Success with Chicago Condo Rentals?
Hi All,
I wanted send a beacon out to fellow Chicago investors and ask if anyone has a portfolio of condos within the city, since single family hardly exists out here. I know the popular opinion is that special assessments can wipe out cash flow, not all associations allow renters, association policies can suddenly change, but I successfully house-hack through roommates in my Ukrainian Village condo right now (I'm 25 so for now it feels weird NOT to have roommates), and for my first true investment property I want to stay close to home (no more than 20 minute drive/public transit).
I have a pre-approval with my lender with stipulations that the building can't be over 50% tenant-occupied, and at least 10% of the monthly HOA dues need to go into reserves. Does anyone reading have a few successfully rented Chicago condos under their belt? The rental market is great in this city, and I'd really like to invest close to home as I love it here and don't see myself leaving anytime soon.