All Forum Posts by: Jake C.

Thank you all for the replies.

Allow me to be more specific. I've read a number of REI books over the last year and a half, I've been on the BP boards about the same amout of time, been to a couple of th local REIA's. I ask this question not to have someone write me a step by step plan for what to do next (I'm ready to take action in some form), I'd just like to hear the opinions of other BP members if they found themselves in this set of circumstances, in the current market. Any replies with regards to such would be much appreciated.

Thank you!

Put yourself in the shoes of a newbie, you have no other RE assets, just $50K in free cash. How would you go about starting your quest for financial security and success in the world of Real Estate?

Hey Max,

I'm still looking for that first deal. Trying to find that happy medium between taking the time to feel comfortable and confident in what I'm doing, but not waiting too long, so I can take advantage of the abundance of low priced properties.

Jake

Hey Max, I'm not closing the door on any particular discipline, but I think long term, I'm looking at a steady buy and hold. I have framing experience and my brother is a contractor, so if the right flip presents itself that could be an option as well.

As for the area I'm looking in, I moved from the city to the burbs (Schaumburg) in the last year, so I've been looking there and neighboring towns. I'd like to keep it within a half hour drive since I'll be self managing. How about yourself?

Hi Max,

Welcome to BP! I too, am a newbie in the Chicago area. Trying to find find that first deal as well. Hopefully sooner rather than later! Best of luck!

Jake

Welcome Sharad!

I'm a newbie here in the Chicagoland area as well. I'd be interested to hear about your first venture in REI. Good luck!

-Jake

Scott, good point w/ the "3 day notice" example. Stuff like that could get very frustrating if I'm looking at 1.5hrs or more round trip. I would also love to invest in my neighborhood, but similarly, it does not make financial sense. If only life were so easy :D

- Jake

Thanks you all for your replies, much appreciated. I think I'll definitely be trying to keep it within 45 minutes. Hopefully, if I end up with a duplex, I can find a reliable 3rd party to handle the lawn maintenance.

Frank, out of curiosity, you said, "back when I was doing rentals", what are you doing now (as far as REI is concerned)? Any particular reason you got out of the rental game?

I'm trying to find my first property, buy and hold / rental. What is the maximum distance / time you would recommend my search be contained to?

As a related question, if I bought a duplex, am I on the hook for landscaping, such as keeping the lawn mowed? Or does anyone have any creative ways to keep this as a tenant reponsibility? This would be related w/ regards to me having to travel to the property to keep up w/ the work.

Thanks in advance for any input!

Hello All,

I am very new to the REI game and am looking to soak up as much knowledge as possible from any place I can find it. Books, Journals, websites, BP's, etc... I find all aspects of this field to be quite fascinating and hope to make a career/life out of it. I think this might be the first time in my life when someone asks "what do I want to do when I grow up" (pushing 30 already), I think I finally have an answer for them!

Where I'm at now, I think I'll be focusing on a buy and hold strategy, initially targeting single family homes. I'm hoping to acquire my first property by April and continue on from there. If anyone is familiar with the western suburbs of Chicago (DuPage, Western Cook, Kane, etc..) and has any tips on market selection, it would be much appreciated. If not, any tips in general on evaluating potential markets would be also be appreciated.

Thanks for having me, and best of luck to all!

Peace