4-units in Chicago? - Posted by joanneCA

Real Estate Investing Apartments
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Posted by joanneCA on June 02, 2011 at 14:54:54:

Is it possible to buy the other units just by paying the taxes to the city?

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4-units in Chicago? - Posted by joanneCA

Posted by joanneCA on June 02, 2011 at 12:03:22:

I got one unit out of 4 in a Chicago bldg from Fannie Mae for 3k (this includes closing, everything.)
The building is empty. It seems the other units belong to Fannie Mae as well (info from some current websites)

For some reason Fannie Mae does not have the other units listed for sale but it shows that there are some taxes due, about 2.5K. There are also code violations and even a small fire damage involving roof (top apt with the roof is NOT my unit). As a result my contractor was not able to gain entry and make an estimate.

  1. Is there a way I could contact Fannie Mae directly and not via a realtor? Realtors seem to be limited to checking MLS.
  2. Is there a way to find out if the bldg could be demolished by the city in the near future, why, when, and is it preventable?
  3. Is there a way to sell my unit?
  4. What would you do in my shoes?

Thank you in advance for any help with this.

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Re: 4-units in Chicago? - Posted by Chicago guy

Posted by Chicago guy on July 08, 2011 at 14:48:05:

It seems like you have two options:
(1) Abandon your unit. 3K is not a lot of money to lose. I would pick this option if the future of your existing condo doesn’t look so good (in the bad area)
(2) Buy up the 4-unit building and correct all code violations. This option would be good if the 4-unit is in a good area and you can rent all of them out without much hassle. It would be some headache to fix all code violations, but hey no pain no gain.

Choose one.

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