All Forum Posts by: Dave Shutack

My friend and I are both new real estate investors. We're partnering to buy rental property in Chicago and we're forming an LLC.

As we draft our operating agreement, we are trying to think of must-have clauses and considerations that would be relevant to a real estate business. Clauses that will help us to increase liability protection and protect assets are top of mind, as well as any caveats related to having a 50/50 partnership. 

Does anyone have any suggestions, experience, or considerations they could share?

Hi BP,

I'm looking to purchase my first MFH this year and I'm looking for advice on where to hunt for deals in the greater Chicago area. 

I currently live in Lakeview and love the area, but after a lot of research, the multi-families here in the northside neighborhoods just don't make sense to me. Cash flowing properties seem nearly impossible to find and most properties exceed my budget. 

That being said, I'd like to explore other options in the surrounding neighborhoods and suburbs outside of northside Chicago. 

Any suggestions where to look? I moved here from Michigan two years ago and I'm not very familiar with the areas outside of Lakeview/Lincoln Park.

Thanks!

Hi All,

My name is Dave and I'm hoping to learn everything I can about getting starter in real estate investing. I stumbled on BiggerPockets.com in my pursuit and have really enjoyed all the great content and community this website has to offer!

A bit about me: I have always had an interest in real estate investing and now believe it is time for me to get started. I'm a 24 year old finance grad from Michigan State University. I live in the northside neighborhood of Lakeview in Chicago, IL and work full time as a digital marketing consultant. Ever since moving here 2 years ago, I have been allured by the abundance of triplex and fourplex homes that line almost every residential street of my neighborhood. It is my goal to purchase a multifamily home with an FHA loan, reside in one of the units, and rent out the others.

I'm hoping to learn from other Chicago investors what their thoughts are on the local multi-family market, if it is recommended to purchase a first property here, and if so, what to look for in a property? Any advice is appreciated.

I'm looking forward to meeting some new people and continuing to learn more here on the forums!