I bought an investment property on the southside of Chicago

[swoleyo]

370k out the door for a 4 flat apartment complex.

3x 3 bedroom, 1 bathroom
1x 2 bedroom, 1 bathroom

All in is around 2,200 a month
Rental income projected around 3,500
Projected profit with me living in the building 15k a year
Projected profit after I move out 30k a year

Rate my survival chances on living there for two years? Don't want to give the exact area but it's around West Lawn/Midway airport area.

[SouthDakotaBrah]

Very solid investment brah

[ajctennis]

Seems like a pretty damn good deal as long as you can keep occupancy high. Why not just move out after 6 months-1 year and live in a studio in Chicago.

[Gringo12]

Isn't the south side comparable to ****lia?

[Hmatt330]

Lemme rent out a room cheap Opie.


But srs. Want to move to Chicago, and want to buy rather than rent. May PM you in the future to see how you got these dealzzz

[PermaBulk610]

In b4 OP gets murdered and then a song is made from Lil So and So about he how Drilled his landlord

[swoleyo]

Very solid investment brah

Thanks brah.

In b4 OP gets murdered and then a song is made from Lil So and So about he how Drilled his landlord

This is my primary concern. Generally you can't make money as in investor in class A or B areas. You need to invest in Class C/D areas which means medium to high levels of crime. 4 flat buildings on the north side of Chicago go for around 550/800k. You can't turn a profit on that even with higher rental rates. Can only buy these during economic downturns when they go for below market rate.

Seems like a pretty damn good deal as long as you can keep occupancy high. Why not just move out after 6 months-1 year and live in a studio in Chicago.

Because of Covid the debt to income ratio is pretty brutal right now. When you buy a multi unit property you can use the rental income towards the ability to afford the property. Generally you can use 75 percent but right now it's capped at 50 percent.



Moving into another place would change debt to income ratio. I do pretty well and the lender was still drilling me about having a 350 dollar car payment and a little 3/4k of credit card debt.

[GodlessWonder]

370k out the door for a 4 flat apartment complex.

3x 3 bedroom, 1 bathroom
1x 2 bedroom, 1 bathroom

All in is around 2,200 a month
Rental income projected around 3,500
Projected profit with me living in the building 15k a year
Projected profit after I move out 30k a year

Rate my survival chances on living there for two years? Don't want to give the exact area but it's around West Lawn/Midway airport area.

congrats yo

[ajctennis]

Right but I thought once you get the loan locked in they can't go back and change anything once you've lived there for 6months to a year and then leave.

Thanks brah.





This is my primary concern. Generally you can't make money as in investor in class A or B areas. You need to invest in Class C/D areas which means medium to high levels of crime. 4 flat buildings on the north side of Chicago go for around 550/800k. You can't turn a profit on that even with higher rental rates. Can only buy these during economic downturns when they go for below market rate.







Because of Covid the debt to income ratio is pretty brutal right now. When you buy a multi unit property you can use the rental income towards the ability to afford the property. Generally you can use 75 percent but right now it's capped at 50 percent.



Moving into another place would change debt to income ratio. I do pretty well and the lender was still drilling me about having a 350 dollar car payment and a little 3/4k of credit card debt.

[meanstringbean]

If you owner/occupy you really dont need to live there a year if you have a good reason to leave. Cash flow looks good but poor tenets are chit. Choose wisely