Hi all
I have been listening to BP podcasts and actively following the discussions here on multiunit investing and particularly house hacking. I have a long time horizon, ie I would like to hold this ideally 3-unit property both for appreciation and future income. I also prefer to be on the north side, and close to the lake if possible. My budget is around 900K-1MM for a 3-unit (with a 20% down), post-renovation or assuming minimal renovation (taking at most 6-months). I hope I'm able to express my objectives/expectations clearly :)
I have come across an interesting opportunity around Andersonville, but I am intimidated by the amount of work and updates that the building needs and afraid of finding myself in a renovation quagmire and potentially added stress of a renovation loan. The building is listed around 750K and the renovation budget would be around 250K (new electric, plumbing, kitchen, bathroom, windows (old ones are lead), HVAC, garage, removing lead paint, lead pipes etc...). I am having second thoughts as this is starting to look like a bigger project than I intended to, and wanted to see if anyone has any suggestions based on what I tried to describe. I'd be happy to share the property info as well.
Cheers!
