Newbie to real estate, targeting 203k value add strategy in Chicago/North Suburbs

[Anish Malik]

Hi everyone,

I’m looking to secure my first real estate investment via an Owner-Occupied deal in the Chicago or Northern Suburbs area!

I've been a long-time BP student and have decided on a specific first move: using a Standard 203k loan to buy a single-family home and add an ADU. With the Chicago City Council recently expanding ADU eligibility to 28 wards and the citywide ordinance set to go live on April 1, 2026, I want to get ahead of the curve. My goal is to house hack to offset my mortgage while building immediate equity.

I am currently building my "dream team" and am looking for:

• Investor-Friendly Agents: Specifically those who understand the new Chicago ADU expansion and can help identify RS-zoned properties with ADU potential.
• Lenders: Who are experts in the Standard 203k (or HomeStyle) process and comfortable with the $541k+ loan limits in Cook County.
• Contractors: Who have successfully navigated HUD draw schedules and are familiar with the new apprenticeship mandates for coach houses.
• Local Investors: Especially those who have already built units in the original 5 pilot zones or Evanston.

I’m excited to finally stop lurking and start doing. Looking forward to connecting and contributing to the Chicago community!

[Aaron Zimmerman]

Welcome! You're definitely well ahead of the curve with the ADU knowledge you have.

I'd recommend reaching out to@Jonathan Klemm for contractors and he's very active on here.

I'd recommend reaching out to@Sarita Scherpereel as she serves primarily house hackers.