Chicago condo meeting two separate life goals

[Jon Michael Patterson]

Investment Info:

Condo buy & hold investment in Chicago.

Purchase price: $167,500
Cash invested: $33,500

Purchased a condo in desirable Chicago neighborhood in which I lived in for one year prior to moving to Denver. I bought a condo that has excellent staff and maintenance crew that would minimizing my engagement being a long distance investor.

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

I was unclear if I would be approved to relocate with work so I strategically sought out a property that fit my living requirements but also rental property goals. I lived in the condo for one year while my request was processed and moved.

I found a property that met my buy and hold strategy. So while I realized very small positive cash flow, I expect it to grow.

While difficult to find a property that met two very different goals, I found a property that met my success criteria.

How did you finance this deal?

20% down and conventional primary owner loaner

[Jon Michael Patterson]

@Jonathan Klemm Thank you! I bought in East Lakewood (south of addison and east of broadway). I am self managing any issues. I specifically chose a condo that has a property management company and strong maintenance team. I instructed my renter to call them first to help, but if it's big to call me. It's worked great. My maintenance team at the condo is able to handle everything that's come up (including replacing the toilet for me!). It does come at a heavy price in the HOA fee though, but I baked that into my calculations. It takes away cash flow but very easy for me to manage living in a different city.

I've rented in Denver for ~2 years now and plan to buy a property soon that's leans into the house hacking or BRRR strategy. It's difficult to get the numbers to work with properties out here in Denver given the high prices and older homes.