We just finished a property in south Chicago Bronzeville where we ran into some massive foundation issues 🙁
Seller was an out of state owner. They live in Texas. The rentals were in South Chicago.
The investor that sold the properties to the out of state landlord actually went out of business. Think he want to jail 🙁
Anyway.. Seller contacted us on this blog and asked for some help!
We assessed the properties (there were 3 of them) and all of them were 2 flat brick properties.
Some tenants were still there, 4 of 6 units were vacant though. And the owner was getting court summons for issues regarding the exterior of the properties. (garbage in lawn, porch had to be torn down, and some foundation issues)
The seller did not want to continue owning these and there lots of issues and the property management was failing him…that’s another post for another day…property management.
Anyway, we determined we would purchase all 3 at a fair price. We closed on them and seller was very relieved.
Can you imagine owning 3 properties out of state and then having court summons on all of them 🙁
Anyway, 1 of the 2 flats had a massive foundation issue where we had to stabilize the floors. Install new beams. It was a very involved process. With permits, it took about 8 months.
We were able to sell them for a small enough profit to justify all of the risk, because its a huge risk. These foundation repairs can cost 10,000 or up to 40,000 sometimes…or more 🙁
So, if you have a property that you want to sell, contact us today and lets see if we can come to an agreement on price and conditions. We pride ourselves on win win deals.
