Relocating to Chicago in the Summer looking for agents/lenders.

Member since 2023 · 3 posts · 5 votes

Hello everyone, I'm 25 years old, from CA looking to relocate in the summer to Chicago. I have 15k in my savings specifically for a down payment for a condo (preferably 2 bed, 2 bath but 1 bath is okay). I also have another 15k in stock investments. I'm looking to househack a condo, fix it up with a light rehab, then move and rent it out. I do have an idea of the neighborhood in Chicago that I'd like to move to. I'm looking for some guidance from an agent/lender as this would be my first real estate purchase and the start of real estate investments. I'll be in Chicago this weekend for a wedding and will be available Sunday (2/19) and if there's someone who's willing to meet up and discuss in more detail, I would greatly appreciate it. Thank you in advance for those who took the time to read all of this.

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Jonathan KlemmBusiness Member

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Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes

Hey @Edgar Hernandez - You should for sure connect with my guy @Edgar Barbosa or my girl @Eudith Vacio both are experienced Chicago agents helping clients just like you.

Link up with a lender to get pre-approved such as @Andy Smith or @Michael Facchini. Then you should find a big rehab and we can help you haha!

All jokes aside I'm happy to link up and give you my thoughts on neighborhoods and provide any additional referrals you need. Welcome to Chi-town!

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Henry Lazerow
Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes
3y
I work in Chicago and have sold 40 million in investments here. Mainly 2-4 units but some condos. Feel free to shoot me a PM and we can go on a call about chicago areas etc.
$15k is very little even for a 1br but $30k is more doable. You can have seller do closing cost credits to minimize cash needed to close. Closing costs in Chicago are significant percents especially as the purchase prices get low. You also want some money left over for repairs/updates etc.
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Brennan Crick
Realtor · Chicago, IL · Member since 2017 · 42 posts · 20 votes
3y
You should do a 203k loan. That way you can finance the rehab with a 3.5 % down and on top of that you can get grants and down payment assistance to go towards that 3.5%! Let me know if you need help. I’m an investor myself and rehab my own homes. Let me know if you want to chat about the areas here. I live in the city too.
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John Warren
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
3y
@Edgar Hernandez have you considered renting for a year to save up some more cash for a down payment? 15k will be tight unless you are open to neighborhoods that are further west. You also would have a chance to get to know the city well, so you know exactly what you are interested in from a neighborhood perspective.
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Paul De Luca
Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes
3y
Quote from @Edgar Hernandez:

Hello everyone, I'm 25 years old, from CA looking to relocate in the summer to Chicago. I have 15k in my savings specifically for a down payment for a condo (preferably 2 bed, 2 bath but 1 bath is okay). I also have another 15k in stock investments. I'm looking to househack a condo, fix it up with a light rehab, then move and rent it out. I do have an idea of the neighborhood in Chicago that I'd like to move to. I'm looking for some guidance from an agent/lender as this would be my first real estate purchase and the start of real estate investments. I'll be in Chicago this weekend for a wedding and will be available Sunday (2/19) and if there's someone who's willing to meet up and discuss in more detail, I would greatly appreciate it. Thank you in advance for those who took the time to read all of this.

Condos are pretty difficult to cash flow as investments in my experience especially if you're doing a low down payment loan with the intention of living in it for a year & then renting it out. High HOA assessments also handicap investment potential.
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Jonathan KlemmBusiness Member
Moderator
Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
3y
Hey @Edgar Hernandez - You should for sure connect with my guy @Edgar Barbosa or my girl @Eudith Vacio both are experienced Chicago agents helping clients just like you.

Link up with a lender to get pre-approved such as @Andy Smith or @Michael Facchini. Then you should find a big rehab and we can help you haha!
All jokes aside I'm happy to link up and give you my thoughts on neighborhoods and provide any additional referrals you need. Welcome to Chi-town!
[email protected]
Quality Builders4.966 Reviews
Website View Page
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Eudith VacioPro Member
Real Estate Agent · Chicago & NWI · Member since 2015 · 860 posts · 521 votes
3y
Thanks for the shout out, @Jonathan Klemm!

Hey @Edgar Hernandez - were you able to meet up with anyone this past weekend? I am not completely opposed to the idea of having a condo as an investment as my first investment was a condo but it definitely might be difficult to find some good cash flowing condos now, and with that amount of money you might be better off finding a duplex. If you're in the area again, I would be down to link up!
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