Updated almost 10 years ago on . Most recent reply
New Member in Chicago
Hello Everyone,
Very excited to become a part of this community. I have been listening to the podcasts and i'm really enjoying the information.
I'm a 24 year old male, just moved to Chicago 3 months ago so i'm still getting to know the city.
I was hoping to get some advice to start with.
I like to go on zillow and trulia and see the current places out there. I found this really cool place on the south shore of Chicago. It is a half business half residential. While it has a storefront, there is no current tenant. I'm not sure of how much it could fetch in rent.
The seller is asking for 100,000. He will use about 45,000 to pay the balance on the foreclosure to his bank and keep the rest for himself. It is a 5000 square foot building. He estimates it needs around 25k in work, but I have been reading and it looks like you need to double that so 50k in rehab.
My questions would be is it worth it? What other info would I need to know to analyze that? Is south shore the kind of neighborhood that I should put that much money in? I haven't heard very good things. I drove around it and there are a lot of boarded up homes and such, but i'm not sure what to do. Any help would be very much appreciated!
Regards,
Ivi