After looking and searching I think I found a very interesting offer. A 4 unit multi-family property for $25,500. All units have stoves and refrigerators. 3 rent out for $750 and 1 for 700$. Tenants pay for Electric, Gas.
The only thing I don’t understand is its Status is contingent. I read on the internet it means the seller will usually want something from the buyer, is that correct?
It is located in the far west side of Chicago. Good access to a major highway and close to a couple of universities.
$25,500 for property with an annual gross income of $34,500 is probably too good to be true. There has got to be some type of encumbrance such as a tax lien, easement etc. You need to proceed with caution.
Call the number on the listing and pick the brains of the agent or seller. you’ll learn so much. Maybe they have otherr properties similar to this. As an investor you need to hunt down investments that look like this. I live in San Diego county and have never seen anything that low priced. LOL. WOW!
See if you can put in a back-up offer, if it’s that good a deal. Write enough contingencies in it (conditions that let you out of the deal if you discover something negative.) A good contingency is “this offer is subject to approval of my CPA/Attorney within 72 hr. of acceptance.”