Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Illinois Real Estate Q&A Discussion Forum
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago on . Most recent reply

User Stats

20
Posts
1
Votes
Nathaniel M Cooper
  • Chicago, IL
1
Votes |
20
Posts

Need help with some deal analyzing.

Nathaniel M Cooper
  • Chicago, IL
Posted

Hello guys, I am in talks with a property owner who wants to sell. This is going to be a Wholesale deal. 

Disclosure: I'm off to a super beginner start so I may have screwed up or don't have enough information so I hope I can get some advice.

The property is a condo.

Purchase/ Asking Price is $100,000 (This is not negotiated yet)

1 Unit - 1 Tenant - Currently paying $1000 Per Month

2 Bed

1 Bath

Basement with Washer/Dryer.

The Owner is Out of State.

In addition I am trying to find out the Market Cap Rate in the area. How do I go about finding that quickly. I know how to find the property Cap Rate, just need the Market Cap Rate. I also need the typical cost of things like Lights, Gas, Water. I didn't ask, I was so nervous but I can ask in my follow up.

Lastly, if this is a deal. When I talk to the Seller, how do I arrange for him to assign a contract? I got permission to look at the property but if there is a Tenant I don't know how to look at the property. My heads spinning, please help.  Thanks.

Loading replies...