All Forum Posts by: Audrey Parzyk

@Rhoda Agyepong that is indeed the case with FHA. At the closing you sign a HUD form indicating your intent to occupy the property as your primary residence for one year... so buying with an FHA might not be the best option for you.

However if are ready to do *something*, consider purchasing a condo with a 5% conventional mortgage, and keep it as a rental when you move out of town. You'd be in good company: South loop is a very active rental market, and lots of out-of-state investors park their capital South Loop property.

Key here is running the numbers and making sure your prospective property will cash-flow upon moving back east. That is to say: rent covers the expenses, including your mortgage payment.

The kicker with Chicago buildings is HOA/association fees. They will make or break your cash flow. Important to find buildings with good reserves, that are friendly to rentals, and have reasonable monthly HOA fees.

Happy to talk more! Feel free to shoot me a message with any questions. My brokerage's office is at 18th and Michigan, so South Loop is a market I follow closely :)

You may need to talk to a lender for clarification, but I believe if you have a FHA loan and sign the form with your INTENT to stay for a year and then get moved for work, you will not be penalized. There are certain circumstances that they understand like getting married or having a child and needing to move.

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Welcome @Rhoda Agyepong! Have you considered buying duplexes each time you have to make a move for work? Then living in one and having the tenant in the other cover most, if not all of your mortgage. Feel free to reach out if you have any questions.

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Welcome to bp @Mark Hagge! While the taxes are high here, rents reflect that, so you can still make enough money to cashflow if you find the right deal. If you got a place in Indiana then you would have to pay and rely on a property manager, so I would compare that to the cost of self managing in Illinois and seeing how much of a difference it would make. Message me if you have any other real estate questions, I'm always happy to help out new investors!

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Thank you! That's definitely helpful. So are the homeowners policy similar to single family policies then?

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Does anyone have experience with town homes with no monthly HOAs? I have a client interested in a unit with no HOA. It seems appealing due to taxes being lower than a single family, but is it too risky?

Does that mean there is no master insurance policy? And, for example, if there is an issue with the roof is each owner responsible for what is directly above their unit?

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@Zack Aboona I got my license through CRES. I did the online coursework and then had to do a few in person classes. If you're working full time I highly recommend the online classes since you can go at your own pace.

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Welcome to BP @Nick Clare!

I'm an agent in Chicago and also want to get into buy and holds. Feel free to message me if you want to learn more about specific markets!

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Have you considered giving the tenants with the eviction cash for keys? It could save time and money if they agree to it.

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All Forum Posts by: Audrey Parzyk

Audrey Parzyk has started 3 posts and replied 26 times.

Post: Chicago IL inspector

Post: Newbie from Lisle, Illinois (wholesale, househack, flip)

Post: Newbie Here!!! To Chicago and Real Estate

Post: Newbie Here!!! To Chicago and Real Estate

Post: First property in Illinois

Post: Chicago Townhome has no HOA - pro or con?

Post: Chicago Townhome has no HOA - pro or con?

Post: Realtor Real Estate Class , Chicago Illinois

Post: Chicago Newbie Looking to Enter the Buy & Hold Rental Market

Post: In process of eviction and another tenant wants to break lease