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Updated 2 days ago, 01/02/2025
Looking to House Hack in Chicago for the first time
So, earlier this year I bought a 2 bedroom / 2 bathroom condo in Chicago. This was my first time ever buying property. The condo is in Rogers Park. I'll admit, I might've bitten a little more than I could chew, but I got anxious and I just wanted to have my first property in the city that was up north.
I've been able to afford my payments so far without much issue. My principal/interest, escrow, and insurance is 1570, and my HOA is 306 and it includes water. I cannot fully rent out my place as it has not been 2 years since I started, but I can rent out a room.
After looking around rent prices, I have reached at $900. I think that is a fair price and that will help me with my breathing room and hopefully help pay off my place faster, or at least so I can reach 20% equity so I can stop paying $110 a month in PMI haha.
I'm obviously going to be checking credit score, making sure tenant has a stable income, no criminal background, etc. But since I'm young (24) and really new to this, I want to make sure I'm not missing anything glaring. Anyone have any suggestion for me? Thank you.