Don't put a high list price based on what you want, needs to be based on solds

If you are new to the business the most common issue is you're either locking up deals too high or you aren't finding attractive deals.

For context, before I learned about his 6 unit I was planning to purchase a 2-3 unit long term rental in Q1 2025 as my first of many deals with a 5 year goal of financial freedom so I can coach my daughter's high school cross country and track teams.

With a 7% interest rate and high HOA fees, the key is evaluating if your skills and investments can generate higher returns elsewhere.

Just starting out and testing waters for BRRR in Chicagoland area.Any advice or suggestions regarding this?

To list a few...Anyone who wants to increase their property’s income potential (and equity) and build new housing in a market that struggles with high prices, low supply, and few new construction.House hackers who live in their primary and want to airbnb an ADU love this strategy or vice versaInvestors who want to do both long term and short term benefit from having two separate units.Rental Restrictions on ADUs.Thankfully, Raleigh is very STR friendly and ADU friendly right now.

I agree with the other posters...25% down seems a bit high.

There was a news reporter at the sale and they interviewed the high bidder, who admitted that they had not seen the property, but were certain that they would be building their family home there. 

The rates are high right now but these loans are limited based on cashflow so you cant take a loan that costs more than you're receiving in rental income.

Interested in getting some extra income with converting the extra space in the basement into a rentable unit.Basements in a one-family home can be lawfully rented only if the following conditions are met:Compliance with the Housing Maintenance Code for minimum room size.There is a minimum ceiling height of 7 ft.The walls, as high as ground level, must be damp- and water-proofed if HPD determines that subsoil conditions on the lot require it.The basement is occupied by one family and does not include boarders.Every room must have at least one window.The bottom of any yard or other required open space cannot be higher than six inches below the window sill of any required window in the room.