Need advice! ( This is going to be a lot so bare with me)

Wife and I live in Chicago and have a combined income of 253k ( approx 12k-13k monthly)and are expecting our first child in February of next year. Currently we own a condo in Chicago that is 2 bedrooms and 1.5 bathrooms. We pay $2k in all housing cost monthly ( principal, interest, insurance and HOA) our utilities are typically an extra $80 to $120 . Seem more below!

like
Posting as :
works at
You are currently posting as works at

I think living with your in laws sounds nice in theory but personally think it will drive you crazy after a while.

like

The house is honestly big enough that we would not see each other much. It is 4 floors but I agree.

What would you do with the condo if you buy the house? Sell it? Rent it out?

Do you have cash for the house down payment without selling the condo?

I mean, if you are already under contract, then you’ve already made the decision.

like

Good point we could try to rent for $2200 and put on the market. The unit is in good condition. We just replaced the water heater 2 years ago etc..you are making good points. We will try to sell

like

We are currently under contract for a home in a good suburb 15mim drive from downtown Chicago at 550k 6.375% interest FHA loan and 26k down. All cost included after Principal , interest, HOA and insurance is $5k monthly utilities are estimated an additional $100-$200. The home is nice and we want it because we intend to have my wife’s parents and another baby live with us to assist with child care for foreseeable future. It has 4 br and 4bath and is spacious so would be big enough. Only issue is that I noticed the home was bought for $465k in 2022 which means we are almost paying $100k more. I am positive we are in a bubble so buying this is definitely making me pause. This is not a forever home but we could stay there for 5-10 years. We have 3 options

1. Buy the home
2. Rent a property big enough for us ( would be approx $3.5-5k a month)
3. Stay where we are and hire someone to come help ( I expect that would be 2k-5k a month)

My wife is too pregnant/sick to discuss this. My family wants us to buy the place for selfish reasons. Another point to add is that if we buy the place we would also be supporting 3 other people ( grandparents and niece) we would receive some help if we ask but I don’t expect much. After closing we would have between 20k-50k ( $20k in a brokerage account and $30k in HYSC)

We are 29 and 27 btw! Please help open to all advice!

I don’t think we are in a bubble. Did the prior owner do something to improve the home. That’s a big gain in Chicago since 2022. In five to ten years it’s unlikely you will lose money and in the time rents will increase. What makes this not the forever home?

No harm putting it on the market though for a really good price and seeing if we can get some cash.

Buy what you need, don't look back. Is it 20k over market? I have no idea, maybe. You can go nuts looking for the perfect deal, but you found something reasonably priced that you like... just go for it. At your income I don't mind saying that 20k just isn't a big number to be worried about anyway.

Every market is different, but I track real estate and it's well known that prices are rising, sometimes very quickly. I'm not concerned by what I see here, so I'd say that 85k over 3 years isn't a red flag-- at most a quick eyebrow raise and a shrug for me. As SPM1 says, it's extremely like to continue to go up in value.

Don’t think we’re in bubble. I’m curious which burb you’re buying in whether it’s over priced or not. Paying 550k for something in like Maywood or Broadview I’d be concerned vs buying in oak park.

You need to either stack reserves or earn more, taxes are likely to increase and it’ll be devastating when it happens. My profit got crushed on my rental when city raised their taxes a year ago but i made sure i had enough profit so i was ultimately fine. Sounds like a good reason to charge 2.5k for the Andersonville condo. If taxes become unaffordable worst case you sell the condo. Sounds manageable but you just gotta be ready to pull the trigger when you get into the red or once you see the writing on the wall.

If you can comfortably afford the payments and have secure jobs go for it. You can always refinance if the price goes down as well. With the rates still a bit high I think it’s a good move.

Related Posts

I am prior military and went to law school. I had a family to take care of while I was a student, hence I went as fast as possible to get to a paycheck, graduating in 2 years, and bypassing the standard summer clerkships. How could I get some experience strictly remote? I am w-2 working as an accountant in healthcare, have passed the bar and am working on my CPA license (studying starts at 3 am, then work FT). I would like to eventually hang a shingle as a tax lawyer, but need experience. TIA!

Brand new baby lawyer dumb question - I am tasked with drafting response to request to produce. How long should this take? And follow up… how do I bill this?

like

First-gen and new hire in my first job. Vyvanse was typically covered under my parents’ insurance but now I’m looking to sign up for (my first) health insurance plan with my employer. I’m worried if Vyvanse will be fully covered or not. Anything I should look out for?

like

Does Optum United health group UnitedHealth Group provides sponsorship for taking executive management courses?

Anyone have tips on culturally relevant (read Black) parent podcasts or parent preparation programs?

I’m looking for something similar to New Mom Boss but for us

Moving to Austin end of this year, with a new baby.

With ~$500k HHI and almost no debt, in which neighborhood can we practically afford a house? We do outdoorsy stuff (mtb biking, kayaking etc.) and also have a dog that likes to run.

Any suggestions are appreciated! 🙏🏽🙏🏽

like

Program Manager Healthcare Foundation $85,000. Worth it? Or too low?

like

Hello! I noticed some similar questions to the one I am about to ask and I apologize if I am being repetitive but I didn’t see this specifically (I am new so sorry if I am missing it). I am a RN and have been for 15 years. I was looking to transition into health tech but has been a bit more challenging than I expected. So, I have been working on trying to get in as a SDR but I am also taking a course for my PMP certification. Is this of value or should I focus on something else?

like

Thoughts on body size positivity movement?

like

I am trying to elevate my knowledge and skillsets in healthcare operations. Outside of learning and understanding insurance. What are other skillsets I need to master? What excel equations should I know that are basic and a couple that are more complex yet of course useful in understanding productivity, identifying waste, whatIf analysis, etc.?

like

My baby is in trial boarding today. I miss him so much 🥺

Post Photo
likeupliftinghelpful

About a year into our infertility journey and considering switching from my husband's company's benefits to EY's to take advantage of the 50K lifetime benefit. I know I would need to switch to EY coverage, but does my husband also haveto be on EY's insurance to have IVF costs fully reimbursed?

like

Taken from twitter: “My wife grew up thinking that having water/ice dispensers IN THE FRIDGE DOOR was a life goal.
I grew up thinking if you had a basketball hoop with a clear/plexiglass backboard, you were rich.
What are some things you thought were indicators of wealth when you were a kid?”
Curious to see your responses....

likehelpful

Hi, I am currently a Sr. Radiation Therapist experiencing burnout. I am currently looking into other positions within healthcare that does not involve direct patient care. Any suggestions of routes I should take?

like

My wife and I just had our second child, and we have also been dealing with her cervical cancer diagnosis. It has been a stressful year, to say the least. I want to do something nice for her, but money is tight right now because of the cancer treatment costs, and her being on unpaid leave because of the cancer treatments. What is something low cost I can do that will be a nice “couples thing” so we can de-stress, but also make her feel special?

like

I'm planning a session on mental health in the workplace, including tips for how we can do better at creating a mentally healthy workplace as individuals, as managers, and as an office - any tips / dos and donts / favorite compelling mental health stats I should include?

like

Healthcare consulting practice. Deloitte vs Accenture vs other players. Thoughts on who has the best practice overall?

And any insight/who has the best practice in the provider space specifically?

like

Graduating with my finance degree in about a year. I took a part-time healthcare position fill my employment gap but most of my previous experience is in manufacturing logistics and customer service. With my background, how do I break into a finance or accounting role? What positions do I apply for? I would like to make at least 45-50k a year min starting if possible.

like

Mental health is busy, looking for tips to help manage tasks, currently I supervise 12 therapists in 3 different departments that are all different with unique dynamics in each dept. I still carry a small caseload on top of this. I'm struggling with my patients and worry I am not giving them my best, I wax and wane between focusing on patients and therapists. Looking for advice navigating this type od conversation with my leadership, we have all been asked to work on increase billable time...

like

More Posts

Hi Guys, How is Capgemini Invent? Is it a different company or SL? How are its projects and opportunities?

like

Serious question from a happy software engineer, what do you all love about your work/actually enjoy doing during working hours?

I'll start; I'm privileged enough to have been given the opportunity to work and learn deeply on Linux and Kubernetes, and I get to tinker and play with them all day. Problem solving with them is a "fun" part of my job.

Of course most things aren't roses and sunshine, but I'd love to hear the positive parts of what you are doing, or what you like to do at work.

like

looking for referral to b4 consulting firms. recently let go from deloitte as part of current headcount reductions. any assistance is appreciated. please DM me, thanks

Are there any VC firms in Toronto/Canada with comparable pay to Consulting?

likefunny

Didn’t realize crypto had MLK Jr sales too! 🤑💰

like

Does anyone want a 2 tone Sky Dweller on Jubilee, black face? I got an allocation from my AD and don’t want to upset them by saying no. Deal would be at msrp + tax.

Post Photo
like

Should I trade in my iPhone 13 pro max for $720 to Apple? I don’t know what they sell for used but if that is a good deal let me know if you want to buy it.

like

Where do you all get your CE credits? I know that there are some lunches that I get invited to from wholesalers, but I don't have time to go to 27 fucking lunches.

like

How do you feel about "workplace of the future?" I literally can't focus when I can hear & see everything everyone is doing. It's definitely impeding my productivity to not be in a quiet environment.

like

Have an interview with a company I really want to work for tomorrow. My last job I was laid off b/c of an acquisition&recently accepted a job at a diff company b/c I couldnt afford not to. I got this invite shortly after. The place I’m interviewing at the job wouldn’t start til next year. I dont want to seem like a job hopper. Do i tell them I’m at a new role or just not bring it up? The acquisition was public so they can see Im no longer employed with the most recent work history on my resume

like

Can someone share how old caterpillar India engineering pvt ltd is, not able to get much information online

like

Anyone use air table for PM? Looking for pros and cons. Thanks in advance!

like

Has anyone been offered a status buy-up for 2021. ~$1700 short of United 1k this year and think my travel will increase a good bit starting next year. Think it could make sense, especially given the 2021 thresholds

like

I have experience of 2 years as a Ui Ux designer. I’m looking for a change but I don’t have a portfolio. How can I bag a job?

like

Phone screen with Accenture Federal Services this week. Recruiter found me on LinkedIn and set up 30 mins on my calendar to chat. Said camera is not required because it will be a casual chat. What should I expect here?

like

What designation i can expect iat Capgemini of joining as a Lateral?

I have total 11.5 YoE

like

Hello Guys,

Infosys offered 22LPA (15% variable) + 1.25L joining bonus.
HCL offered 23LPA(10% variable).
YOE : 10.6 years.
Please suggest which one would be good from your experience and let me know to get better offer.

Can anyone assist me what Senior FP&A Role people can have the salary expectations in Warsaw Poland for having 9+years.

What kind of bump in salary can one expect after a year of experience as a Jr. in Dallas, TX? Making $45k now

Additional Posts in The Real Estate Bowl

Is it better to get credit at closing or lowering the overall home price?

seller is offering to lower the cost or give credit to fix the flooring

like

If you living currently in a home and looking to buy another home but plan to put only 10% on the new home, can I pay the remaining 10% after selling my existing home in 1-2 months .. and get the PMI

like

Anyone want to aspire and get their real estate licenses together for a side hustle?

like

For people who recently refinanced, bought or is in the process of buying a new home, what APR did you get?

like

First time homebuyer here. Any good 101 course which covers end to end of home buying. I know there are few government affiliates who offer in person courses but am looking for an online course.

Due to a family situation we are looking to move to a different state. Normally we would sell our current home and buy a new home in our new location. However, with todays prices and interest, will it make more sense to rent out our current home and rent a home ourselves vs. selling and buying immediately when we move? We are moving from Vegas to Sacramento and we are not sure how long we would stay in the new area. Thoughts?

Can I get a commercial loan without 25% down?

like

I'm under contract for a new build in progress that won't be done until much later this year. I fully expect interest rates will be higher than what I originally estimated. I may or may not try to lock in a good rate early, but I'm planning on renting it out and this throws a bit if a wrench in my margins. I can take it financially, but wondering, If I absolutely needed to get out of buying it, what recourse do I have? Or could I go ahead, and refinance later (who knows rates at that time...)?

like

Hi, has anyone worked at Freddie mac? Particularly the multifamily investments division?

Where do you get your Airbnb data for rentals? Deciding between STR and LTR on my property right now

like

What service do you use for collecting security deposit/rent?

like

For any of you real estate investors, what tools or sources did you learn from when getting started. Can’t find a mentor currently so want to find some highly recommended books or videos. If focused on the tri-state area (NY, NJ, Long Island mainly) that would be even better. My hope is to buy and rent out a apartment while also owning a house and house hacking that by renting part of it out. Trying to understand all the steps, traps, and how to find if it’s a good investment.

like

Commercial real estate question. When a residential property will likely zone commercial in the coming years, do we, the owner, wait for a buyer/developer to contact us?

like

Y’all I am struggling on these “light” home improvement projects we decided to take on with a recent house purchase. Plan was just to replace carpets, paint some walls, and replace kitchen appliances. Now added on new faucets, other bathroom hardware / mirrors / toilets / medicine cabinets / exhaust fans, baseboard recaulking and cleanup, kitchen sliding door, ceiling fan rewiring and install, window replacements… how do I rein it in?? So stressed out and we keep delaying move in. 🤯😱😭

like

I am looking to buy my first property soon - preferably new constructions (anything except condos) anywhere in Ontario/Canada. Any suggestions where I can turn to find new construction projects? I understand I need an agent. Until I find a good one, I am looking at the houses myself. Any suggestions where I can get information about new projects happening in the province?

like

Is it legal to collect the rent in a separate LLC even though rental property is not owned by the same LLC?

like

Anyone got a loan with Guaranteed Rate? Started looking for a condo(Chicago) and keep seeing them pop up. Looks like they charge $1290 lender fee, but wanted to see if anyone had experience with them

like

Is it safe to buy new home now with high interest rates ,high home prices and recession in near future?

likefunny

Anyone ever had the trim on your house painted? 2000 square feet, was quoted $3500. This included the trim, garage door, and front door. Seems reasonable, no?

like

Who has done FSBO? Thinking of doing it for 2 of my houses that I’m selling in the spring time.

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal