Is it me or is my realtor right?

[Laura NA]

Hello everyone,

I am new to this forum and I have been watching it for a few months now waiting for the right time to post. I will try to keep this short and I appreciate any and all info given. I have been looking to purchase a second property as an investment for about one year now and it wasn't until last year that I began actually touring multiunits in Chicago and in the Chicagoland suburbs.  I got my realtor from my father who was big into real estate investing over 30 years ago and did very well until some big life's problems came his way which forced him to sell all his buildings. I have probably viewed about five or six properties in person and look at realty sites at least twice a day. I just viewed what looked to be a beautiful 3 unit in the photos a few days ago, but when I got there it was apparent the building had a natural gas smell in the basement, plus the owner pays all heat for the building since there is only one furnace. Also an electrical meter was missing on the outside and I just saw two leading me to believe the building wasn't even a legal three-unit so for the high price my dad and me agreed to pass on this one as well.

A few days later I got a rather angry call from my realtor asking me why I keep passing on good buildings and what's going on? He said your dad comes from a different age where things were maintained differently and that I need to make a move if I want something. Now I know realtors are salesmen and middlemen and I am not a huge fan of them in general but I can't help but wonder if he is right about this. He said every building is going to have some problems with it, but I guess I keep comparing it my first home which I got really lucky with as it was new construction and I didn't even use a realtor to buy it. Does everyone think this is true, are all buildings going to have issues with them, and I am not referring to cosmetic ones? I also think many buildings I view are super outdated and I view the landlords as just milking the buildings and not putting money back into them so I view it as buying someone's else problem. I also think the current climate to buy is bad and has been for a while now with no end in sight. I am eager to buy to here everyone's thoughts as to whether I am too picky or is the realtor wrong and just trying to make his money quick?

[Russell Brazil]

Bruh, if youre trying to compare multifamily homes in Chicago, which are 100-300 year old homes to new construction....then you really do have to re-adjust your expectations. Mulitfamily properties are going to be old, beat up, need updating, have things that need to be brought up to code, etc.

Whether its a bad time to buy.......It's always a bad time to buy. Rates are too high, so borrowing costs are high. Rates are too low forcing more buyers into the market making more competition. Economic outlook is too good, so people over pay. Economic outlook is too bad, so I better not buy now cause the markets going to crash.