Newbie in Chicago

3 Replies

I need some advice community. I am new to REI. I have an opportunity to purchase a 2 unit. The owner has a free and clear title. she has a lien for $6800 water bill from city of Chicago and $13k for property taxes that she is paying on. The value for property based on Trulia and zilloe $178k I went to look at the property. Squanders stole everything that could be stolen. The property needs rewiring through out. Its look like it need new plumbing through out. Looks like a lot of cosmetic. we don't have experience. Should we make a offer or pass it up. Please help with some experience advice. this is new. I would hate to make the wrong decision because of a lack of experience/fear. Im limited on resources.Thank you Bp f

Welcome to the site angela. Zilliow and trulia do not take into account the condition of the property when they give you a value estimate.

What makes a deal, a "deal"? You need to be able to answer that question for yourself, before the others.

The fact that you don't have experience and have limited financial resources suggests to me that you might be biting off more that you can chew, however I may be wrong and don't want to discourage you from trying.

Alternatively, you could bring another investor into the opportunity and either make an arrangement whereby you do all the work and the investor puts up the money and expertise.

My experience with this, however, is that most investors will not value your involvement too highly and will prefer to pay you a referral fee, which may be a better way for you to monetize this anyway.

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