All Forum Posts by: Matt Szablowski

Hi, I'm a new Bigger Pockets member looking to buy my first real estate investment property around Chicago. I'm having a hard time deciding between two options of what would be a better investment strategy in a rocky Chicago market. Background information on me, I have about $40,000 saved up for my down payment, home repairs an all other expenses. I'm a travel nurse and will not be home most of the year so I would rely on a property manager or friends/family. 

Rogers park, Avondale, Irving Park, Jefferson Park and Humboldt Park are all neighborhoods the have been recommended to me so far. Would love to find a place in Lincoln Park, Wicker Park or Lakeview but most likely it'll be too expensive. 

Option 1: I would house hack and purchase a MFR (Duplex/Triplex) with a FHA owner occupied loan and 3.5% down payment.

I'm looking for

Location: B/C Class neighborhood 

Price: $400,000 < 

Appreciation in value 

Condition: Ready to rent or in need of renovations that cost <10k or less.

I would ideally target mid term tenant/Airbnb but more realistically long term tenants. I would not expect any passive income and would just buy and hold till next year. 

Option 2: Buy a condo with owner occupied Conventional loan and 5% down payment.

I'm looking for A/B neighborhood

Price: $300,000<

Appreciation in value 

Condition: Ready to rent or in need of renovations that cost <10k or less. 

Tenants: target primary mid term tenants and Airbnb.

I'm new to this so I'm open to any advice/criticism. Also would love to hear recomendations for best neighborhoods to look at, thank you!!