Updated almost 10 years ago on . Most recent reply
First time posting/first investment purchase
Hello,
I am in search for a 2/1 condo in Chicago Ill (northside/downtown). I recently came across a property that had a listing price of 129k, no assessments etc. I spoke to my agent and they stated this property would be cash only due to the lack of assessments. I was wondering what would be the best approach if any to obtain financing a property like this? I own a primary residence; do I get a HELOC, buy the property out right, do I get a PML? A combo of both? What percentages are typical for a PML? This is my first ever post so I hope I put enough info to get this question answered, thank you.
Specs:
purchase price: 129k
estimated rents: 1700-1800
wanted to offer???
estimates have been ranging from 122-185k - online estimates of course