I like this house. There are six (6) bedrooms, one full bath and 2 half baths. I think I may be able to get a grant from the bungalow association (They preserve historic bungalows in Chicago). I am also trying to get money from the City of Chicago and the Board of Education.
This house is in the historic Chatham neighborhood. My daughter is not too keen on the home and neither am I. I think I like the neighborhood more than the house, but that's not a reason to buy a house.
This is a commercial building that I could use for income property. I think there are four units in the building. I know this was abandoned mid the rehab process. I am not too keen on the area, but I'll have to do a drive by to check it out. I am not too sure if I want to be a landlord.
I am not going to make a hasty decision. I know I'll get a good deal. All of the properties here are around the same price. I am definitely going to pray and ask God to show me the place for me.
2 comments:
pause it all.. i don't know what the laws are like in chicago but maybe you ought to check out some tax liens and foreclosures. you can find decent property for next to nothing. the guy that owns the building next to me just moved into a 2.5M house he purchased for $60,000 tax lien. the guy couldn't pay it. he's been buyin property that way for some time.
i think it's a fool's bet to buy anything at market rate even if the price is adjusted for inflation or deflation in the case of this economy.
it's a buyers market, so buy low, sit on it and sell high. or in your case, buy low and enjoy.
I'm sure I can get some property that is foreclosed on, but I have to see if I can use the city grants to purchase it. They have some strange stipulations as to how the money can be spent.
I wasn't going to offer the asking price because many of the property's have been on the market for at least 6-9 months. I'll keep you updated.
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