All Forum Posts by: Sebastian Nadal

 I do plan to rent the entire unit at the 2nd year mark. I probably plan to go back home with my mom so I can save faster. Ideally I wanted to live in Lake View as that's my dream neighborhood, but I just didn't have the funds/income. I also wasn't aware of househacking really, not sure if I can do it in that neighborhood, but I'll do my research.

As for making a cash flow, looks like it'll be a slim profit? 1876 for the mortgage and HOA, and it looks like rent in that neighborhood is around 2-2.2k. I know that's not a huge cash flow, and any repairs could make me break even. But that's not too bad for me. I like my place and I feel rent will go up in this area as this is considered one of the few affordable neighborhoods up north. Plus Loyola with all its new construction. Once I reach 20% equity I'll request to remove PMI so that would free up $110 a month.

So, earlier this year I bought a 2 bedroom / 2 bathroom condo in Chicago. This was my first time ever buying property. The condo is in Rogers Park. I'll admit, I might've bitten a little more than I could chew, but I got anxious and I just wanted to have my first property in the city that was up north. 

I've been able to afford my payments so far without much issue. My principal/interest, escrow, and insurance is 1570, and my HOA is 306 and it includes water. I cannot fully rent out my place as it has not been 2 years since I started, but I can rent out a room.

After looking around rent prices, I have reached at $900. I think that is a fair price and that will help me with my breathing room and hopefully help pay off my place faster, or at least so I can reach 20% equity so I can stop paying $110 a month in PMI haha.

I'm obviously going to be checking credit score, making sure tenant has a stable income, no criminal background, etc. But since I'm young (24) and really new to this, I want to make sure I'm not missing anything glaring. Anyone have any suggestion for me? Thank you.