All Forum Posts by: Eudith Vacio

Hey @Byoung Bae 👋🏽

Great to see your post and your clear focus on building wealth through real estate investing. As someone who's been active in various markets, I wanted to share a few insights that might help you get started.

First, you might want to consider looking at markets like Northwest Indiana—specifically Gary, IN. This area has become very popular among out-of-state investors, especially those coming from California. The market there often offers attractive prices and cash-flow opportunities that align with your budget and goals.

In terms of your questions:

1. After Picking a Market:
   Once you've identified a market, the next step is to get your numbers in order. Look for properties that not only meet your criteria (like the 1% rule) like you mentioned but also have solid historical rental data. Consider connecting with local agents or real estate groups to gain insights into neighborhood trends, vacancy rates, and more.
2. Finding Renters:
   When it comes to filling vacancies, don't stress—property managers are a great resource for this. They specialize in screening tenants, managing leases, and handling day-to-day operations. This way, you can focus on the investment while they handle finding quality renters for you. Checking local vacancy rates and asking your property manager about their average time to lease a unit can provide valuable data for running your numbers.
3. Building Your Team:
   Absolutely, building a reliable team is key, especially for out-of-state investors. A good starting point is connecting with a knowledgeable local real estate agent, as they often have recommendations for trusted property managers, handymen, and contractors. In many cases, the most important member is your local real estate agent who understands the market dynamics and can guide you through the entire process.

Also, I highly recommend checking out Millennial Mike on YouTube. His videos offer excellent insights and practical tips for new investors navigating various markets, and they could be really helpful as you start your journey.

Best of luck with your first investment property! HAPPY INVESTING!

Hey @Christian Artuso 👋🏽

I’m RE agent + investor in the Chicago and Northwest Indiana markets. I absolutely love both of these areas and believe there are great opportunities everywhere, whether you're buying to live or investing. In particular, I’m a huge fan of the South Side of Chicago or Northwest Indiana for cash-flowing properties. There's real potential there to build a successful portfolio.

If you’re looking to connect or need any insights into these markets, feel free to reach out! 

Happy to share thoughts or help guide you in your investing journey. HAPPY INVESTING!

Hey @Derek Soohoo 👋🏽

Welcome to BiggerPockets!

If you're new to real estate investing and looking to get the best value, I'd suggest considering **house hacking** using an **FHA loan**—it can be a great option for first-time buyers. By purchasing a multi-unit property, living in one unit, and renting out the others, you can cover your mortgage payments and start building equity while gaining rental income. The FHA loan allows for a lower down payment, which is a fantastic advantage!

However, if you're leaning more toward **purely investment properties** and have the flexibility to dive into the numbers, I would recommend looking at the **South Side of Chicago**. There are some fantastic cash-flowing properties in the area, especially in emerging neighborhoods. Many of these properties are undervalued and can provide great returns once you establish solid tenants.

I'd be happy to guide you through your options, whether you're interested in house hacking or building an investment portfolio. 

Happy investing!

@Sarah Hadassah Negrón you are very welcome! 😃

This building is beautiful! I am sure you will have no problem selling it 😉

Hey @Sarah Hadassah Negrón 👋🏽

Welcome to BiggerPockets, and thank you for sharing your experience! Navigating eviction and collecting past due rent can certainly be challenging, especially while managing property from out of town.

For managing the process remotely, I’d recommend joining the **Chicago Friendly Landlord group** on Facebook. It’s an excellent community for fellow landlords in Chicago, and you'll find many others who have faced similar eviction and collections issues. They offer great advice on handling these situations, including tips on dealing with the sheriff and eviction procedure, as well as navigating money judgment collection.

In terms of whether you should hire a lawyer or manage it yourself, it depends on the complexity of your specific case and your comfort level with the process. For money judgments, in particular, it’s often worth consulting with an attorney to make sure everything is handled properly and legally—especially when you’re operating remotely.

Best of luck with the process, and definitely reach out to the Facebook group for some additional insights!

Let me know if you need any more help—I’m happy to provide additional guidance! 😃

Hey @Jesus Santoyo - this post is about 17 days old but did you end up making a decision? I would definitely join a broker that allows you to work remotely easily. I am with eXp realty and absolutely love it! 

Hey @Kapil Bisht - awesome area to invest! 

I have an insurance broker there in Indiana that does all of my quotes. I have a 3-unit in East Chicago, too! Kudos to you!

Hey Andrew👋🏽, it sounds like you're leaning into Option 3 - buy another house hack, and based on your situation, that seems to be the best option for you until you can build up enough equity to buy a deal cash - also consider that if a property is distressed, you can also do a hard money loan and they will give you the money to rehab the property, too. Something to consider for your future endeavors! best of luck 😃

Hey Becky! 👋🏽

Perfect timing - now is the time to set up your team to help you find a lucrative deal in the north side of Chicago. It's a good time to start exploring your loan options and setting yourself up to search alerts so that you can become familiar with the area, and start running the numbers :) it's a little harder to cash flow in the north side, but the appreciation is quite significant.