#2- Advice on purchasing my first multi-unit building in Chicago

[Erika Carter]

Advice on purchasing my first multi-unit building in Chicago- Update #1

Please see my original post:

Hey everyone! I have an update:

Update #1

I was super excited to find a possible 3 flat building, which was newly listed on MLS, But my excitement quickly turned to horror as:

• Unknown property conditions of 2 occupied units
• Older, possibly original, electrical wiring that needed updating immediately (vacant unit had 1 electric outlet per room)
• Seller is deceased, estate now held by sister who lives in New York, who has never visited building
• Possible water/roof damage as warping and thick cracks appeared in stairwells/walls
• Older, leaking windows
• Questionable plumbing
• BIGGEST DEAL KILLER: EXPOSED ASBESTOS WRAPPED AROUND ALL PIPES IN BASEMENT!!!!

Better luck next time, my search continues! See you next time....