{ "media_type": "text", "post_content": "Hey there,\n\nI am thinking about getting a 2 bedroom condo in Chicago. For approx 370 - 400k range. \n\nIs this a good idea? \n\nI currently make 120k, I have 30k in savings and 90k in personal brokerage accounts. I will have to sell some stocks to add to my savings so I can pay 60k down payments..\n\nThoughts?", "post_id": "5f61938bacdc470024fe3e8a", "reply_count": 25, "vote_count": 2, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }

Hey there,

I am thinking about getting a 2 bedroom condo in Chicago. For approx 370 - 400k range.

Is this a good idea?

I currently make 120k, I have 30k in savings and 90k in personal brokerage accounts. I will have to sell some stocks to add to my savings so I can pay 60k down payments..

Thoughts?

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You will need closer to 90k for down payment, close, and expenses at the top end of ur budget. I would wait till you have another 30k saved up

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Only exception is if you rent out one of the bedrooms

Ditto to A2 about being conservative. There are plenty of great neighborhoods like lakeview, north center, and ravenswood where $400k will give you plenty of options. Chicago certainly has high taxes, but if you are renting, you are just paying them for someone else. Sounds like you can still have enough cash for an emergency fund if something happens. You just want to make sure your all in monthly housing expenses arent too high as a % of your take home. Your plan doesn’t sound too bad. Good luck!

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I think A1 is being very conservative. You’d be fine with 60k down to afford something for 500k.

The real question is what your other expenses look like and how high of a monthly mortgage payment you’re comfortable with.

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That’s like more than half of your take home after taxes and deductions tho

I’m selling mine if you’re interested 😎

Yea my numbers are about the same as yours and I just bought a place. Just get a mortgage and put 15-20% down which is about 60k

The HOA for the listing you posted is extremely high. Personally, I wouldn't want to be on the hook for that much that would never make it into equity. We pay $125 for our HOA, and I got a separate gym membership that costs less and I can cancel anytime.

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