Hello from Elmhurst, IL

[Adrian Cartis]

Hello everyone, I'm an Illinois newbie in this business, and I'm not sure how to introduce myself; I have a full-time job (mech. designer) that pays my current mortgage, and I'm determined to join your club. No savings, so I would finance the investment 100% (use my HELOC for downpayment + mortgage loan for the remaining balance). I want to generate monthly cash flow so I'm thinking buy and hold (rent).

 My problem is today I'm looking at Dallas - Fort Worth area, tomorrow at Nashville TN area, then Indianapolis, then I read some posts here and I move to Columbus, OH, or Atlanta, GA. Well, probably any of these places can be either good or bad choices, just need to get as much info as I can. Also, joined Roofstock family, as well as Homeunion, and I was convinced that SF homes would be the best option, but after spending some time on your forum, I think multiplex units are better for a first timer like myself.
I'm looking at 100-150K properties, I would like B zones, so if anybody can help me in any aspect of the process - I'm really interested in learning about the cities I mentioned here.
Thanks for taking the time to read this.

[George Skidis]

1. Check out the Chicago Creative Investors Association run by Jane Garvey. They meet on Sunday evening in Lombard, IL.

2. Start close to home.  It is tempting to think of exotic locations when it is all a future goal. Managing from a distance is a learned skill. Start by managing closer to home.

3. Don't spend a fortune going to "Guru" seminars. The first evening it is always the same. "Tonight's homework. Go home and call all of your credit cars and ask them to lower your interest rate and raise your credit limit". That is so you can place the equivalent of a down payment up to a house on a credit card just to buy their course on Sunday afternoon. Beware of "Today Only". Unless you are terminal there is always tomorrow.

4. Do not incorporate or form an LLC until you have a business worth protecting. A good attorney can penetrate your bad actions 90% of the time.

5. Do not form a Nevada LLC if you are doing business in Illinois. Then you need to pay double fees for permission to do business in Illinois as a foreign entity and file an Illinois income tax return as well.

6. Read the book "Lawyers are Liars" by Mark J. Kohler before setting up a business entity.

7 Buy lots of insurance and then add a Commercial Liability Umbrella.