All Forum Posts by: Christopher Malone

@Brie Schmidt That's awesome! Especially coming from a fellow Chicago investor.  I know that there is no single right way to get started, and maybe the fear of the unknown is creeping up on me since I have begun taking action.  If you don't mind me digging in, What areas did you begin your search in? Did you purchase your first knowing it would eventually be an income property? 

Hello everyone,

I am starting my investment journey in the Chicago land area, and I have a question regarding the strategy I should use for my first buy and hold property. I am planning to buy my first 3-4 unit home using a 203k Consultant FHA loan. I want to purchase around 30k or less and put around 70k or more worth of renovation into it, depending on the purchase price. Would this be a better investment strategy vs. purchasing a ready to rent property? I do plan to occupy the property.

Thanks in advance 

Thank you all for the welcomes, and I will not hesitate to ask for help, or share knowledge I gain as well. 

@Mike York Not anytime soon. I have been studying my local market and trying to create a system that works first. Maybe in the near future. :-)  

@Jason Rucker Thank you.

Hello BP!!!,

I'm am going to get started in my real estate venture soon in the Chicago market. I am currently a full-time employee of DirecTV, so i get to travel to all areas of the Chicago market all day, everyday. I do not have much investing experience, but between my grandfather's LL experience, J Scott's (amazing) blog post, BP's podcast (which I listen to ritually), and the great post and blogs I read in the forums, I am confident that i can create long term success. 

I am looking to buy & hold in low-income, working class, neighborhoods around the west side of Chicago. 2-4 unit homes are my target properties, and Section 8 tenants will be very much welcome. 

It took a lot for me to post my picture and this introduction, but this post, along with the banks I have contacted about loans, are the small actions I am taking in preparation for my first purchase. I am very serious about not just starting, but sticking around in real estate. This is the post I will look back at this time next year, and be proud of how much progress i made. I am very honored to join a community with a ton of knowledgeable individuals, and I am looking forward to talking to, meeting with, and working with you all!

Thanks