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Old 03-08-2018, 02:29 AM   #41
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If you plan to get married and have kids eventually, I would stay put and save up for a house in a good school district.
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Old 03-08-2018, 07:04 AM   #42
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All I hear is this is my dream place from a kid who can afford it and has years of growth ahead. You have to live your life on the way to FIRE. Go for it.
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Old 03-08-2018, 07:46 AM   #43
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Uptown is a good place to be investing over all, and the location is about 2 blocks from a newly renovated ($200M) train station, but there are certainly some rough spots. The other part of where his current neighborhood is is Wriglyville is very close to Wrigly Field and is probably a great place to have rental property, as it's very popular for post-college people to rent when they are young and bar hopping every night, then leave when they buy a home or grow up a bit. regardless, it sounds like you're in the position with options, and the market isn't so hot that you must buy now, and you're not in a position where you have to move to more space quickly (new wife, new child arriving, etc) so no reason to rush into a decision of this magnitude without being sure it's right for you.
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Old 03-09-2018, 12:35 PM   #44
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All I hear is this is my dream place from a kid who can afford it and has years of growth ahead. You have to live your life on the way to FIRE. Go for it.
+1
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Old 03-09-2018, 12:50 PM   #45
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+2, and consider keeping the 1/1 as an investment property and leasing it if the rent exceeds the PITI and HOA fees so it will be cash flow positive.
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Old 03-09-2018, 01:04 PM   #46
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If you're looking for some financial justification, I did quite well with my first 2 bedroom house by occasionally renting out the second bedroom (to temp people usually interns). Just did it when I felt like it, and just for people who needed a place to stay for about 3 months. Looking back on it, it added up to a good chunk of change.

Now I'd think about airbnb if the 2 bdrm condo allowed it, both for the money and the fun of it. Be super choosy and only rent it out a few weekends a year. Maybe it could be a fun way to meet people from around the world without ever leaving home, and get paid to do it.

Or think about how to make your current place serve you better. Better shelving, more compact appliances, etc.

In general I think 2 bdrm/2 bath has more upside potential (suits more people), as long as there's also parking (at least one spot, but fantastic if 2).
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Old 03-09-2018, 04:05 PM   #47
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You can find any advice you want in this thread, which may mean something about the utility of internet advice, or not.

In any case, do what you want and back it up with your favorite posted opinion right here.

A general observation is that blue chip neighborhoods are more price stable, but when the buy fever is going gentrifying neighborhoods really catch on fire. For an example, look up in Tacoma WA a waterfront neighborhood where an area that recently was toxic waste and smelters etc is the hottest residential neighborhood over the last few years. People who are getting priced out of Seattle what still want urban cool have roughly doubled prices in an amazenly short period. However, no way was this outcome guaranteed.

Ha
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Old 03-09-2018, 04:47 PM   #48
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The benefit of getting advice here, is the diverse nature of the advice. It will allow OP to consider things/options that would otherwise never occur.

Occasionally, they are real gems !!
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Old 03-09-2018, 08:28 PM   #49
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Thanks everybody for the input. I decided to pass on the opportunity, and plan to stay at my current place and continue to save moola. Hoping that this year, I can save about $25k+$2800 employer match.

My goal is that in 10 years I can be close to FI, such that any income I earn would supplement my investment returns. I decided this goal outweighed the goal to have a bigger and nicer place.
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Old 03-10-2018, 01:39 AM   #50
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Thumbs up. Sounds like you've thought this through and made the best choice for yourself.
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Old 03-10-2018, 09:36 AM   #51
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Thanks everybody for the input. I decided to pass on the opportunity, and plan to stay at my current place and continue to save moola. Hoping that this year, I can save about $25k+$2800 employer match.



My goal is that in 10 years I can be close to FI, such that any income I earn would supplement my investment returns. I decided this goal outweighed the goal to have a bigger and nicer place.


Thanks for the update. Listening to your own intuition usually results in the best decision for you.
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Old 03-10-2018, 12:25 PM   #52
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You surprised me. I would have guessed you would decide to go ahead and by..once you put down money it becomes more yours and harder to walk away from.
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Old 03-10-2018, 12:35 PM   #53
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Originally Posted by seabourne View Post
Uptown is a good place to be investing over all, and the location is about 2 blocks from a newly renovated ($200M) train station, but there are certainly some rough spots. The other part of where his current neighborhood is is Wriglyville is very close to Wrigly Field and is probably a great place to have rental property, as it's very popular for post-college people to rent when they are young and bar hopping every night, then leave when they buy a home or grow up a bit. regardless, it sounds like you're in the position with options, and the market isn't so hot that you must buy now, and you're not in a position where you have to move to more space quickly (new wife, new child arriving, etc) so no reason to rush into a decision of this magnitude without being sure it's right for you.
Wrigleyville hasn't changed all that much since the early 80s when I lived there bar hopping except for the cost to rent.
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Old 03-10-2018, 01:30 PM   #54
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You surprised me. I would have guessed you would decide to go ahead and by..once you put down money it becomes more yours and harder to walk away from.

Yeah, my attorney said we may have to do some dancing around to get my earnest money back. We said we wanted closing credits for a few things, and they denied us. We went back and said we needed the closing credits to repair those items, and they came back and cancelled the contract. So it was a quick dance.

I'll get my earnest money back, and the only money I'm out is my $400 inspection fee. Plus the time and mental stress of thinking this over.
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Old 03-10-2018, 06:10 PM   #55
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I know nothing about Chicago real estate so I can't contribute much here, but I know in Southern California condos are the first things to drop in value during a recession, while single family residences tend to hold their values better. I'm sure city living is completely different so maybe it's not a relevant comparison, but has the market been appreciating significantly in your neighborhood?

In So Cal prices are so high that I just think it's a bad time to buy, but maybe in your area that doesn't apply.
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Old 03-10-2018, 06:16 PM   #56
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I think you made the right decision. While your original post had me gung ho, when you updated about the location, and potential for partnering up soon, I was less enthusiastic.

I still think you should keep your eyes open for an upgrade. You're very young, and should enjoy your life along the way. Maybe when you and the GF are a talking marriage, find a bigger place that works for both of you.

I recommend taking the time now to make yourself a checklist of all the things your next place must have. That way you won't fall in love with a place that is perfect on 3 aspects, but fails on the other 2.
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Old 03-11-2018, 04:22 PM   #57
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Yeah, my attorney said we may have to do some dancing around to get my earnest money back.
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