Hi Everyone,
My name is Chris. Relatively new to the Chicago area (summer 2016) after moving around a bit. I’m a technical designer in consumer goods.
New to Bigger Pockets and real estate as a whole. Long story short, tired of paying rent! Setting myself up for a future passive income sounds like a great alternative.
Been looking at getting into the game with a 2 or 3 flat. I’m approaching with the intent to owner occupy. I did a bit of research and found the Northside scenario sheet posted by Brie Schmidt (thank you!) and ran some (recent pre-approval) numbers based on a 475K property (which I’m not seeing a lot of in the past couple weeks). I’ve uploaded some screenshots of my edits.
The last scenario I ran involves a 4.75% down with no PMI. Some properties on the NW side that I was interested in qualified for this.
I understand that 2-flats and maye 3-flats don’t cash flow often, and I think that’s OK for me right now. I’m happy with supplementing monthly expense down to triple digits, or realllly low 4-digits.
Things I’m not quite clear on:
- What should I know about changes in taxes with location and number of units?
- For other similar no-PMI programs, what are some specifics?
- Any glaring holes in my thinking? Haha
Thanks guys and I'm excited to be a part of the community!
