you and make the next steps to create a plan and get pre approved.

    0Reply
  • Jeff Duke
    OP
    Bloomingdale, IL · Member since 2021 · 12 posts · 5 votes
    5y

    @Scot Howat thank you for the post, I will keep that in mind!

    0Reply
  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    5y

    I'd probably recommend understanding house hacking first as that's a nice stepping stone. It's a ton of lessons learned with managing a property but very worth it. It's one of the lower risk strategies in my opinion because worst case scenario, you're probably paying similar rent to what you would otherwise be paying. 

    [email protected]
    Brick House CPAs53 Reviews
    WebsiteView Page
    0Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    5y
    Originally posted by @Jeff Duke:

    Hi guys my name is Jeff and I am from the west suburbs of Chicago Illinois. I am new to real estate investing and have been obsessed with listening to podcasts and reading books about various topics.

    I am just starting out and would love to connect and network with other investors, real estate agents and lenders. Any advice and guidance would be much appreciated. I would love to hear how you guys got started and what you are doing now.

    My goal is to buy my first single family or duplex this year and keep growing.

    Jeff, great to have you!

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free