where would you live if you wanted to turn a profit in 4 years? (Chicago: foreclosure, rent)

[bdwebb219]

Thanks for the honest advice everyone. We might have to bite the bullet ...that says, where would you rent? We had been looking around algonquin...

[chet everett]

hworth's math is pretty solid! Toss in the fact that nothing around Algonquin is now particularly desirable, nor it is likely to be with the various challenges facing Illinois's budget and Wisconsin working hard to draw folks over the "Cheese Curtain"....

Rent close to work!

If you want to "make money in four years" rent the CHEAPEST place you can tolerate and Invest the difference is nice low cost ETFs that track the hotter indexes...

[sfcambridge]

Originally Posted by chet everett

If you want to "make money in four years" rent the CHEAPEST place you can tolerate and Invest the difference is nice low cost ETFs that track the hotter indexes...

This is a great idea.

Lives as close to work as you can. Live simply, within your means. Enjoy your young family. Time is more valuable than a big house! And save save save.

[holl1ngsworth]

Originally Posted by bdwebb219

I've posted a bunch looking for nature-filled, young family areas with large lots under $265. Well, after lots of looking hubby and I are pretty down about just not finding anything. In that price range we just are so limited it seems, and a lot of that is due to taxes that we still can't fathom lol. I'm ignoring all ugly appliances, nasty carpets and pink bathroom tiles. Even with that, we can't seem to find nature, large (1 acre-ish) lot, young area worth putting money into, and good schools in our price range. If I'm missing something, please please correct me.

This is that: 29W450 Townline Road WARRENVILLE, IL 60555

Great schools, almost a full acre and just about the best access to nature you can get in Chicagoland. CRAZY low taxes. Plus you can get Two Brothers straight from the barrel.

Deals like this usually get scooped up quick though. This one's been listed for just three days.

[Lookout Kid]

Originally Posted by holl1ngsworth

Money you will never see again:

Do the renting math: $1500/mo for 5 years is $90k.
Do the buying math: $235k home, $185k loan, interest paid over 5 years equals roughly $35k. Add in taxes of $5k/year and the total is $60k. Add in a maintenance budget of $3k/year and the total is $75k. Add in realtor allowances and closing costs at the sale and your at $85k.

If there was a severely undervalued home that only required a little elbow grease, I might jump on it... but that's walking a thin line. The odds of finding a home <$250k in a desirable neighborhood that doesn't require lots of expensive upkeep are slim.

With tax deductions for mortgage interest and property taxes, the math would probably tilt towards buying again... But the risk alone and lack of flexibility would push me towards renting in that time frame.

[aga412]

Originally Posted by holl1ngsworth

This is that: 29W450 Townline Road WARRENVILLE, IL 60555

Great schools, almost a full acre and just about the best access to nature you can get in Chicagoland. CRAZY low taxes. Plus you can get Two Brothers straight from the barrel.

Deals like this usually get scooped up quick though. This one's been listed for just three days.

Warrenville is definitely one of the most underrated, sometimes hidden gems of the west burbs. Sadly overshadowed by both Naperville and Wheaton.

[whakru]

Originally Posted by holl1ngsworth

This is that: 29W450 Townline Road WARRENVILLE, IL 60555

Great schools, almost a full acre and just about the best access to nature you can get in Chicagoland. CRAZY low taxes. Plus you can get Two Brothers straight from the barrel.

Deals like this usually get scooped up quick though. This one's been listed for just three days.

For what you are looking for....I would jump on this one pretty quick. Not a forever home, but definitely nice for about four years! It is pretty cute if you can look past the decor.

Good pick, Holl1ngsworth!

[ToriaT]

Yes that is a good pic. You may need to do some redecorating but its sound. Great...in the Wheaton school district. I'd say if you scrape something you should scrape an acre. Nobody really needs an acre, you can get a nice back yard without it being that big. That is really limiting you of course along with price. Warrenville might be a good place to look as would Winfield but only if in Wheaton school district.

[4122]

Originally Posted by holl1ngsworth

This is that: 29W450 Townline Road WARRENVILLE, IL 60555

Great schools, almost a full acre and just about the best access to nature you can get in Chicagoland. CRAZY low taxes. Plus you can get Two Brothers straight from the barrel.

Deals like this usually get scooped up quick though. This one's been listed for just three days.

That home has well water and a septic sewer. If you're ok with that, then you might wanna look into it. Here's another home in Warrenville that's a foreclosure. It also has well water and a septic sewer though. It also has VERY low taxes for a home above 4,750 sq ft. This could be a big money maker if you move out of Illinois after 4 years, but it can also be a very nice home once it's fixed up.

29W122 Morris Ct, Warrenville, IL 60555 is For Sale | Zillow

[JoePO]

Originally Posted by 4122

Here's another home in Warrenville that's a foreclosure. It also has well water and a septic sewer though. It also has VERY low taxes for a home above 4,750 sq ft. This could be a big money maker if you move out of Illinois after 4 years, but it can also be a very nice home once it's fixed up.

29W122 Morris Ct, Warrenville, IL 60555 is For Sale | Zillow

That place has been trashed! I've seen foreclosures where the people took the appliances and such but it looks like parts of this one have been bulldozed! Bathroom fixtures (toilets, sinks, shower stall) ripped out? Cant see how less than 100k$ makes it livable (and sell-able). Only a money maker for someone with $$$ to invest, I'd think. I'd go with the other Warrenville one listed above.