All Forum Posts by: David Davis

Thanks for the replies.  I was thinking more of Condo vs single family home.  I realize there are risks with Condos - mostly a board that is made up of not great people.

Is there a difference that I am missing between a multi unit vs a single unit? I understand that I could house hack in a multi unit. But all other things being equal, if I make 10% COC return, does it matter what type of building it is? Is there some advantage to multi family that I am missing?

@Crystal Smith Thanks for the info.  So I am technically a contractor, but not a GC - We do audio video work and that was not really an option when I set up my account - so it is very misleading for the purposes of these conversations.  That said, I am in the trades and know many contractors that I could work with.  I appreciate the advice about Chicago vs burbs and about local investing vs distance. - thank you

Thanks guys.  

Hi all.  I am interested and ready to make my first investment.  I am debating if I want to do a house hack (I am in Chicago, which is expensive and high taxes) or do I invest out of town?  I have no experience, this is my first investment, so I am leaning towards a house hack (2 or 3 unit building) living in 1 unit, rent out the others and if my monthly outflow is less than I pay now in rent, then I am winning.  I could put the excess away in savings and be able to buy #2 in a year and then rethink if I do another 2-3 unit locally or at that point invest out of market.  Would love to get some feedback and experience shares and even some advice.  I can invest around $75k maybe a little more if needed, but ideally, I would like to be less than $50k.  Not sure what else to share at this point.

@Crystal Smith Just following this thread, but that was really great information.  

Thanks @Jake Fugman and @Lumi Ispas.  Both great advice.

Hey everyone.  Hope this is not inappropriate - I am a newbie:  What would advice would you give me for my first investment.  I have about $40k - $50k to invest?  I am open to house hack and buy and hold.  I live in Chicago and plan on staying in the city.  I own a small business so this investment is for my future.  Ideally, I would like to own enough properties to cash flow $120k per year - but that is a long term goal.  I don't need to invest all of my cash in 1 investment, but willing and able to.  Not sure if it matters, but I have purchased RE in the past.  I lived in a condo, sold it and moved into a SF which is under contract to close in less than a month.  Currently live in a rental apt.  

Again - I am a rookie so no thoughts are too basic or obvious.

Thanks in Advance

Thanks @Jake Fugman.  I will reach out to you.  I am not a first time RE buyer.  But a first time RE investor. 

I will go through my analysis and post some numbers

I am looking for my first RE investment property.  Was looking for multi family, but came across a duplex in my city where I would end up paying $400 per month for my "rent" ?  I live in Chicago so rents are fairly high.  The rental unit in the building goes for $2100.  The property has been rehabbed already.  It looks like a great deal based on the buy and hold analysis.  What else should I consider?  Am I missing anything?  I am a total rookie so all answers are welcome and nothing is "obvious" to me. 

Thanks