All Forum Posts by: Lucas Hammer

Is that address correct? It looks like it's more Back of the Yards instead of Pilsen. If the address is correct, do rents reach $850 a unit down there? Based on rentometer, it looks like a 2br averages $650 instead.

Thanks Frank. We used one recommended by our realtor for this deal, but I'll definitely be reaching out once we get to investing in addition to our own place. 

Thank you both! As soon as our offer was accepted by the seller (still waiting for the bank), I made sure the HOA had no issues with the units being rented. Turns out quite a few in the building are and there are no bylaws restricting me in the building. Unfortunately, I didn't plan well enough to get a multifamily yet, but that's the next plan once I get some equity built up in my own place that I can leverage.

Aaron,

Thanks, cheers! I'll take a look through the posts and let you know. It looks very interesting, especially once we close on our own place. I'll be in touch!

Hey everyone. I'm Lucas and I live in Albany Park, Chicago. For years, I thought I wanted to be a perennial renter, but especially with rent prices skyrocketing around me, I decided I'd look into buying my first condo. My biggest concern was not wanting to be stuck in a single place, so I started looking into the possibility of renting the condo out once we moved, and after talking it over with my wife, we decided to put an offer in and get a place before we get gentrified out of our neighborhood and then keep it when we move and start building our own wealth.

As it stands right now, I'm not an investor (yet) while we wait for the bank's reply on our SS offer, but one way or another we're doing this to eventually get out of our day jobs.