I wouldn't wait until next year. Now is the time to borrow money! You say you have great credit, so take advantage of those rates and first time buyer programs now. If you are a first time buyer there is no reason to put 20% down, you can buy something for as little as 0-2% total down. I started my career in finance so am a numbers girl at heart and have worked in leasing the past two years. Give me a call anytime to discuss!
Sarah @ Jameson Sotheby's International Realty
Go West! If you are looking for a property that only needs slight cosmetic updates, and 250k is your budget, start looking in the eastern sections of Humboldt, particularly between North and Armitage, from Western to Kedzie. There are also certain pockets of Logan that might work in your budget.
Additionally, think strongly about multi-units, anything from a 2 flat to a 4 flat. You'll qualify to borrow more money, you'll have a mortgage payment less than a single family, and you can actually choose your neighbors unlike a condo where you are playing Russian Ukrainian roulette with your sanity.
I'm not an expert on all of the areas you recommend but I whole heartedly would recommend you consider working with my associate Brady Miller. Brady has helped clients with similar requirements and his patience exceeds any agent I have ever met. We're lucky to have him in our firm and he truly puts his clients needs first.
REALTORÂ® with Chicago Real Estate Artists LLC
As for lenders, the best lender in the business I feel is Neena Vlamis, president of A&N Mortgage. I believe she is also the highest rated lender here on Trulia.
Neena Vlamis (president)
A & N Mortgage Services, Inc.
Tel: 773-305-LOAN (5626) ext. 104
For attorneys I would suggest you work with whomever your agent has the most experience with. That relationship is critical to a successful contract and sale and I hesitate to suggest at this time.
Good luck with your decisions!
I live and office in River West. I am a licensed realtor (CDPE - Certified Distressed Property Expert), licensed general contractor, and my company manages over 150 units in the city.
Price point will be challenging, but you will see good opportunities in the next 18 months. To accomplish your goals I would concentrate on two flats. Much better return on your exit strategy of renting and a great way to build wealth. In many cases, condo associations are taking the rental option out of owners hands in order to protect the value of the other units in the building (over 50% owner occupied makes traditional financing for potential buyers diificult).
You will also be able to make your money work harder having some rental income.
Let me know if you want to talk more, good luck otherwise.
Erik Sachs, CDPE
RpV Realty and Development
I would interview two or three agents and go with the one you mesh best with. See who fits the bill that your looking for.
Only suggestion, is looking a year out may be a tad too early. The problem is, the type of property you are looking for in your price range doesnt come up often. When it does, it will sell quick. I would look into seeing you can give your condo 60days notice to break a lease if the right place came along.
Sublease your place and get a good deal!
Call me if you are looking for the best negotiator available.!!
20+ years experience!
Laura Rivera - Broker Associate/Realtor
Si, yo hablo espaÃ±ol!
First Class Service Because it Matters to Me
2041 W. Division Street
Chicago, IL 60622
If your goal is to purchase by mid to end of July 2013, then your serious searching should begin by April/May 2013. Prior to that you need to have your financing in place. If you have any credit issues, use this period now to improve them. Also use this period to build up your savings for the down payment.
I'd be glad to assist you with your future purchase.
Contact Bob Craig at Urban Domain (773-474-1410). He specializes in the areas you are looking and can get you set up on MLS. Feel free to call me to get pre-approved.