First time home buyer in Chicago
Hey everyone! I’m a 26 year old first time home buyer in Chicago who has been actively looking (have an agent, pre-approved, etc). I have roughly $85,000 liquid and plan to purchase a condo in a desirable area of the city (lake view/Logan square area). My plan is to put 20% down on a property between $250,000-$275,000, live in it for a couple of years, rent it out with positive cash flow, and repeat the process.
If you were in my position, what would you do?
Look forward to connecting with you all and appreciate your feedback, thanks!
Most Popular Reply
@Tom Horwitz I agree with @Trevor Fritz and put down 5% and save the rest for your next purchase. Purchase the 1st, fix it up a little while you live in it and then after a year rent it out. Then purchase your next one with 5% down and live in that one. While the returns might not be as great if you had more equity. Money is really cheap and you can accumulate a few properties with little down payment by living in them.