All Forum Posts by: Morgan I Levy

@Ola Dantis Hello Ola! So very sorry to hear about your mother. There are no words. I understand.

Thank you for your sound advice/suggestions. I am much more confident moving forward after asking this question. From all the responses, including yours, it got me thinking more clearly, but also learning how to tread carefully as this is an investment.

It is a risk but one I am willing to take!

Lastly, do you suggest I reach out to an agent who is familiar with multi family properties? Or in your experience, does it even matter?

Thanks in advance!

@Michael Facchini Hi Michael, thanks for getting back to me. Yes, PM me and we can chat soon hopefully. I think the advice I've gotten is beyond helpful and it's funny you can sense my enthusiasm from the posting. You're right- slow and steady wins the race. Definitely want to make this a smart move. I'm thinking maybe it isn't a bad idea to begin in an area around here I am familiar with...have family nearby etc.

I look forward to your message and again,thank you so much!

@Jacci Konkle Wow thank you!!! Very solid advice. I wrote down your strategy- VERY helpful. I truly appreciate your advice and I will post once I make my goal come true!

Thanks in advance and best of luck in your investing endeavors :)

@Michael Facchini Hello Michael! Thank you for your response. I appreciate your sound advice. I am gearing towards out of state in/near Appleton because I am familiar with the area as well as a strong network of people, family, contractors that I know are within reach if and when necessary.

Chicago is my birthplace. I love it for plenty of reasons but real estate investment here scares me. Perhaps because it is a larger city and also, very expensive. I worry about the long term risks. I know that comes with all things investing....

Are you familiar with any units available to live/rent out in Chicago/Skokie area?

At this point, if my credit card is paid off, credit is decent, employed for a month and a half(salaried) would you suggest I reach out to a lender to see what I qualify for?

Thanks in advance and hope to hear from you again. Have a great week!

@Jacci Konkle Hi Jacci! Wow thank you for such a detailed response :) We share similar experiences so this is both comforting and motivating.

I agree with your advice very much. I can also appreciate the fact that you moved to an expensive city, yet managed to purchase your first rental in Wisconsin. It gives me hope that I can too.

As much as I would like to live in one and rent the other, I don't plan to move back until a year or so. With that said, there is something about buying in Chicago for my first time, that I have mixed feelings about. It's just my gut. I prefer smaller towns,with a good market of course. Also,as you mentioned, I have a strong network in Appleton in the event something goes wrong etc. Similar to your situation at the time.

So, essentially you moved to Chicago and purchased a duplex in Darboy then,correct? Would you mind me asking the steps you took? I understand the basics but since you actually did it, I was really hoping you could briefly give me some advice on getting started considering my credit is decent, I have the downpayment and drive to pursue my own property.

@Jason Lund Thank you Jason! Very helpful and I appreciate your response.

@Scott Rogers Thanks Scott! I appreciate your response. Valid points there. I am considering house hacking very much. I'll be sure to post once I make my dream happen :)

Have a great week!

@Marcus Auerbach Hello Marcus! Thank you so very much for your response. Very detailed and clear. I didn't even think of surrounding areas near Chicago. This is why I need some advice! That is a good strategy and something I will look into.

House hacking seems to be the way to go for me,a good place to begin my investment journey. Would you suggest then at this point, given my credit is decent, credit cards paid off, no significant outstanding debt (just school loan) I reach out to an agent or lender?

Thanks in advance!

@Scott Schultz Hi Scott! Thank you for your response. I appreciate it. I can also appreciate your advice on liking tiny towns and seeing their potential. There is something about Wisconsin I have always been drawn to. The cost is considerably less than Chicago for one, and I do have a strong network out there in the event something needs to be done. I know I have more work to do, but I am so anxious to just start asap.

Thanks again!

@Michael Delmont Thank you for your response, I appreciate your advice. I have looked into house hacking. Ideally, I would love to have done that when I lived in Appleton. Now, the cost of living in Chicago is ridiculous, but also it seems that 1-3 units are hard to come by. Would you suggest I reach out to a lender just to see what I would qualify for? Thanks again for your help!