First Rental Property

[Joseph Pochinskas]

Good Morning, 

I am looking to purchase my first multiunit property in Chicago. It is very difficult finding a 3+ unit multiplex where the the tentants cover all the rent and I live for free. 

Is it okay to buy a 2 unit place where I am still paying some of the rent? 

Very broad question but interested in hearing comments and concerns.

[Aaron Zimmerman]

Yes- if you're saving even $500 in expenses, you're saving $6k in after tax expenses. I would definitely recommend that you analyze it without you in the property and make sure it cash flows. It's pretty expensive to exchange property especially in Chicago (transfer taxes, title fees, lender fees, selling costs). One thing to look for is a place with two units plus basement/bonus room. That way you get some additional income from that as well. 

I just purchased a place in December 2019 in Irving Park. Please let me know if you'd like to talk and feel free to connect!