Chicago House Hack 3 bed or 2 Bed

[Rick Leach]

Hello Everyone,

I am looking to do a house hack sometime this year in Chicago preferably in Wicker Park, Bucktown or West Town. I am trying to figure out whether to do a 3 bedroom or two bedroom SFH in the range of $300,000-$500,000 (or even something else). I am looking at putting 30-40k down using FHA, HomeOne or Fannie 97 LTV loan I believe based off my research. I would try and rent out the other room or rooms while living in the last room. I wanted to see if any of you have done this in the past and what route you took. Also would not mind some loan guidance on which is best for first home purchase with down payment being between 4-9%. I truly appreciate everyone who is a part of BiggerPockets and hope you all are doing alright out there. Stay safe and best wishes!

Rick 

[Jake Fugman]

@Rick Leach  Welcome to Chicago!  My team member @Michael J Scanlon is an investor and agent living in West Town implementing a very similar house hack.  You would be in GREAT hands connecting with him.  

I would recommend saving your FHA if you ever plan to purchase a 2-4 unit property since you can use conventional financing easily to put 3-5% down on any single family (condo or house). The rates are very similar but FHA is the only product now where you can leverage under 15% down for owner occupy 2-4 unit purchases. Good luck!!