All Forum Posts by: Ronan M.

Where in Chicago ?

Any color he paints it will probably be better than the way it is now.

Sorry !!!!

@Clark McNally

You just answered my question !!!

"I would want to live in lakeview, Lincoln park, wicker park, and Bucktown neighborhoods and first choice would be lakeview since I have Chicago Cubs season tickets and enjoy going to the games"

Ahhh....No Pain. No Gain !!!!

If you have to live in Lakeview, Lincoln park, wicker park, and Bucktown $20K wont buy you squat. You need to decide your priorities here. RENT in the fanciest areas of Chicago or comprise for the sake of your personal advancement and move a mile or 2 to get your foot on the property ladder. With $20K you cant have both.

To the best of my knowledge if you have to take a 10 mins bus ride down Addison or Irving Park Road to a Cubs game they will still let you in to see the game using your season tickets.

For starters maybe move west a mile or 2. Closer to the Kennedy. Irving Park or Old Irving and buy a place. You could pick up a 2 bed condo there for $120k to $140k. $20K should work for the down payment assuming you have steady employment. If you are a fan of the Lakeview/Wrigley area you will still be relatively close.

You are right. Why waste money on rent. If you can purchase a 2 bed maybe you can rent a room (or AirBnB) and half your monthly living expenses all while building some equity for yourself and not your landlord. Plus getting a room mate to pay half the mortgage will result in a lot more of your own income staying with you which you can build up for future investments.

If you don't HAVE to be in "cool" Lakeview you are much better of getting your own place for same or even less dollars per month and building some wealth for yourself. You are only 23...be great to own your own place now. Time flies..5yrs from now you will be very happy you did and you will have paid down your own asset and not dished out ($950*12*5) = $57,000 of your hard earned money for nothing.

Plus, if you decide to bail Chicago for work to travel or for the girl of your dreams you will still have a very rentable condo.

 If all of the above is nonsense...come rent from me. I'll happily take your $57K for the next 5 yrs :)

Best of luck to you.

The parking is too expensive.

The parking spaces are too small for our vans and pick ups.

@KUNAL HARIA  So then don't skimp on $600 bucks on a $100K purchase. Condo's can be tricky with Associations etc. I would not buy a condo without a full review by an attorney to ensure I was not buying into any nightmare sceanario.

How much is the condo ?

That $600 you spend on the attorney might be the best $600 you ever spend.

Cash Reserves ?

We are in Real Estate. 

What Cash Reserves ?? :)

You don't need a lawyer to get yourself an LLC bank account or LLC Credit card. That part is all on you. You could have done both the day the LLC was formed and you got the EIN number from the IRS.

@Nnabuenyi Anigbogu

Send me the info on the condo. I have somebody in mind who may be interested in it.

Thx