All Forum Posts by: Nate Jones

I'd like to thank everyone for all the advice and I'm open if anyone else has anything to add : )

Thanks for the responses.. I appreciate all the input.

Hey All,

A couple months ago I introduced myself to this board. I mentioned that I was living in Chicago and thinking about doing some RE investing, rental properties. Since then I've been reading many RE books (so many books) trying to get a handle on what's involved. My next step is to start attending local RE Investing Clubs as soon as the new year begins.

That being said I would like any opinions on how I should go about starting because I see my situation as a bit of a conundrum. I'll give some details .....

I've been living in Downtown Chicago for a few years and I'm now paying $1000+ in rent. I currently have a total of $20K that I've put aside for REI.

On one hand I'm thinking that I should naturally try to get a multifamily property so that I can ideally escape paying or at least reduce my rent. That would free up more cash for investing. The problem is 20K isn't going to be a sufficient downpayment for much of a multi-unit property.

On the other hand I was thinking I can just move to a cheaper (yet safe) rental area myself and put my investment cash as downpayments into 1 or 2 SFH's that would cash flow. Of course that would mean I'm still throwing away money on rent,even if it's less than I do now. This would allow me to live in an area that I like and is convenient to my work while buying properties in areas where I can actually obtain a positive cash flow. Of course the cash flow would be offset by the fact that I'm paying rent but it would allow me to get in the game and start building a portfolio..

Any opinions will be appreciated.......

Thanks for the info Ryan and Tony. Tony: I appreciate you offering your ear. Thanks for the welcome Nate ... despite geographical differences, us Nates need to band together : )

Hey Ryan,

Thx for the welcome, I live in River West to be precise. I love Wrigleyville though, great neighborhood.

As for the south side, I have been poking around there in my preliminary searches. I looked at some of the lower income near west places as well; but that area is getting a little too hot for a newcomer to play ball : )

I haven't been to any REI clubs yet, primarily because I'm really new to this whole thing and was hoping to get some homework under my belt prior to showing up at a club and being clueless when RE terms are used.

Nate

Thx Dick, I've read a couple books and I'm just going through past posts right now so I can get a real-world glimpse of how to apply the concepts. I plan on doing a lot of networking once I have a better grasp on everything. Yup, Chicago is a great town .... been here 6 years and it still feels like a vacation; except for winter : )

I'm a 34y/o male living in Downtown Chicago. Recently I've been kicking around the idea of buying a low income property ( 50K or Less ) in the South Chicago area and using it as a rental. This is all new to me so my gameplan is to do as much homework as possible (how I found this site). Will be doing some reading over the next couple weeks trying to get some answers and better formulate a plan for my next move.

Looking forward to using this site because feedback from a few experienced investors (esp. locals) would be worth more than any of the books I've read already.

Thx,
Nate