Chicago investor needed

[J Ochoa]

I’m new to Wholesaling/Flipping. I’m not sure how I can go about purchasing an 8 unit building. Seller financing is already there for the property, but need to come up with approx 90-100k for rehab/payback property taxes.

Property expenses incl taxes and ins estimate about $4500

Total income from property between 9k and 10k per month.

I have team ready to do the work, and can get tenants super quick after work is completed.

I’m open to ideas on terms

Thanks

[Steven Lowe]

Originally posted by @J Ochoa:

I’m new to Wholesaling/Flipping. I’m not sure how I can go about purchasing an 8 unit building. Seller financing is already there for the property, but need to come up with approx 90-100k for rehab/payback property taxes.

Property expenses incl taxes and ins estimate about $4500

Total income from property between 9k and 10k per month.

I have team ready to do the work, and can get tenants super quick after work is completed.

I’m open to ideas on terms

Thanks

 Above 5 units you're looking at commercial financing which means a larger down payment.  There are a lot of 8 unit deals out there but few of them that I've seen make sense.  Be aware that Chicago is very tenant friendly so if you're looking at apartments here make sure the units are vacant or the tenant is in good standing as otherwise it can take up to a year to evict someone and cost tens of thousands in legal fees and lost rent.