Chicago Bronzville Foreclosure
I know of someone who really needs help. She is a retired Air Force Lady, with an additude, but she likes me a I want to try to help her. She has a warehouse that can be converted into lofts. She also owns 3 lots surrounding the building. The other lots are City Owned. I have sent several investors over to her, but they say her price is to high. How can I lock this property up without being a realestate broker. She really wants to work with me but I don't want to get screw out of this deal. She is willing to deal with someone who would give her one of the units after they are built. She is in foreclosure. It seems like everyone is waiting for her to loses it.
Any suggestions out there. This is one of the Hottest Areas in Chicago right know. I need someone with a vision. Send me a private message or post your comments<IMG SRC="images/forum/smilies/icon_smile.gif">
I know of a attorney in Chicago who is into buying distressed properties. Would like to co-broker with you. P.M. me
When you say she is in foreclosure, I assume you mean that the warehouse is due to go to sale. How many lofts can be built? It seems like you can offer her a loft as your payment for the property. Does this work? That would give you the building to rehab. You did not indicate any dollar amounts or the terms of the note or what it takes to bring the note current (assuming this is possible). More information would be helpful, but it sounds like an interesting opportunity.
She owes $800,000 on the building. The property should appraised "as-is" for 1,500,000 she wants 2,500,000 ARV(After Repair Value) thats including a unit. The building has 5 floors and a messanne. Eash floor is 6000 sq. ft. SFH are going for $150K to $1,000,000 depending what you put in them. She is willing to wait for some of the money. There is alot of new construction going on around this area. A big developer just started building 800 units 1 block from her. There are 6 lots around her building that could be developed. You could see Downtown Chicago standing on the roof of the warehouse. You could also add three levels up. You could also add on the city own lots 6-8 storys more of living space. The alderman wants some storefront on those units because its on a very business street. [ Edited by GREATLAKESLAND on Date 12/17/2003 ]
Can you please Contact with me - I have strong buyer for this kind of property
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thx
**Please See My Profile**[ Edited by muzammils on Date 12/19/2003 ]