Hello everybody. My goal was looking for multifamily units, but in recent months and more I was trying to close a condo deal and help a friend, but because of my short credit history, I did have some issues with banks, and private landlords were offering me interes rate higher than 9% which is no working for me. I am still waiting for one local bank to give me an answer but if that is negative I would like to present this to someone who maybe is interested. A friend I know is running out of money, and he wants to sell his condo, buy RV and move to Florida. The condo location is 4545 Prescott avenue, unit 103, Lyons, IL, 60543. The current market value of the condo is 87000$, and he is willing to sell it for 77000$. Information I have is that HOA fees are 220$, if you are a homeowner there is a homeowner tax exemption, but if you are buying as investments tax will be somewhere around 170$ per month. The condo next to this one is renting for 1100$. This is a one-bedroom condo, 10 miles from Chicago, condo is in good condition, no repairs are needed, I am there almost every day. If someone is a cash buyer or has can lock good loan terms, with 17000$ and I assume 3000$ closing costs (but probably less) you can be positive cash flow, with cash on cash 10%, but you can always do your own analysis because I always add more on expenses just in case.
If I don't make it to close this deal which I will post here also, anybody who is interested or now a person who might be interested can answer here.
