Chicago Condo Investment

[Vence Malicdem]

Hello! New here on BP forum. I was just hoping to get some advice regarding buying a Chicago condo as a buy-and-hold investment and a future rental property. I’ve been renting for a while now, and I want to start paying for my own mortgage as opposed to my someone else’s. Unfortunately, I don’t have the means and time to do multi-family units at this time. I plan to live in the condo for a few years and then rent it out afterwards. Looking into West Town, Univ Village, and South Loop. I have too many questions, so I guess any advice on how the search, what to ask my realtor, and the analysis process is greatly appreciated! Thank you in advance!

[John Warren]

@Vence Malicdem welcome to the forums! You are actually pursuing a very interesting strategy right now as the condo market is slow in a lot of the best areas. I recently had a listing in River North and it was insane how much inventory we had to compete with. We got it sold, but it is definitely a buyer's market in the A class neighborhoods for nicer condos. 

I would focus in on an area that makes sense for you to live, and try to find a solid opportunity where you can snag some equity. There will be a few owners who need to sell who will get desperate as inventory rises.