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Buying Condos As Investment For Rental Income
I’m looking for a business model (investing in real estate in Chicago area). I would like to find a way to buy condos in a place where I will pay less for them and rent for more. It would be good to find a map with Property Price -> Renting Price relationships. I know that my friend used to buy a single-family home in Burbank for $80,000 and remodeled for $40,000, sold for $180,000. But I think there are better options there.
I’m in the process of a FHA Streamline Refinance, and the loan officer is requesting all these documents: W2’s, bank statements, pay stubs, etc., plus he’s pulled a credit check. Is this normal and required?
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1 Reply
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I would think twice before jumping in to buy condominium units for either an investment for positive cash flow and rental income or buying a condo to fix and flip. Condominiums are the talk of potential real estate downtown because of three factors: Property tax skyrocketing, A surge of homeowners insurance, and an exponential increase in homeowners association fee
These three things are a major concern for condominium complexes nationwide.