All Forum Posts by: Jeff Burdick

I'll be moving to Chicago for a new job starting August 1st. My tentative plan is to find a place to rent for a year while I get settled at my job and learn the area, then hopefully invest or house hack that next year. I have a few questions in my pending move.

We've been looking on Craigslist and Zillow plenty and can certainly move-in to Chicago the "traditional" way finding a Craigslist post, but it's always nice to make a personal connection. Thanks in advance for any advice you can share!

About me....I am a full time teacher and have been doing some investing on the side for the past 6 years. Below are a list of things I've done. 

SFH in at $93,000, held for 6 years, sold for $170,000. (Fiance lived in it)SFH in at $62,000 held for 22 months, invested $10,000 and sold for $101,000

SFH in at $95,000 held for 12 months, invested $35,000 sold for $184,000.SFH in at $126,000 held for 10 months, invested $45,000sold for $211,000.

Multi family 4 unit +1 garden. Purchased for $335,000, currently held for the past 2 years and refinanced at $320,000 appraised at $427,000. Cash flows $2800 a month after all expenses.

I am getting married in 4 weeks and just closed on a single family home for my family on Friday.

My fiance is closing on a 2 flat for $155k this week. My primary focus has been in the Beverly, Mt. Greenwood, Morgan Park area. 

I look forward to networking with everyone here. Anyone from Chicago who is interested in chatting anything real estate PM me or comment below.

ak to some people soon!

Hey all, I have a property I currently live in with a couple roommates so I don't pay my mortgage at all. I was thinking of possibly renting my house out to them and purchasing a 4 unit property. Can I call it my primary residence if I live in a unit and rent out the other 3? My thought is that I can minimize my down payment by doing this. Has anyone done this and what down payment was required?

I live in Metro Detroit area by the way.

Thanks!!!

Hello Everyone,

I’m taking Brandon and Josh’s advice from show #200 and hopping on the forum and asking this question.

I would like everyone’s advice on where to get started in real estate.

37yr old married male

Goal is to be financially independent by 47 need to generate 5k passive income to do so

Some savings 30k I could liquidate

Own SFH with 80% LTV

Narrowing it down thinking of buying a second home multi unit 2-3 flat

Also thinking of doing a 203k live in flip and rent out primary residence

Also thinking of buying a 2-3 flat with friends and doing house hack while renting out primary residence to get started

Would love everyone’s thoughts

Thanks so much ladies and gents I really appreciate your value and time

Justin Gears

I put our condo for rent in Chicago and three very similar tenants, (same age, race, sex etc) all saw and submitted the application at the same time. Background checks and credit scores all checked out so I have nothing more to differentiate the tenants. Incomes level is very similar as well.

I have had great conversations with all of them and would be happy for any of them to occupy the building. My only other thought is to draw a name out of a hat or to ask them to submit a bid for the rental price. Is bidding for a rental legal in the state of Illinois? Since timing of application, credit score, and background check are similar I am looking for honest and legal solutions. Thanks!

Hi everyone!  I'm new to real estate investing and really glad I stumble upon Bigger Pockets.

My goal is invest in rentals that cash flow and provide passive income.   My local market (San Francisco / Bay Area) is way too expensive now so the cash flow math doesn't really work and I'm looking at out of state investments.  One of the areas I'm doing more research on is Chicago, both downtown and suburbs.  Reason for choosing Chicago is because I've spend a few years there so I'm familiar with the neighbourhoods.  

Does anyone have any experience or tips around rental investments in that area?  Would love to hear any tips or advice for a newbie like myself starting out!  Thanks!

@Jeff Burdick - Ceiling height is  7' 6" -ish for most of it. We're probably going to dig down a few inches to get the slab level, put in floor heating, and buy ourselves a little more head room. 

@Aaron Frances - Wow, congrats!  I think that's about the scope of work we're looking at, minus the zoning changes. We have a great GC whom we're meeting with soon, so really appreciate that perspective, as I'd been considering doing it myself. I handled our rental unit renovations, but they weren't huge and this seems an order of magnitude greater.  Glad to hear you're near the other side!  

Thanks @Scott Passman

@Matthew McMahon, @Ibn Abney thanks to you two as well. Would you guys say that the $200K+ range is specific to certain neighborhoods or is that pretty much city-wide? 

Asking because the barrier to entry here in Cincinnati is much lower at the moment, I can get a livable 2-unit for around $75k-$100k in a decent area and add value quickly. Moving up to that range may derail my goal of investing in real estate for much longer than I would have imagined. Am I being unrealistic if I expect to get started in the city with about $17-$20k? or is it just a matter of me becoming more creative to get where I want to be?

Also, @Ibn that is my intention at the moment. To rent a place for the short-term until I can have a better look at the market once I'm actually in the city. 

Thanks for the advice guys.

Hey BP,

My name is Del and this is my first official post on BP. I started my RE journey a few months back after spending some time on BP and reading books to educate myself on best practices. Ultimately, all signs pointed to "just get started" so here I am. A few months ago I hired an agent and we've been in and out of contracts here in Cincinnati, Ohio, where I've lived for 8 years now however I just received news that I will be moving to Chicago with my job in the next two months. 

I know nothing about Chicago outside of Downtown which I've visited a few times. Would anyone have any advice or resources on getting started in a new city if my goal is to owner occupy a multi-unit dwelling (budget: ~175k)? I will be working in the loop so my main thing is being near public transit wherever I live. I also plan to find short-term housing, possibly with a roommate, somewhere until I'm comfortable jumping into the Chicago market.

Areas I've investigated so far just via hearsay on here and other forums: Oak Park, Pilsen, Marshal, Mckinley Park, Bridgeport

Again, I am completely new to the market so any advice is appreciated,

Del