Buying foreclosed properties in Chicago
I am working on a possible partnership to acquire a foreclosed property in the city of Chicago. Both of us (my partner) have no experience with foreclosed properties or dealing with the city of Chicago. Said property has some violations and will require a complete rehab. Our plan is to rent it out upon completion. The building has two units. Each unit has two 3 bed 1 bath. We are going for one of the two units.
I will appreciate all advise on what to look out for. Thanks Andrew
Most Popular Reply
That is a tall order to buy a property with violations and that needs a full rehab in Chicago. Be prepared for a slow painful process.
Did you get quotes for the rehab yet?
Make sure the contractors know their way around the plans and permits process.
Also whatever you think your budget is. Add more to it. It is going to take longer and more money than you think it will.