Updated about 8 years ago on . Most recent reply
Beginner here... Quick question
Hi everyone,
First, please excuse me if this is in the wrong section. I currently have an opportunity presented to. My cousin inherited a rental unit in Alsip, IL. He is currently looking to sell it due to him living out of state. Since we are family, i believe he will sell the property to me at a deal. (not sure amount). What i know about the property is that it is 4 units. 3 of the 4 is currently rented (i have to find out why the fourth isnt). He also has a property manager that takes care of the day to day and the building has no HOA.
I am looking at it to increase my cash flow. To buy the property, i will have to finance it. Obviously without the numbers its a difficult to see if the property is even worth it in the end. I would love to get this property and then start buying more.
Any advice on this situation will be greatly appreicated. Once i get some numbers ill will return and update the info (towards the end of the week)
thanks