All Forum Posts by: Victor So
Victor So has started 20 posts and replied 264 times.
Post: Looking to Connect and Get Started in Chicago REI
- Real Estate Agent
- Chicago, IL
- Posts 276
- Votes 154
Quote from @Kyle Williams:
Hi everyone! New to real estate, I've lived in Chicago for the past 3 years working in the medical field and plan to get my start with a multi-family house hack within the next 5 months. I've been primarily working on educating myself and am now in the process of finding a lender/agent to work with, but am looking to expand my network in the Chicago REI community and learn from those who have greater experience than myself. Additionally, if anyone has experience in medical real estate I would love to pick your brain on starting out as a new RE investor, as this a long term goal of mine. Would be happy to chat on BP/over coffee/zoom/whatever works for you, I appreciate the help and looking forward to connecting! Cheers
Post: How to get over fear.
- Real Estate Agent
- Chicago, IL
- Posts 276
- Votes 154
Quote from @Wilber Perez:
I am new to REI. I know this is something I want to do. I haven't even started and already am having a bit of fear. Its the networking part that gives me anxiety. I am an introverted person but i am also a get it done kind of person. Any tips on how to get over this fear for a newbie. Is best advice just to put myself in situations and with time I will get comfortable. This is my usual approach but since this is a market I don't know figured id ask seasoned people. Thanks in advance and looking forward to being part of the REI family.
The way I got over fear was by researching as much as I could about real estate through books, podcasts, webinars, etc. and then taking action. I thought about how I could get in with relatively low risk and possible high returns in the future and househacking made sense to me. I househack every year and by doing so, Ive acquired 11 doors. DM me if you have any questions. I'd be happy to help.
Where are you located?
Post: Total newbie here!
- Real Estate Agent
- Chicago, IL
- Posts 276
- Votes 154
Quote from @Brett Russell Coleman:
Hi all,
I’m an academic and a total newbie to real estate investing. I'm looking to learn, make connections and figure out the best approach to get started. I’m currently soaking up as much knowledge as I can on BP, saving money, and planning to buy my first house hack in 2024. I’m in Chicago and would love to connect with others in the area (and elsewhere) as I figure out my path! If anyone has tips about house hacking, getting started with little money, or getting started in investing in general it would be much appreciated!
Post: How to Rent out rooms under one roof.
- Real Estate Agent
- Chicago, IL
- Posts 276
- Votes 154
Quote from @Account Closed:
I am really interested in learning about renting out individual rooms out to professionals and possibly students, under one roof. Not sure the term of this strategy.
What books or other resources do you recommend to learn this strategy?
Thank you!
Hi Marie, I have several properties in the city of Chicago where I rent by room. Shoot me a DM and I can give you some insight into the pros/cons of this and share some of the systems I’ve created. To get started, I read Craig Curelop and Ben Leybovich’s house hacking books.
Post: I Want To Invest But Have A Single Family Home Mortgage
- Real Estate Agent
- Chicago, IL
- Posts 276
- Votes 154
I know you said Chicagoland but exactly what area are you in? If you’re in a Chicago suburb, could you Airbnb? If you’re in the city, could you rent by room? I do a combination of both and has worked for me despite having a high mortgage. DM me if you want to discuss.
Post: Hello fellow REI from new member Krunal!
- Real Estate Agent
- Chicago, IL
- Posts 276
- Votes 154
Hey @Krunal Patel ! I’m going to be moving to Schaumburg soon! We should connect. You mentioned you want to do long-term rentals. So, are you looking at purely investment properties or is Househacking an option?
Post: I'm Looking for Investor Friendly attorney in the Chicago area, for Sub2 deal
- Real Estate Agent
- Chicago, IL
- Posts 276
- Votes 154
@Bob Floss II is the man!
Post: Looking for Small multi family 2-4 units – Near Chicago
- Real Estate Agent
- Chicago, IL
- Posts 276
- Votes 154
Hi Mark, is your buyer currently in Chicago? Also, is he/she looking to househack or buying as an investment property?
Post: Interested in House Hacking in Chicago, IL
- Real Estate Agent
- Chicago, IL
- Posts 276
- Votes 154
Quote from @Alvin C.:
Hey everyone! I'm a new investor interested in house hacking a in Chicago. I prefer living closer to the city and like areas such as Logan, Wicker, etc. but I'm open to other areas. Would love to connect with anyone experienced in house hacking in Chicago!
What are good areas? Are there good opportunities in Chicago?
Post: What areas in Chicago and Suburbs there is a demand for Midterm Rentals?
- Real Estate Agent
- Chicago, IL
- Posts 276
- Votes 154
Quote from @Yanaki Bitsin:
Hello everyone I'm new to real estate and trying to learn as much as I can. Right now, I'm working on getting pre-approved to buy a property and want to make the best decision in terms of optionality (exit strategies). Right now, I have come to the conclusion from everything that I have consumed so far on the internet that STR and MTR strategies are the best in terms of ROI and producing cashflow. So I do want to eventually get involved with it, but because my credit isn't great and my starting capital isn't much (less than 10k), I can probably qualify to buy something under $200k, so I'm thinking about buying something for myself as FTHB to live in and then having the option to rent it out, ideally as a mix of STR and MTR, but I would be happy if I could just do the MTR. My questions are:
1. how can I check with the HOA that I have the option to rent it out as MTR or STR?
2. and in terms of location, how can I research which areas have demand and the gap?
1) Your real estate agent should be able to find out that information for you by contacting the HOA manager. However, note that most condos on the north side of Chicago ban airbnbs. In addition, many condos require 1 year leases when renting out. You may have more luck in the suburbs but you need to check with the village. There are some suburban cities that allow Airbnb, some that don’t, and some who have no regulations around it. All in all, do your due diligence by looking up bylaws and checking with the city.
2) Airdna works. But you can also just go on Airbnb’s website or app and perform various searches to see what STRs and MTRs are going for. This process takes longer, but I find that it gives you a better impression of the location and market.