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Updated 7 months ago,
Looking to purchase my first multi-unit and property. Should I change my approach?
Hello, I'm new to real estate and I'm looking to purchase my first property in Chicago . I want it to be a multi-unit preferably 3 units. I have about $100k available for down payment, closing costs and I'm hoping to have some left over for reserves. The goal is to make passive income and build generational wealth. I'm hoping to purchase something that is move in ready with little work required to make it more appealing to renters while charging max rent. Currently, the properties that seem to meet that criteria, don't work with the numbers I'm working with. Any advice on how to approach this? I'm looking to re-evaluate my approach.
Thanks!