All Forum Posts by: Chris Lee

@Jonathan Klemm - Hi Jonathan, thank you for your response!  Chicago is my hometown and I'm partial to it.  Plus I am thinking (hopeful) that one of my kids will go to college there, so it would be great to have a place for them.  Yeah, I've been looking in those areas for some time and don't see anything under $500K.  I do have a decent amount saved up but would like to continue saving this next year. Thank you for your offer to chat!  Did I see you were a recent guest on Straight Up Chicago podcast?  If so, I'm looking forward to listening to it!

@Michael K. Hi Michael, thank you for your message!  I would be open to having a garden unit for our visits.  What part of the city do you have <500K multi-unit properties that are profitable?  Thanks for the offer to chat!  

@Aaron Zimmerman - Hi Aaron, thank you for your message.  It seems we are in reverse living situations!  After reading everyone's posts, I am thinking of investing in MN first - although I am much more familiar with neighborhoods in Chicago than I am in Minneapolis or St. Paul.  In fact, it took me a while to realize that in MN they are called duplexes, not 2-flats. Lol.  Unfortunately, house hacking wouldn't work at this time. 
Few follow up questions:
1. What do you think of investing in St. Paul vs. Minneapolis?
2. Why do you think MN has a friendlier business climate?
3. Would you mind introducing me to your friend if he's on BP?  

@Tim Swierczek Hi Tim - thank you for your message!  I would like to but unfortunately, a house hack doesn't work for me at this time.  Can you please expand on the following: 

"even if you can buy a non-owner occupied property you can usually do both a HH and investment property with the same amount of cash."

Do you mean that if I did a house hack, I could use the extra funds to also put down on a non-owner occupied property?

Thanks!

@John Warren - Hi John, thank you!  I was talking with my friends in Chicago and they manage their own properties.  They agree it would be a lot of stress to own a 3 unit out of state for a crash pad.  If I were to buy, the goal would be to have a place for my kids when they go to college, but that's a few years away and no guarantee they will go to school there.

Again, appreciate everyone's feedback!  I'm going to continue looking in Minneapolis & St. Paul for now.

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!