Buying a condo in the West Loop for long hold to return to
Work has me moving back to the Chicagoland area for about 6 months to 1 year. I'm originally from the area, and always consider Chicago "home". I currently have a place in Denver that I'll be renting out, and rather than just paying rent in Chicago, I thought it may be a good time to buy, live in for about a year, and then rent out once I come back to Denver. One of the biggest appeals to me though is also always having a place to come back to in Chicago for the future. So this decsion plays a little into both trying to build a portfolio, but also finally having a place in where I'm originally from and often visit.
I know I'd likely not see any cashflow from a Westloop condo, but I'm curious if anyone has any recommendations to lower my risk for the area. At this current time I'm looking at a 2bd/1ba w/ 1 parking spot. Considering the BRRR method after living in the unit for a year. At the very least, I'd like to try and match up my mortagage/hoa fees/insurance/tax to what I can rent it for. I know that'd net me $0 w/ needing to fill a security fund on the side.
So I'm curious. Am I being crazy and putting too much emotion/desire into this? Or, if I'm truly looking to hold for 15 years +, take a shot and go for it?
Appreciate any and all feedback.
Most Popular Reply
@Conrad Kostrzewa IMO i wouldn't buy a west loop condo for 1 yr. We both know you wont cash flow as a rental (maybe via airbnb/STR, but those HOA fees in the loop are a deal breaker) and too much new inventory is being built. Also, I dont see you making much money flipping a condo in a 1yr (unless you really do find a good BRRR deal).
If you want to rent a condo in chicago, I would go further North. Uptown, Edgewater, Rodgers park. Area is safe and you can get $100-$300 bare minimum as a rental. More if you BRRRR.
But if you have the budget for a West loop condo, why not just buy a 2-3 flat with 5% down?
Best of luck!