All Forum Posts by: Account Closed

I need your help BP contributors!

I am seeking my first rental property. I have been researching many different markets and I feel that I am suffering from analysis paralysis although I know that I am ready to make a move and have seen good opportunities. I want to know if anyone can provide me with insight into the Chicago market (neighborhoods worthwhile, neighborhoods to completely avoid, articles/data on why Chicago is a good rental market, etc.) I am looking for a turnkey opportunity as a buy and hold investment, because I do not have time to scour the MLS and work with a realtor. I want something that is ready to go, fully-rehabbed and with tenants in place and I am willing to pay slightly above market value to do this. A BP colleague recommended a turnkey provider that invests in Chicago (and their properties are multi-family in Cook Co.) but I have not been able to find other providers. Do you know of any other turnkey providers that sell Chicago property? I know there are good and bad areas of Chicago, as there are in any city- but on the same note, I see Chicago as a great opportunity to invest for cash flow despite its crime rate and spotty neighborhoods (I see a lot of 8-10% cap rates for multi families). The lake view area properties are out of my range price-wise and the numbers do not make sense, so I want to focus on the south side. The south side seems to have a lot of renters and the rent-to-value ratios are above 1 %. Let me know what you think and I'd appreciate any further advice!

Thanks,

--Jon--

Detroit is no longer on my radar. Thanks for all the comments!

Thanks Jon, just read the threads. If properties are starting at $500 at auction and aren't selling, what's to lose? Not a seasoned REI, simply a beginner in this game--but it seem like there's a lot of potential to make money in the Detroit market. Any further input on the matter is greatly appreciated, especially from the PROS. Thanks in advance!

My dad just sent me this link.

http://theextinctionprotocol.wordpress.com/2013/07/18/motor-city-goes-bust-largest-ever-municipal-bankruptcy-in-u-s-history/

What do you all think about the REI market in Detroit after hearing about this?

Thanks for all of the advice everyone! I will definitely look into KC and Indianapolis as well.

Wow that's great for you man! I admire you for getting into this business at such a young age and while still in school. The whole Nashville to Memphis thing for you should be a breeze to deal with, especially if you have family to help you out. I've been looking into investing in Memphis for a few months now but in all honesty I'm a little scared to pull the trigger because I am in California.

What did you buy, what did you pay, and what zip code did you buy in if you don't mind me asking? I've gotten tips from a few BP members about the best neighborhoods, but wanted to see where you bought and what you paid for what. I hope it works out for you and keep us posted!!

You are dead on. Almost impossible as a beginner to find pos CF. The market here in LA is way out of our range for buying and holding. What states do you invest in?

Thanks for the warm welcome everyone! Thanks for the advice Paul, Iw ill get more involved. And Josh, this website is awesome. Excellent work and great job on the podcast. Tons of information all in one place is unreal!

I am super stoked to have stumbled across this site. My wife and I gave up the idea of buying our "starter home" here in Los Angeles and have decided to go the investing route instead. We are pretty set on the SFR buy and hold avenue and have been focusing on a few different markets, particularly Memphis, TN and Orlando, FL. I just wanted to say hello to everyone and I am humbled to be amongst such a great group of like-minded, intelligent people. Good to meet you all!!!

I got pre-approved for a loan here in CA, but as of recently I have also been looking into other states for making my first real estate investment. The loan company that I was approved with is only licensed in CA, but they gave me a referral to a mortgage bank that holds multiple state licenses (NOVA home loans). Should I just go to a major bank to get pre-approved for out-of-state loans?