House Hacking - Chicago & Philadelphia

House Hacking - Chicago & Philadelphia

New to Real Estate · New York, NY · Member since 2016 · 7 posts · 3 votes

All,

First, I would like to say I am new to BiggerPockets and I certainly appreciate a community, like this one, that helps and guides like-minded individuals. I am a 28 year old Finance professional living and working in Chicago, IL. I am tired of renting and missing out on all the benefits of being a real estate investor. Therefore, I am setting the goal of purchasing my first home within a year. However, unlike most first time buyers, I want to house-hack a three unit mulitfamily home in Chicago or the Philadelphia area. While I am starting my research, I am posting this to see if any individuals can share their knowledge or experience on house hacking with me. I am looking to put together a team (lawyer, tax accountant, mortgage broker, etc.) and want to know if anyone has any advice on this. My financing will likely be FHA and I am thinking about creating an LLC to purchase the home. However, I have heard that creating an LLC might cause me issues when I attempt to get financing. Anyway, I am looking to share ideas with like-minded individuals. Any help or knowledge would be greatly appreciated. If anyone is familiar with the real estate investor Scott McGillivray, I share a similar vision as him.

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Investor & Attorney · Chicago, IL · Member since 2014 · 86 posts · 29 votes
10y

Good luck @David R.. Finding a 3-flat in Chicago that doesn't break the bank but still cashflows is not an easy task. But it can be done. I've met quite a few at our local meetup that @Brie Schmidt has helped. Good luck!

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  • Rental Property Investor · Philadelphia, PA · Member since 2016 · 191 posts · 165 votes
    8y

    @David R. Sorry to hear about the setbacks as well. I'm just getting started as well after moving my family from DC area to Philly. I'm getting started with a house hack and it's been a great learning experience. I'm no expert in Philly REI but areas within the city are revitalizing at a fast clip. There's been a lot of appreciation in select neighborhoods but it's hard to say how long that will continue. MFH are super competitive if looking on the MLS and virtually none will cashflow with leverage unless you find something off market or a major rehab. Coming from DC though (and certainly for NYC folks), Philly SFHs are much more affordable given the locations and amenities.

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