What advice would you give a 25 year old who wants to get into real estate but isn’t ready from a capital perspective and moves around a lot?

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House hack with duplexes

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Agreed. When I was in law school I rented from a lawyer who had purchased the house while he was in school. Great idea. He rented it for years before finally selling. It stayed in good shape and he pretty much had 4 students in there at all times without gaps because of word of mouth.

Save now and research how to underwrite a deal. Practice underwriting on lots of properties. Then when you have the capital, you’ll be able to distinguish a good deal from a bad one.

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Before buying real estate, consider purchasing the right insurance to protect your investment. Different types of real estate may require different types of insurance, such as homeowner's insurance, landlord's insurance, and insurance of a commercial nature. This can help you mitigate your risk in case something unexpected happens.

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Additional Posts in The Real Estate Bowl

Under contract to buy my first home - house hacking a triplex. Property has been leased by the same three tenants for the last 5+ yrs, rents haven’t been raised since they moved in. Market rents have risen 70-100% in the same timeframe. All seem like ideal tenants (retired and take great care of the units) but I’d like advice on how to approach the rent increase conversation. Rents don’t make/break my mortgage payment but I’m leaving a lot on the table if I don’t increase significantly.

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2) Keep for another 2-3 years & rent out for a small cash flow (<100/month if self-managing), get a HELOC if needed. Note it would not pass my investment criteria if buying today.

3) other approach?

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How much should I invest in buying a HOME as my primary residence.

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Current rent: 2000 per month
Age: 30

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I am looking into buying a multi unit (dullex,triplex,quad) in Chicago ideally in Lakeview East/West, Lincoln Park, Wicker Park, Logan Square, Bucktown areas.

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If I’m a Real Estate Agent buying my own property, can I negotiate the Buyers Agent commission to be 0% instead of being paid the buyers commission? Essentially converting what would be Income into Cost Savings for tax purposes?

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Hi - any good books recommendations for getting started on real estate investing?

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