First Time Home Buyer (One Bedroom Condo)

[Zakir Pasha]

Hello!

Looking to get into my first investment property (will probably live in it a year or two beforehand):
3950 N Lake Shore Dr APT 1304, Chicago, IL 60613 | MLS #11344676 | Zillow

I'm worried that Chicago's taxes and HOA's will eventually outrun the cost of the mortgage (10% down, aiming for 110k price range).

Has anyone ever bought a one bedroom condo in Chicago to rent out? What was your experience?

[Jonathan Klemm]

@Zakir Pasha - The odds of taxing and HOA dues out running your mortgage seems unlikely when you are locked into a 30 year fixed. If you have a strong concern I'd be checking to see what the association has in reserves. Seems like a great little place for a decent price. If are living in it I am sure @Andy Smith or @Michael Facchini can get you a 5% down lown....

If you have an option to get a 2 unit instead of a condo that'd probably be the better bet for faster growth of your real estate portfolio.