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Updated 8 months ago on . Most recent reply

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8
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Matt OToole
  • Investor
  • Chicago, IL
5
Votes |
8
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Vacant or Rented Unit for Lincoln Park 3-flat Sale?

Matt OToole
  • Investor
  • Chicago, IL
Posted

I have a 3 flat in Lincoln Park, Chicago, IL that I am planning to list for sale in the next 3-6 months.

Currently owner occupied in 1 unit (Duplex up, 3 bed 3 bath).
The other 2 units (2 bed 1 bath each) are rented.

I am wondering if it is more attractive to buyers to leave the 3 bed 3 bath unit vacant when I move out, or should I place a tenant in there and then list for sale?

Most Popular Reply

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6,130
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5,071
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Brie Schmidt
  • Real Estate Broker
  • Chicago, IL
5,071
Votes |
6,130
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Brie Schmidt
  • Real Estate Broker
  • Chicago, IL
ModeratorReplied

I would say 80%-90% of buyers are owner occupied and per their loan they have to move into a unit within 60 days of closing.  So either you have to have a MTM tenant or a lease that is about to expire or a vacant unit.  The stupidest thing I see sellers do is resign all their leases till next year and then list

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