I am purchasing an 8 unit building in Chicago
Hey bigger pockets!!! I am purchasing an 8 unit apartment building in Chicago. It has not been updated since the 70's. The seller is willing to give me a $50k repair credit. I have two questions about this. One is will my bank allow this and second how would it work. I want them to include it in the loan, providing it appraises out. This will be a value add opportunity. I am looking to not come out of pocket to update all the units. Can I leave it with the bank in a separate account used only for repairs to the units? Any advice would greatly be appreciated. Thanks!!