All Forum Posts by: Lance V.

As far as finding a turnkey properties, I have found a couple on Loopnet that are close. Granted, I'm aware Loopnet is where deals go to die, I have seen a couple that seemed too good to be true before they were snatched up. I'm assuming a nice low-ball offer was finally accepted. And anything I see on there would be low-balled after plenty of due diligence. Here's two that catch my eye currently:

1. 95k, freshly rehabbed, 2 x 3br/1ba. Claims it's currently 100% occupied meaning no owner/occupied for me. However, may be worthwhile to look into since it's turnkey.

2. 55k, 2 x 2br/1ba, 1 x 1br/1ba. Claims it's 100% occupied as well. This one is also on 67th, just south of UChicago on 57th. REO and only claims all building systems are functional.

Yes this is my plan, as Laura stated. Start with a 2-4 unit owner occupied, whether it be a duplex or a 4 unit apartment, and live there. Should help with experience, financing, and any kind of rehab since I’d already be on site (except for my day job of course). Keep attaining more until I can 1031 into a larger unit .. If I wanted to at that point.

SolidReturns please excuse me if I’m being ignorant, but a 2-4 turnkey rental property would likely go for retail price. I’d be more interested in turning one around whether through management or rehab than to buy a retail one fully rented. Am I hitting the nail on the head here? In my price range (I’m assuming I can qualify for 100k loan with 10% down and my income to back it) I’d have to look for a REAL deal … something very cheap that may need some work. Again, excuse me if I’m being ignorant. A turnkey ‘profitable’ rental property sounds too good to be true, let alone at my price point, and once again let alone here in S. Chicago! I also had anticipated 15 year notes ... not 30. : )

George,

I agree with starting small. That's why I as thinking maybe a 2-flat/duplex owner occupied for the experience, or a SFH if need be. I used to be an agent licensed in IL and CO and also used to labor for a flipper so I have some experience but never ownership yet.

Thanks,

Lance

Hey there everyone,

I'm new to real estate investing having not owned a home yet myself. I have 700+ credit, decent income, and 10k which is constantly increasing.

How would you go about getting into apartment investments?

Options I see:
1. Save more money
2. Cheap sfh (rehab)
3. Small owner occupied 2+ rental (rehab)

LT goal is bigger apartment complexes. Please add your thoughts and experiences!

Or should I have just kept this shorter and asked how to get started in apartments for 10k? Just wait and save more first? Do something in the meanwhile to build capital faster like owner occupied fixer upper sfh?

Hello all,

This forum seems to be the best body of information, people, and resources I've found regarding CRE investing. I've been enjoying researching my investment interests. It's nice to meet you all!

Background:
25
700+ credit
10k bank (constantly increasing)
32k salary + commissions (rapidly rising w/ new accounts)
- I believe this qualifies me for ~100k purchase with 10% down?
Live and work in South Chicago

Experience:
I was a licensed agent in IL and CO before returning to college so I have a general knowledge of real estate, although that was more residential and right when the industry tanked. I also spent a couple years laboring for a flipper/investor/holder for sfh’s.

Getting Started
My interests are 2+flats, du/tri/quadplexes or small apartment complexes no greater than 6 units. Basically beginner stuff within my realistic financial abilities. I'd prefer to live in a unit as well to gain experience and avoid paying rent elsewhere. I've read it makes financing easier as well. Longer term goal is larger apartment complexes.

I'm mainly seeing expensive units nearby and affordable ones a few miles farther south in rougher areas. Of course these are just listed ones from the internet. I'm not sure I'd be comfortable living owner occupied in the rough areas but it would be a start, affordable, and would possibly make S8 investments. Maybe a temporary live-in. A means to an end to gain cash flow/equity to move into a bigger complex in some years.

Any advice? Long term and short term? Looking to pull the trigger young and make good decisions and investments.

Thanks kindly,

Lance