3 Pin#, One Property

[Al Turner]

I have a 3 unit condo property in Chicago I am interested in that was foreclosed on and the bank has the property back. The bank is selling the property as one with 3 deprecate pins. I called my bank and they will not finance? How is any different than buy a property with a lot? What strategy can I use to acquire the property.

[Brie Schmidt]

@Al Turner - Make sure you do - there have been horror stories all over here about rental clauses being in the bylaws and then years later enforcing them and there is nothing you can do. Especially in a over saturated condo market like Chicago you would be stuck.

As far as the loan, it would have to be 25% down to go commercial - which 3 properties would be. You might be able to buy them one at a time but a residential lender won't do a package deal