Chicago Condo in Uptown

[Cynthia K McWilliams]

Investment Info:

Single-family residence buy & hold investment in Chicago.

Purchase price: $175,000
Cash invested: $7,500

Condo in beautiful brick gated building with Courtyard in growing neighborhood, "Uptown".

What made you interested in investing in this type of deal?

I was a single artist living in Chicago but knew I would be moving to LA soon and thought it would be better to buy than to rent. I wanted to build my credit and have a place that I may be able to come back to if need be. I was able to get this through FHA loan because it was my first property. In the mean time, I figured that in that area, I would always be able to rent it out and have a tenant cover the mortgage.

How did you find this deal and how did you negotiate it?

Through a girlfriend and realtor

How did you finance this deal?

FHA

How did you add value to the deal?

I cut out a hole in the wall that separated the kitchen and living area, just to open up the space a bit. After 5 years, I refreshed paint, bought a new washer and dryer and added a new AC unit.

What was the outcome?

I was able to raise my rent $100/month

Lessons learned? Challenges?

Screening tenants is very important. A good tenant makes ALL the difference.