Questions about Chicago Property

Hi, I’m new to this forum, and thank GOD, I found it through another portal. I’m a new investor, just closed on a brick home in a up and coming area in Chicago. I’ve got several questions on what options do I have? Let me explain. The property values in the area are from 200k & up. I purchased it for $350K with a mortgage payment of $2600 a month. But, since the market has been acting funny, I’m not sure if I can get it rented for my initial asking price? So I’m checking my options on what to do next.
Can someone with more experience offer me a suggestion about what to do. From my understanding, it is a buyers market out here now, and I know for sure that the values of my property are going up. Condo’s in the area are starting at $250k a pop and I would like to sub-lease it for a $70k down payment with the option to purchase in 2years, and all equity built up would be theirs. Is this right, or does this make sense, please somebody help?


In that you are new to the forums, here is a little “Forum Ettiquette” for you:

If you have something to add to the on-going discussion, by all means join in. If, however, you want to discuss something different, please start a new topic of your own. Taking a thread in a new direction is called “hijacking a thread” and is considered very rude.

If you have any questions, please let me or any of the other moderators know.



70K down on a lease option?? In a buyers market? Anyone with 70K can afford a nice place that isn’t a lease!

Was that a type-o or maybe I read that wrong.