Purchase a Condo in Chicago
So you want to purchase a condo in Chicago but you have no money and you've been renting for seven years. How do you go about owning a condo? Purchasing a Chicago condo without having money is not impossible. There are a few techniques to do this. It may take some time and energy on your part, but if you really want to purchase a Chicago condo, there's always a way.
To purchase a condo in Chicago you'll need a down payment. Typically for a first time buyer of real estate, a down payment is roughly 5% of the purchase price. So if you want to buy a condo for $100,000, you're going to need $5,000. So you say you don't have that amount. There are a few ideas that come to mind immediately. First, you can ask your family, friends or a business associate you may know for a loan. Five thousand dollars is not huge money and you may be able to get the money that way. The second way is to buy the condo with a friend. Let them come in with the down payment, they take 50% of the profits, and you pay the monthly mortgage. This way they are getting a break by not having to pay a monthly fee each month but they get half the profits at the end and free rent. What's in it for you? You own the Chicago condominium, not having to put a dime down on the property. Is this fair? You and your partner decide. There are always variations to this. You could decide to have your friend pay 25% of the mortgage and you pay 75%. You get the idea.
As you can see, already there are a few ideas if you really want to purchase a condominium in Chicago. What if you do not have a lender and you really want to live alone? Have you thought about renting a condo in Chicago with the option to own? A rent-to-own condo program exists today allowing buyers who do not have enough of income initially to buy, to basically save it in installments while renting the Chicago condo. It kills two birds with one stone allowing the landlord to keep his condo rented, you begin to escrow pa portion of your down payment monthly and after a year or so, you have enough money to put down on the condo by yourself.
To purchase a condo in Chicago without having a dollar of your own money may take some ingenuity, but it's definitely possible. I've seen it done hundreds of times.
