As 2- to 4-flats in Chicago (and elsewhere I assume) are one of the first type of properties owners walk away from, there might be opportunity there – provided you are willing to do a bit of work.
The big benefit is that with FHA financing, one is able to use the potential rental income to qualify for the mortgage, thereby increasing your stated income.
Great article in today’s Chicago Tribune.com for you to read.
One of our listings that falls in the “needs work” category, but could be attractive to someone looking in Andersonville is 1453 W. Foster.
Contact me if you have questions.
Filed under: Buying Real Estate, Mortage-Finance, Rental-Landlord
