Getting started in Chicago

[Chris Lee]

Hi - excited to join the BiggerPockets community and learn from everyone here.

Would love to have your thoughts/feedback as I am looking to get started with a first investment property. With a long-term goal of buy & hold multiple properties with rental income, here are the options I am thinking about:

1. Ideally, I would like to buy a 2/3 flat in Chicago - North Center, Roscoe Village, Lincoln Square, Ravenswood, and rent 1 or 2 units and keep 1 unit for when I visit. I no longer live in Chicago but am from there and visit often. I’m just getting started and 2/3 flats are pricey in those neighborhoods, so there’s that.

2. Buy a 2/3 flat at a lower cost in other areas of the city (open to suggestions) and rent all units. I’m assuming I could possibly put down the same amount and buy up to 2 buildings for close to the same cost as option 1.

3. Buy single family and rent instead. Open to area suggestions as well.

4. Flip, but this is least likely as I don’t have a team in place yet.

Any thoughts would be appreciated. Thanks!