|his two government pensions are just not enough|
They’re investors in a firm cashing in on the Cook County Land Bank Authority, financing rehabbers who flip properties for double, triple, even 50 times what they paid the county.
By Tim Novak, Lauren FitzPatrick, and Caroline Hurley May 29, 2020, 5:30am CDT
Former Mayor Richard M. Daley and his son Patrick Daley are among the financial backers of a venture that’s cashing in by financing rehabbers who buy homes from the Cook County Land Bank Authority and flip them for double, triple, even 50 times the amount they paid the county months earlier.
The company, Renovo Financial, has financed 75 purchases over the past five years of homes that were then refurbished and sold. Sixty-five of the properties financed by Renovo have been resold at a median