Newbie in Chicago here!

[Eric Hernandez]

Good afternoon Biggerpockets community! As many have done, I spent a few years in the analysis/paralysis phase but my wife and I finally pulled the trigger on a single family house with a rentable basement in Irving Park in October! We’re currently self renovating to accomodate a W/D for our future tenants. I’m looking forward to learning from everyone on here! Chicago is full of opportunity!

[Jack Tulloch]

Hey Eric! Welcome to BP. Congrats on pulling the trigger on your first property.

[Hamp Lee III]

Quote from @Eric Hernandez:

Good afternoon Biggerpockets community! As many have done, I spent a few years in the analysis/paralysis phase but my wife and I finally pulled the trigger on a single family house with a rentable basement in Irving Park in October! We’re currently self renovating to accomodate a W/D for our future tenants. I’m looking forward to learning from everyone on here! Chicago is full of opportunity!

Congrats to you!

[Paul De Luca]

@Eric Hernandez

Congrats on getting the first property! So the SFH has an in-law arrangement in the basement?

[Eric Hernandez]

Quote from @Paul De Luca:

@Eric Hernandez

Congrats on getting the first property! So the SFH has an in-law arrangement in the basement?

Thank you! Yes there is a separate unit with partially separate utilities. It’s in an RS-3 zone but like all many Chicago homes it will need some TLC. I plan on posting the finished unit when it’s all furnished! 

[Andrew Syrios]

Welcome to BiggerPockets Eric and best of luck investing!

[Michael K.]

@Eric Hernandez great idea and I love the energy! Welcome to the scene. Apart from the W/D, what other work are you thinking to have done to the garden unit?

[Eric Hernandez]

Quote from @Michael K.:

@Eric Hernandez great idea and I love the energy! Welcome to the scene. Apart from the W/D, what other work are you thinking to have done to the garden unit?

[Eric Hernandez]

Quote from @Michael K.:

@Eric Hernandez great idea and I love the energy! Welcome to the scene. Apart from the W/D, what other work are you thinking to have done to the garden unit?

Thanks! The garden unit is almost turn-key but we want to utilize the mid term rental strategy while we house hack :) Chicago seems like a great place for this strategy especially for newbies like us.

[Victor So]

Amazing @Eric Hernandez! Congrats! I started househacking 5 years ago and still househack. I acquired 10 doors this way. Keep in mind, you can also go the short term rental route for your basement since you live in your home. It’s super easy to get a license if you owner occupy. Once you leave though, the mid term rental strategy is the way to go! 

[Julio Gonzalez]

Hi Eric, welcome to the community!

[Jonathan Klemm]

Wow!  Awesome to hear @Eric Hernandez.  I know for me the first one was definitely the hardest, so you are sure to be going downhill now.

What is your next move from here?  Are you planning to buy more properties here in Chicago?  

If you are looking to network more definitely come check out some of the local meetups, that has been priceless for me.

[Eudith Vacio]

Congratulations, Eric! 

I am super happy that you were able to pull the trigger and get into investing in a low-risk way. Did you utilize an FHA loan? MORE details please!! :)

[Alli Breighner]

Hi Eric,

Welcome to BiggerPockets! This is a fantastic platform to start out on. Congrats on your first property, that's so exciting. Would love to connect.

[Mark Ainley]

@Eric Hernandez Congrats and love hearing the excitement in your words! You might even be within the boundaries of the ADU pilot program that you should check out.