All Forum Posts by: Conrad Kostrzewa

@Henry Lazerow - Thanks for the details. Starting to understand these multi units a little better. Was looking at something in Pilsen like this as well: https://www.redfin.com/IL/Chicago/1712-S-Morgan-St...

But I guess over my last 4 years away from the area, it's really become a trending area that has increased in costs substantially. Based on your quick rule, would it be fair to say if you could average ~$3,300 between the two units, then it'd be a start at a good house hack? ($3,300 on $460k = .71) Meaning, it's not an amazing deal, but it's a starting point worth investigating?

Thank you all for being so informative and providing guidance. Yes, as stated I know there are better locations if I'm purely looking at growth right now, but there is a personal side to this purchase. As it may be one of my only in Chicago for some time, I'd like it to be somewhere I want to live now, and that I'll be happy to return to.

I'm trying to dive into the idea of a mult-family more right now as well. The idea intrigues me greatly, but new to the concept and how to afford it.

Rough Example: https://www.redfin.com/IL/Chicago/2644-W-Cortez-St...

I was looking at this place, and thinking I would happily take the 2 bd / 1bth on the bottom, to rent out the top if it'd cover a majority of the mortgage. My concern though is if I try and do the 5% down route to be able to afford it, then I'm still looking at a $4,800 total monthly cost. As my currently month max is $1,800, it's hard to imagine someone renting the top for $3,000 currently.

Thank you @Jake Fugman , @Ibn Abney , @Bob Floss II , @Ted Kuhlmann ,& @John Warren 

Really appreciate all the input and feedback, and have some things to consider. 

I was originally looking at the West Loop, and condos that have a sub $350 HOA. I'm completely open to the idea of having a location in an "up and coming" neighborhood, but at the same time want to be in an area that I'll enjoy living in on the weekends that's fairly walkable and will be able to commute to work (west suburbs) fairly easily.

I've met many people whom have stated multi-units were the way to their success. I guess I never thought about trying that in Chicago for the year I'll live there. I'd obviously need to hire a property management company when I move back to Denver, but maybe it's in the budget (currently looking at condos $300k or less w/ HOAs @ $350 or less)? @Brie Schmidt , reaching out to connect to see what options are available in 2-4 units.

Work has me moving back to the Chicagoland area for about 6 months to 1 year. I'm originally from the area, and always consider Chicago "home". I currently have a place in Denver that I'll be renting out, and rather than just paying rent in Chicago, I thought it may be a good time to buy, live in for about a year, and then rent out once I come back to Denver. One of the biggest appeals to me though is also always having a place to come back to in Chicago for the future. So this decsion plays a little into both trying to build a portfolio, but also finally having a place in where I'm originally from and often visit.

I know I'd likely not see any cashflow from a Westloop condo, but I'm curious if anyone has any recommendations to lower my risk for the area. At this current time I'm looking at a 2bd/1ba w/ 1 parking spot. Considering the BRRR method after living in the unit for a year. At the very least, I'd like to try and match up my mortagage/hoa fees/insurance/tax to what I can rent it for. I know that'd net me $0 w/ needing to fill a security fund on the side.

So I'm curious. Am I being crazy and putting too much emotion/desire into this? Or, if I'm truly looking to hold for 15 years +, take a shot and go for it?

Appreciate any and all feedback.

@Chris Lopez Thanks for the info! Reaching out now

Hi Everyone

I'm still new to REI, and only own my current residence, but in need of some help. I just purchased my condo last year, in the middle of some cosmetic rehab while living in it, and was looking to purchase another property in Denver in the next 6 - 8 months to start building my portfolio. I was just recently informed by the company I work for that they need me to relocate to Chicago again. I'm happy to make the move for the company, but don't want to lose my property here. I know I'll be back someday, but it could be a few years.

I currently own a 2 bed / 2 bath in the Cap Hill area of Denver and I'm trying to find a way to keep it. Does anyone have any recommendations for management companies that will take on one unit and work with someone from out of state?

My job would require me to be fairly hands off so I need someone whom can handle everything remotely. This means from finding renters, collecting payment, and handling repairs and any other needs. Clear and easy communication is very important to me. If it was necessary to come out for a weekend every so often that wouldn't be a problem. When I lived in Chicago before, I was often in Colorado once a month during snowboard season. I'm open to whether it's rented out to Airbnb type renters, or to long term renters.

Any recommendations, insight, and advice is greatly appreciated. Thank you.

Just RSVP'd. Don't currently have a rental property but have been considering putting our place up on Airbnb while we're away on trips.

I moved away from Chicago a couple of years ago for a job in Denver, and still to this day dream of going back. Although I definitley don't miss the brutal winters, there is something to be said about a city with so much culture and diversity. I actually just joined Bigger Pockets recently (this being my first post) and have been thinking more and more of finding a property in the city proper to buy & hold, and maybe return to some day.