Asked by Javier, Chicago, IL • Wed Dec 31, 2008
I'm a first time 31 and single home buyer and been told by a property investor to look into the Chicago North Lawndale area. Supposedly investors are receiving a city tax break to invest in the area and will be a great investment. I was also advised that with the purchase price of $115000.00 for a 3 bedroom house I can rent it out to section 8 tenants and still receive a positive cash flow. After a year of mortgage payments I can then invest into my dream condo while still building equity from my first purchase. How true is this? Should I look into a multi-unit instead in the same area? Should I just buy a beautiful condo in the Bronzeville area? Thanks
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