Commercial And Residential Property
There is a good deal in my neighborhood that involves a small commercial building and three bedroom house unattatched in the back. The owner, whom I know only wants $2900. He says I should market the property in Chicago and get about $8000. I want to fix the three bdrm brck house up and refi. Do you think that is a wise move, or what should I do?
Hey Simplelife,
If you do it right in the end youll own tons of houses, good credit and experience!!! good luck!
You didnt say if he's selling the whole property or just the commercial building.... anyways lets assume he is.
If your looking to get into real estate then thats a very good start.. fix the commercial building up and sell it right away! .... Hold on to the 3 bdrm brick house fix it up and rent it out after you have the house appraised then after rents been paid for a few months go to the bank and pull out a line of credit on the house on agreed terms and buy more property....