Super excited for my first post.
I am a young investor looking to buy my first property after two years or credit building and saving.
I’m looking for single family homes to house hack. Then hold as a medium- long term rental. Within 40 minutes of Waukegan.￼
Question number 1. My surrounding markets are both north Chicago and southern Wisconsin. Can anyone give advice if they have experience with either market? And the good arias they like?
Question number 2. Does anyone have realtors in these arias that they like working with for investors? ￼
I know that’s a lot! Any advice is much appreciated. Done hours of research online and am just looking for some boots on the ground advice to help out a little bit more.
@Patrick Naughton welcome to BP! Are you thinking to buy a SF and then rent out bedrooms? Why not look for a 2-4 family? Most house hacks we do up here are duplexes (which you call a two flat in Chicago I believe).
You probably know that you don't need that much down for a house hack. FHA and VA are the cheapest options, but not very competitive when it comes to hot deals. Sellers don't favor them. The lowest you can do with a conventional loan is 5%. For a seller it does not matter if you put down 5% or 20%.
Hope that helps!
@Marcus Auerbach yes it does help! I’m looking for single family and possibly duplexes because I feel that is the best target for me. I appreciate the advice!