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All Forum Posts by: Alex Corral

Alex Corral has started 1 posts and replied 4 times.

Multi-Family and Apartment Investing

Post: Illegal 4th unit Chicago Suburbs

Alex CorralPosted
  • Posts 4
  • Votes 1

@Jonathan Klemm it was not previously rented - there is some potential to make it legal but a bit of a long shot. The deal works well with just the three units - so this would be more of a bonus!

0 Votes
Multi-Family and Apartment Investing

Post: Illegal 4th unit Chicago Suburbs

Alex CorralPosted
  • Posts 4
  • Votes 1

@Sean McKee Thanks for the feedback! The deal works well without the illegal unit - just more of a bonus. Based on liability - likely will approach village to make into legal unit or go on without it.

0 Votes
Multi-Family and Apartment Investing

Post: Illegal 4th unit Chicago Suburbs

Alex CorralPosted
  • Posts 4
  • Votes 1

@John Warren posted this yesterday before chatting with you! But interested to see what other Chicago folks are doing.

0 Votes
Multi-Family and Apartment Investing

Post: Illegal 4th unit Chicago Suburbs

Alex CorralPosted
  • Posts 4
  • Votes 1

Long time forum creeper and first time poster! I'm under contract to purchase a triplex in chicago's western suburbs (Forest Park). This property has an "illegal" 4th unit that once fixed up can rent for $700 - $900 per month. Does anyone have experience or thoughts on renting out an illegal fourth unit? Risks, downsides, etc? Thanks!

1 Vote