Vacant land $1

[Tanisha Blakemore]

Currently Chicago has a program where property owners can purchase vacant lots for $1 within a block radius of their property owned. Of course you have to maintain the property, pay property taxes and keep it surrounded with a non-combustible fence. Another stipulation is that you have to hold the property for 5 years before being able to sale.

Currently they are offering this in the neighborhood where I own rental property(south side of Chicago) and I am really interested in applying but wondering if this would be beneficial in the long run.

Also if I wanted to build a home or multi unit building on this property, how expensive would this be?

Thanks for any insight on this topic!!!

@Brie Schmidt would you know anything about vacant lots or building on them? Thanks!!