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Old 09-20-2011, 11:55 AM
 
867 posts, read 1,367,964 times
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What kind of deal did you get?

Are you holding out for cheaper priced properties?

What are your plans for the acquired property?
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Old 09-20-2011, 12:00 PM
 
Location: Uptown
1,520 posts, read 2,568,014 times
Reputation: 1236
I bought a place just south of Foster at late 90s pricing. Plan to live here for 7-10 years. PITIA is less than my previous rent.

EDIT: according to the NYTimes rent/buy calculator my investment will start saving me money in a couple years once i recoup closing costs and whatnot.
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Old 09-20-2011, 12:47 PM
 
867 posts, read 1,367,964 times
Reputation: 802
Quote:
Originally Posted by Aleking View Post
I bought a place just south of Foster at late 90s pricing. Plan to live here for 7-10 years. PITIA is less than my previous rent.

EDIT: according to the NYTimes rent/buy calculator my investment will start saving me money in a couple years once i recoup closing costs and whatnot.

I found a place over the summer, but decided to hold off till next year. Maybe something will become available in one of my desired neighborhoods for the right price by then.
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Old 09-20-2011, 01:03 PM
 
Location: Uptown
1,520 posts, read 2,568,014 times
Reputation: 1236
Quote:
Originally Posted by Runuova View Post
I found a place over the summer, but decided to hold off till next year. Maybe something will become available in one of my desired neighborhoods for the right price by then.

We had rented close to the area where we bought and bought one of the two units for sale in the building at the time. The other (not quite as nice) unit sold a few weeks later for 10k over what we paid. I was done trying to time the market and found a place that worked for our timeline. I'm not expecting much if any appreciation even in 10 yrs but i have a nicer place than I had while renting and I'm paying less.
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Old 09-20-2011, 01:06 PM
 
867 posts, read 1,367,964 times
Reputation: 802
Quote:
Originally Posted by Aleking View Post
We had rented close to the area where we bought and bought one of the two units for sale in the building at the time. The other (not quite as nice) unit sold a few weeks later for 10k over what we paid. I was done trying to time the market and found a place that worked for our timeline. I'm not expecting much if any appreciation even in 10 yrs but i have a nicer place than I had while renting and I'm paying less.
That's it exactly! We want a home, not an investment.
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Old 09-20-2011, 01:12 PM
 
Location: Chicago - Logan Square
3,396 posts, read 7,192,878 times
Reputation: 3731
I don't think prices are going to drop much (if any) more. We looked into buying a property to rent out, and the ratio of real estate prices/going rents is pretty attractive right now for landlords. I think that is going to keep housing prices from falling any further. On the flip side I don't see anything indicating they'll rise again anytime soon either, so no harm in taking your time, just keep an eye on the market and make sure you have your financing lined up so you can buy something if prices show signs of recovery.
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Old 09-20-2011, 01:43 PM
 
Location: Los Angeles
302 posts, read 452,016 times
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Quote:
Originally Posted by Attrill View Post
I don't think prices are going to drop much (if any) more. We looked into buying a property to rent out, and the ratio of real estate prices/going rents is pretty attractive right now for landlords. I think that is going to keep housing prices from falling any further. On the flip side I don't see anything indicating they'll rise again anytime soon either, so no harm in taking your time, just keep an eye on the market and make sure you have your financing lined up so you can buy something if prices show signs of recovery.
Prices will still drop, but as you said, not by much anymore. BUTTTTTTTTTTT, rental prices are through the roof. Rents used to be an option for those just starting off with no credit, or for those with bad credit, but most importantly for those with not enough money to pay for a mortgage and maintanence on a house. Those days are gone. Rent takes advantage of those who can't get approved for a loan(the rules have gotten real strict). A place you could rent for $1000 in a good neighborhood in 2001 is now going for $1900 or more.

Buying is the smart move nowadays, especially considering if it's a condo, you usually can buy one, pay for HOA fees and still come out with change in comparison to paying rent.
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Old 09-20-2011, 02:25 PM
 
11,289 posts, read 26,126,530 times
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Yeah, you can make a killing if you rent your place out.

My unit has a mortgage of $960 per month, and then another $200 per month for taxes, $100 for the assessment for a total of $1,260 per month.

The three other units on my floor are now all for rent, are basically the same as my place, and are renting for around $1,550 per month. That's $300 a month in profit.
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Old 09-20-2011, 03:10 PM
 
867 posts, read 1,367,964 times
Reputation: 802
Quote:
Originally Posted by jtamay3 View Post
Prices will still drop, but as you said, not by much anymore. BUTTTTTTTTTTT, rental prices are through the roof. Rents used to be an option for those just starting off with no credit, or for those with bad credit, but most importantly for those with not enough money to pay for a mortgage and maintanence on a house. Those days are gone. Rent takes advantage of those who can't get approved for a loan(the rules have gotten real strict). A place you could rent for $1000 in a good neighborhood in 2001 is now going for $1900 or more.

Buying is the smart move nowadays, especially considering if it's a condo, you usually can buy one, pay for HOA fees and still come out with change in comparison to paying rent.
Rent is crazy now! Buying is my only real option, I'd be crazy not to.
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Old 09-20-2011, 03:21 PM
 
Location: Tower Grove East, St. Louis, MO
12,063 posts, read 31,549,370 times
Reputation: 3799
Although it won't be in Chicago, with any luck we'll be the owners (and occupiers) of a 4-family flat within the next year in St. Louis. Being a landlord is no small task and shouldn't be taken lightly, but running the numbers is an exciting prospect. The idea of living rent free and cash flowing at the same time is almost too unbelievable! But I know several folks who do, and the math definitely works.
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