Innovative Strategies

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Bryan Rome
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What would you do with this Chicago condo rental?

Bryan Rome
Posted Sep 11 2019, 14:45

I am brand new to BP and this is my first discussion question, as I am new to real estate investing as well. I have a two bedroom two bath condo that is a mile and a half west of Wrigley Field in Chicago that I currently rent to my one and only tenant. With principal interest taxes and assessments, my total expenditures is $1700. I have a tenant for one year that is also paying $1700. The reason why I kept the property is that I have a 2.8% interest rate, so my principal decreases by $1,000 per month, but I essentially have no cash flow and am banking on at the equity and hopefully an increase in property value with time. I have about $50,000 worth of equity in the property. I would like to expand my real estate portfolio, but I don't know if I should sell it and use the profits to invest in a multi-family or keep renting the property and save for a multi-family. I'm looking for some advice as to what other real estate professionals would do in this situation, as I don't have enough cash for the down payment on a multi-family in Chicago. Any and all feedback is welcome. Thank you BP community!

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