Chicago, IL · Member since 2020 · 59 posts · 19 votes
Would you consider this to be the best time to buy? I run into a relatively newish place, with garage parking and low assessments. Building is from 2004.
It's hard to say when "the best time" to buy in real estate is, thats always the million dollar question. Anytime can be a good time to buy if the numbers are right. As Beardy Brandon says on his webinars, there is a "number that makes every deal a good deal." He just means that all properties can be good deals at the right purchase price.
It's hard to say when "the best time" to buy in real estate is, thats always the million dollar question. Anytime can be a good time to buy if the numbers are right. As Beardy Brandon says on his webinars, there is a "number that makes every deal a good deal." He just means that all properties can be good deals at the right purchase price.
Trying to time the market is a fool's errand, @Jairo Zapata. What do the fundamentals say? Have you fun a full rental analysis? Share it here and the community will give you some feedback.
@Chris Risi - Thanks! True, i am not going to lie it’s a bit intimidating buying not knowing how soon it would be occupied. Luckily the plan is to have cash on hand to off set vacancies. Do you buy into the 1% rule? In some markets that might be too high.
Hi @Jairo Zapata, great question, very hard to answer. What does the 13% ROI translate into the actual amount? The 1% rule is more like a reference point, a guide to making a good decision but there are other factors to consider as mentioned above. I'm sure we can be more helpful once we see the numbers - thanks!
@Eudith Vacio - Thanks your comments. Sorry I left of details. These are the numbers on this deal: $287k purchase price, $58k (20%) down payment. Month Payment estimated at $1648 with tax and HOA. Rental market $2300-$2500 without a doubt -a downtown expert told me after looking at the comps. This is because 1/1 are going for up to $1800 and this unit while on the first floor, is still 2/2 with garage included.