Hi everyone.
I'm very new in this so please be gentle.
I'm currently renting in Chicago in the same area as this house I want to buy and flip is.
I pay $1100 + $100 (2 car garage) a month. I also pay for utilities. Since this is Cook county, we don't pay for water :).
Now, I just found this property 3 blocks south of where I live.
Price is $155K, so I hope I could buy it for less.
I would have to ask for a mortgage, 30 years, 4% (is this a conservative estimate?)
With a $2800 tax and $1000 insurance, numbers are $1056.65 a month.
Property clearly will need some TLC and I have an appointment today to determine this. Will take pictures.
The property is a 4 Bed 4 Bath 1900 sq ft built in 1891 (so old!). But my current apartment is too.
I wonder what other costs are associated with this, what formula can I use to determine if it's worth the investment.
I also have tools and skills for remodeling (plumbing, framing, ... you name it) so fixing things would be easy.
Thank you for your time.