Investment deal?

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I have a friend who is building alot of new homes outside chicago. He has offered to help me purchase one (his sister is a loan officer) and has told me that i can get section 8 tenants. Saying that the mortgage will be payed by the tenants through rent. I will however make very little off the rent. I have very little capital since I am only 20 and I am worried about what if the rent can't cover the mortgage....and is this deal really as good as it sounds ?

Investment deal?

you need to find out if the area you are going to buy your condo is the area with the value of the property's appreciated over time. if you wanted to rent your property to section 8 tenants - go to the web page of the cook county and find out what the government is paying for condos ( they pay different for 1bedroom or 2 bdrm apartments) then you will know if your rent will cover your mortgage, taxes and associates fee and if you have to put some money from your packet. let's say that you are buying your condo for $100000 and your total expenses are $1200 per month , but your rent is only $1000, so you have to put $200 per month to cover your expenses. your condo (estimated) will be worth in one year $120000. you will make $20000 profit minus $2400 your money to cover your monthly expenses. ask your self if this is worthy for you to take the risk? the answer to this question is very individual for every person, but in other hand if you invest this $2400 in the bank- you will never get this kind of return for your money.

i am loan officer from Chicago area and also investor myself.

Investment deal?

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