Hi - Brand new on this forum, appreciate the wealth of info! Hope to get some feedback.
Six years ago I purchased a 3 flat, north side Chicago, moved family into one of the units. All going well, positive cash flow, upgrading bit at a time.
Change came via accident, 2+ yr ago left me not able to work for a while, 3 surgeries type thing. Put bldg in long-term live in partner’s name to re-fi to pay h. bills. Not a good outcome, numbers on bldg no longer pretty, ended relationship too.
While I’m grateful that I had equity to pull from and not go bankrupt, now that I’m getting back on my feet, I’m trying to figure out what to do to rebuild my wealth. I was just going to sell this bldg. and move, wonder if this is best solution.
My question - most potential buyers want to condo convert. Is it possible to find investor to go in with me do conversion myself? Bldg is solid, many extras. My problem - cr score is better than I feared, but still not shining, and this is currently my only asset, so need their $ and experience. What return do they expect? Is this a bad idea because of condo glut? I would also like to stay in one of the units if possible. Does that ruin profit for me and turn it into speculation? ( ie I’d get a condo instead of cash) Any comments and advice - GREATLY appreciated. Thanks, N.