New To RE, Joliet/Plainfield IL

[Jim Love]

Honestly I've only been looking at this a week or so. Have listened to a half dozen or so podcasts.  Been reading- would like to get into this... I'm looking to retiring in a few months.  Don't want to sit around.  Have been looking into Real Estate to keep busy, be challenged and keep some income, coming my way.  Look to making contacts in the area.

Thanks, Jim

[Robert Leach]

Hi Jim,

My advice? Slow and steady wins the race. There is no "get rich quick" scheme out there that will likely ever do more than deplete your cash reserves meant to sustain you for the coming years. There are those who can and will help guide you through your first transaction but if that help comes with financial strings I would be extremely careful. While opportunities do exist, the competition in the market is stiff and more times than not you will be up against multiple bidders driving the price up for all but the most seasoned investors to a point of risky returns.

Knowing your market, understanding finish levels of comparable properties and past performance are critical factors in determining what your target properties will be. Decide what strategy you will pursue, "buy & hold", "flip" or a combination of both, which way you go on a property should in part determine the extent of rehab and the level of finishes you will need to complete in order to maximize your goals. 

Investigate topics such as business law which encompass the formation of an entity you may decide to operate within, landlord specific laws and guidelines, building permit requirements, lender requirements and the cost of money to name a few. Bigger Pockets is an excellent source but there is no substitute for instinct developed by your own due diligence.

Develop a relationship with an attorney, brokers, architects, home inspectors, contractors and insurance agents to get started. Notice the plurality of those mentioned. Never underestimate the value of those who can facilitate a need. Good luck!

May your bottom line always be above the water line!