Need advice re South Chicago fourplex

[Eliza Rivera-Mitu]

Any veteran investor who is familiar with South Chicago and willing to share your expertise? Need some advice regarding our fourplex pls. GC ran off with unfinished code violations that turn out to be more expensive that he estimated. Now we’re stuck with a high rehab loan,  and nowhere near being rent ready. Made a lot of relatively “rookie” mistakes that I now need to clean up. Going back and forth between selling and cutting our losses or getting another loan, which will make our overall loan higher than the property value, to fix and eventually hopefully rent. 😫 Any expert advise would help. 

[Henry Lazerow]

Get in touch with @mark Ainley he managed a bunch in that area and knows it block by block. 

South Chicago is tough as property value so low it's easy to get upside down. You likely will need to finish rehab as properties are almost given away down there when they need work. The whole markets hot though so once you finish and get it rented out should be able to sell. If you are from out of state I always recommend focus on the A/B areas we have many in chicago that are cashflow positive (less but still positive) and appreciate like crazy.