$100k Budget For a Condo
Hi everyone, I'm looking for a good investment condo anywhere in the country under $100k (good and safe neighborhood), cash deal. Am I being realistic? Any tips? Thanks all!
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Chicago we have a lot of class B condos for $100k range. For example a 1br in Rogers Park. It's a middle class area and when you have nice units (in unit laundry, stone, etc.) you actually get 700+ credit tenants. I have 4 units there. It's easy to self manage even from out of state with a handyman on call. $100k 1br rents around $1200 so works well.
Look for low rise buildings (NO ELEVATOR) as these tend to have low assesments. Also no pool or doorman or anything like that. You don't want to pay for that stuff as an investor. Many of our condos have $200 assesments and barely any specials.