Newbie from Chicago, IL

[Daniel J.]

Hi all,

I am a recent grad from the University of Illinois - Urbana/Champaign, where I received a Master of Architecture and Master of Civil Engineering - Project Management. I am newly employed as a Project Manager for a high-end builder/developer in Chicago. Now that I am finally receiving an income (after 6 years of school), I am looking forward to investing in real estate.

As a newbie, I would like to know where I can utilize my skill set most effectively? I do have an OK foundation in real estate investments and economics which I gained from my time in school. I anticipate learning a lot from BiggerPockets as I continute to do my research. Any suggestions/comments are appreciated.

Thanks for you time,

Dan

[Brian Moore]

@Daniel J. I am a fellow MArch joint degree at UofI (got my MBA too). I have worked in real estate since I got out of grad school 15 years ago and started my own small multifamily investment business 2 years ago. 

My advice, get on Redfin, find properties that interest you and start setting up showings. You need to train yourself to estimate the amount of work needed to bring the place up to a standard rental. Get yourself a laser measuring too and draw the floorplan as you tour. Your construction connections will be great resources to 'price' the work. Do that excercise a few times and you will be able to separate the wheat from the chaff.

Your architecture background will be more effective in gut rehabs or new construction. I have done a few gut rehabs (no new construction yet) where I designed the space and handed to the architects to draw up. 

Many opportunities out there for multifamily investors in Chicago. I wish you luck. Oskee Wow Wow!