All Forum Posts by: Mike T.

Hi @Rich Zubek.  Sorry for the late response, been busy with the holidays and whatnot but here's my update so far.

- I now have two preapproved loans

- I also have a realtor

- Realtor has me on a list where i get emails whenever a property hits that matches what i'm looking for

- Been analyzing and crunching numbers like crazy

- Went with my realtor last week to see a building and have scheduled to see a couple more the weekend after Christmas

Thanks, @Michael Facchini! I appreciate the advice.  Networking at a meetup seems like a great idea, I plan to keep an eye out on the events page and attend one soon.

Hi @Mark Ainley, thanks so much for the response and the strait forward, quality advice.  I agree, this def seems a game of "next steps".  I've just finished filling out a loan preapproval application at my bank and have been given another lender's number that I plan to call either today or tomorrow.  If you have another that makes 3 and I think I feel pretty good with that.

Not sure if I'm meant to start a new forum or just post here but I suppose my ideal investment would be as follows...

Property Type: Multifamily 2-4 Units

Property Condition: Something that doesn't require extensive repair, maybe rent ready but room for improvement / ability to add forced appreciation without costing an arm and a leg.

Price Range: I feel like a realistic range for me may be between $100,000 - $350,000...

Location: I am in the Beverly/Morgan Park/Mount Greenwood area, southwest Chicago - Would love something nearby here or in the burbs south or west

Investment Strategy: Buy and hold or maybe BRRR

My FICO scores are currently pretty good:  Experion 801 / TransUnion 811 / Equifax - not sure on this one to be honest but I think in the same ballpark

I have a copy of my Experion report if the lender requires that before making a hard inquiry.  

Thanks again for the help, looking forward to your thoughts.

Thanks for confirming @Caleb Brown.  Getting pre-approved seems the consensus.  I appreciate everyone's help! Due to your suggestions I just got off the phone with a lender, explained my investment plans and filled out an application for pre-approval.

I don't suppose anyone has any other recommendations on preferred lenders here in Chicago?  I should probably get a few quotes now so I only get dinged once for a hard inquiry on my credit report.
 

Thanks, @Josh Sartori.  I'll definitely have to attend some of the meetups.  I appreciate the advice!

@Mitchell Ridge I appreciate the advice, Mitchell.  I'll definitely keep that in mind.

Hello Everyone,

My name is Mike, I'm out of Chicago and I'm completely new to the world of real estate investment. I first became interested in real estate after reading the book Rich Dad Poor Dad by Robert Kiyosaki. I found out about BP after buying and reading The Book on Rental Property Investing by Brandon Turner. I've since been watching webinars, YouTube videos, and reading BP forums to try and learn as much as I can. My goal is to eventually become completely financially independent using the buy and hold or the BRRR strategy with multi-unit properties. At this point I'm dying to get off the sidelines and into the game, however, I feel like I don't know where to start. Maybe getting a loan preapproved or possibly having a real estate agent put me on a list to send me daily property listings? I'm not sure, but I suppose posting here is a good start.

Thank you for welcoming me to the great BP community! I look forward to making some great connections who may be able to provide some guidance as I embark on my rental property investment journey.

Kind regards,

Mike