I'm looking into buying a small apartment to rent out to earn a little extra money. I know the landlord and I know he'd sell me the unit. I need some advice. The unit is a small one bedroom, just 575 sq feet. New carpet, 100 sq foot deck that's not included in the unit's square foot. It is six blocks from a lake without a view. Town is small, just 1,700 but in the states biggest tourist attraction for chicago commuters. Want to know what I should offer to buy for, and what I could rent for. I know it is all realitive but the best guess for my info. Does anyone recommend or not recommend this for an investment. Thank you.
2007-11-18 15:26:42 · 2 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Sorry, there is no way to give you a good answer on this question. The best thing for you to do is to hop on the net. Check one bedroom prices in the neighborhood and look at sales that have closed withing the last 3 months.
Try the Yahoo real estate section and you should be able to find some listings in your town of preference. It would help if you had given the name of the town. Good luck!
2007-11-21 10:52:47 · answer #1 · answered by Traveler 7 · 0⤊ 0⤋
If I can make sure my rent can earn more than the mortgage's interest, I will go for it.
2007-11-22 01:05:11 · answer #2 · answered by ChampDog 3 · 0⤊ 0⤋