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Conrad Kostrzewa
  • Denver, CO
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Buying a condo in the West Loop for long hold to return to

Conrad Kostrzewa
  • Denver, CO
Posted Jun 8 2018, 10:54

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.

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