Im hoping to find an investor to help me buy the lot next to mine so i can move up from doing tax deeds.. if not i have my next lot picked out and will continue to invest in them while i fix my credit and learn more on investing.. i have always wanted to be successful in life but drugs and bad choices have kept me from it.. now im proud to say there is nothing that will stand in my way of realizing my dreams Just following up.

Good luck with either choice!

smart.

Converting your condo into an investment property and transferring it into an LLC is a smart move for liability protection.You’re correct that retitling the property involves Chicago’s transfer tax, which can be substantial.

They demand the highest rent and therefore attract white-collar, high-income professional tenants who are “lifestyle” renters by choice.

I think your demographic might be more hotel people rather than families.I would also still go with smart locks on every door.

I think this is a calculation a lot of homeowners are making right now--especially if they have a low interest mortgage, equity, and their house will cashflow as a rental.The choice is a personal one of course, but I think your future self will thank you if you pull out some equity from your existing home with a HELOC for the downpayment on the next house and a cushion renting your current home, use a property manager as you have other things to do, and buy the next house and do the same thing again.

Buying more properties when you are young is definitely the smart plan, it snowballs and grows the sooner you start.

Anyone that rebuilds after this fire knows the choice they are making.

It’s a smart move, especially since it ties in with your goal of saving for your first investment.For skills, you probably already have a good foundation with your sales experience—things like communication, organization, and dealing with clients are all super valuable.