All Forum Posts by: Aaron Bruck

@Brie Schmidt Thank you for the quick reply!

Happy Tuesday everybody,

I am actively searching for multifamily rental properties with the long term buy and hold strategy in mind. It is my first deal, so I am looking for a place that won't require a great deal of work up front but still offers some room for cosmetic enhancements to increase value. Since it is my first deal and I will not be living in the property, I have had a hard time finding financing requiring less than 25% down. I am curious to learn how partnering up might make financing a little easier. What exactly does the lending process look like with a partner? Any information is extremely appreciated.

Additional background: I am looking for properties in the suburbs of Chicago or any (excluding bad crime) areas within the city. I recently graduated this past year, work a full time job, and have been able to save up nearly 35k so far.

As a recent graduate with no prior REI experience, I am curious whether I should be putting more of an effort into finding a more experienced partner or simply doing the research and going at it alone. I have saved up enough capital for my first deal and I am working a full-time job. Based on my initial research, I have decided to look into multifamily properties which I will hold in the long-term and rent out (otherwise leverage the property for the next deal). I am hesitant to pursue any property other than turn-key or cosmetic fix-ups due to my availability and lack of experience.

I would appreciate any and all feedback, thanks.

Additional information:

- Not looking to owner-occupy with my budget

- Based out of IL, looking for deals in the suburbs (as a result of my budget)

- Have also considered nearby markets in Iowa and Wisconsin

- Would prefer a property within 1-2 hours driving distance

- Looking for deals between 50-175k

Thank you all for the replies, I sincerely appreciate it. 

@Tyion Bridgeman @Brie Schmidt Since I am still inexperienced in the space, I am hoping to find a relatively low risk turn-key or cosmetic fix-up multifamily property. I would like to buy, hold, and rent out this property until I can leverage it into a larger deal. I would be very interested in hearing both of your opinions on potential markets; I will reach out to both of you with more details about my budget. 

@George Skidis I will definitely look into the group, thanks for the suggestion!

Hello,

I am new to BiggerPockets, a recent graduate, and I have become very interested in getting involved in REI. I am currently looking for my first deal and seeking general advise in the realm of multifamily properties within the Midwest (preferable Illinois where I am from and currently living). I am working a full-time job and have saved up enough capital for my first deal. I've spoken with lenders but I am still unsure where to start in terms of location, price range, and number of units. I am becoming more comfortable analyzing deals but I'm still seeking counsel from more experienced investors.

If anyone has any suggestions for experienced resources that I may be able to connect with, please PM me or shoot me an email.

Thanks,

Aaron