New to Real Estate · Normal, IL · Member since 2021 · 15 posts · 5 votes
Hey Folks
I just joined this community and am very new to real estate investment and all. How feasible is my plan based on your experience? I am planning something like this on a high level.
1. Buy a condo or a townhouse under 250k in a nice area 2. Put on rent and generate a positive cash flow.
Areas in which I am interested are: Chicago suburbs around Schaumburg, South Elgin, Naperville and all. Most of the areas from where city commute is easy and it could attract the tenants easily.
What are the expert thoughts here? Can someone please help me to investigate that how feasible is my plan here.
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
5y
@Saurabh Patel buying town houses or condos can work. Cash flow is often times only moderate on these types of investments, and you have to really watch the HOA fees. You also have to research the health of the HOA as the special assessments can kill your cash flow pretty quickly. The market has also been very competitive for these types of properties since there are so many first time home buyers looking as well.
Mt Prospect, IL · Member since 2017 · 2 posts · 0 votes
5y
Hi @Saurabh Patel and @Josh Mitchell, I am a newbie as well. I also am looking to get into the townhouse investment strategy. It would be great if I could get in on any discussion you are having about this strategy. Thanks