House hacking in Chicago

9 Replies

Hey there Chicago BP!! My husband and I are investors in Indiana and are currently renting in Chicago (new to the city). We are ready to start out second house hack and were wondering if you have any ideas on good affordable areas. We currently live in Avondale in a duplex that we would honestly love to buy from the owners however, they are not currently interested.

North of the city would be ideal. So many neighborhoods are changing right now! Thanks for the help!

Originally posted by @Michelle Bright :

Hey there Chicago BP!! My husband and I are investors in Indiana and are currently renting in Chicago (new to the city). We are ready to start out second house hack and were wondering if you have any ideas on good affordable areas. We currently live in Avondale in a duplex that we would honestly love to buy from the owners however, they are not currently interested.

North of the city would be ideal. So many neighborhoods are changing right now! Thanks for the help!

 What kind of budget?

Hi @Brie Schmidt!!

According to our DTI ratio and online affordability calculator from our bank we could afford $260k on the conservation side up to $373k. The challenge/ opportunity to learn a creative financing opportunity would be with our down payment. We are hoping to refi one of our properties in Indiana to help us with the down payment.

I am looking into ways to obtain a down payment for an owner occupied property multifamily property as a back up plan.

Hi @Patrice Boenzi ! We are looking to at least break even. We cash flowed on our house hack in Indiana and that gloriousness allowed us to purchase our second property. If it could be done again fantastic!! However, I am looking to give my sweet husband some peace on our second house hack and not live in a construction zone for a year. Haha. 

We would prefer our unit be a 2/2 and a yard for the pup. Near transit for our tenant(s) and ourselves, separate entrances, free parking/ garage/ space to build a garage and we would mind there being room to add value. We used to Airbnb two properties so we would be open to either having a the other unit(s) as short term or long term rentals.

@Michelle Bright I love house-hacking. Our son did that right out of college and he is looking to buy his second property this year. I am a Realtor, but I do not know the City of Chicago well enough to be an "expert", but we have an office in Chicago. If you need an agent to help I have two great recommendations for you who work and live in the City! I also may have some lenders you can help you. PM if you need my help. Good luck!

Originally posted by @Michelle Bright :

Hi @Brie Schmidt!!

According to our DTI ratio and online affordability calculator from our bank we could afford $260k on the conservation side up to $373k. The challenge/ opportunity to learn a creative financing opportunity would be with our down payment. We are hoping to refi one of our properties in Indiana to help us with the down payment.

I am looking into ways to obtain a down payment for an owner occupied property multifamily property as a back up plan.

 I will PM you a link to my website that has neighborhood specific examples of properties clients have purchased.  You can search by price point or neighborhood and get a good idea of what to expect

Hi @Michelle Bright
Our branch at Cross Country Mortgage can help you with both the IN refinance and IL purchase. Let me know how we can help you and your husband.