Was that purchase money, rate and term refi, or cash out refi?

There is almost no scenario where a condo would ever positive cash flow while servicing debt, and very little positive cash flow with no debt.If your budget only allows for a condo, find a better place to put your money to work.   

They loved it because they got some play money right away and steady income each month without having to deal with toilets and tenants.

In total, including money lost from rent, legal fees, and repairs, the situation cost almost $30k.

Love this site! In the stages of working the acquisition side of wholesaling, making cold calls since late September 2024. Real estate courses and networking began for me in Summer 2021. I haven't received my first de...

Then it's them unable to sell in the money, and buy a new one cause rates locked up the previous buyers.The 1st point is the real state of unemployment.

Their ability to recover their money should you default is much lower in this position.

I will be utilizing hard and private money along with creative financing.Thank you!

If you didn't actually get any money, how do you know for sure they are a real legit lender? 

By managing yourself, you keep that money in your pocket.✅ Hands-On Experience – If you plan to grow your real estate portfolio, managing tenants yourself can teach you valuable lessons about leases, maintenance, and local rental laws.✅ More Control – You’ll personally handle tenant screening, rent collection, and property upkeep, ensuring everything is done to your standards.✅ Stronger Tenant Relationships – Being involved directly allows you to build rapport with your tenants, which can lead to better communication and longer leases.Cons of Self-Managing❌ Time-Consuming – Dealing with maintenance requests, late-night emergencies, and tenant disputes can quickly become a second job.❌ Legal Risks – Chicago has strict landlord-tenant laws.