All Forum Posts by: Philip Chung

Thank you for the advice!  I am now shying away from out of state investing, and plan on purchasing my first investment property here in Chicago, probably around the south suburbs.  Can anybody point me to an awesome real estate agent that works with first time investors? 

@Lane Kawaoka Thanks for the advice.  I will let you know if I have any questions.  

Thank you all for your replies!

@Jamie I'll let you know!

@Ibn Yes I think that might be my problem.  I only look on Zillow currently.  I do bike a lot, and I should ride around neighborhoods for "for sale" signs.  How far north are you talking about?  In the suburbs?  By the way, I totally agree with you that hands on experience is the best, and I would ideally like to buy a property here in Chicago if I can find a great deal.

@Tom Yes but I haven't been able to find a good deal, but maybe I haven't been looking efficiently.

@Caleb Thanks for the tip!

Hello everyone from the BiggerPockets community! 

This is my first post, and I wanted to say I am glad that this forum exists!  

I am currently looking to invest out of state as I live in Chicago, IL, where it is really hard for the numbers to work.  I've already read quite a few books on real estate investing including "long-distance real estate investing" by David Greene (great book by the way), and I learned that investing locally and out of state essentially has the same process thanks to technology.  So, I've decided that Indianapolis, IN was the place I wanted to invest in.  My goal is to find a distressed property around $100k, fix it up, and rent it out.  I would be happy with $300 cash flow per month after all expenses.  I found a pm company I am interested in, and I am still looking for a real estate agent and a lender.  

I am also moving out of my parents house soon, and I am deciding on whether to rent or purchase a duplex/triplex with a 5% conventional loan here in Chicago.  I would probably be cash flowing negative if I were to buy a duplex with a 5% conventional, so I am leaning towards renting somewhere cheaper until I see how the investment property in Indiana pans out.  If all things seem to be good, I can purchase a couple more in IN, and hopefully the CF from the out of state investment properties eventually cover my rent.  Is this an ok plan?