Updated almost 5 years ago on . Most recent reply
New investor: Looking to house hack in Chicago with 15K
I've been listening to the BP podcast for a few months, and now I'm looking to house hack in Chicago for my first investment. Just breaking even on PITI every month would be great to get my feet wet. I've got 15k in savings and about 750 credit score. I'm stuck on a few questions, if anyone could provide some insight, that'd be amazing!
- I'm only two months into my W2 job, will that be an issue for getting loans?
- If loans are possible, would a FHA or Illinois' Home Possible loan (which I've heard doesn't work as well as it used to) be best?
- I heard mortgage brokers are a good first step, can anyone recommend one in Chicago that can walk a new investor through things?
Thanks in advance!
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John Warren
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- Real Estate Broker
- 3412 S. Harlem Avenue Riverside, IL 60546
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@Hubert Deng you are taking all the right steps here and you already sound like you have educated yourself quite a bit! You should connect with @Joshua Jones. He has been my lender since I started investing six years ago, and has done eight loans for me personally.