Introduction and some questions
Hello, fellow Chicago bigger pockets users. I am moving to the city in the coming months and am looking to get a better understanding of the Chicago market, and neighborhoods, and if anyone knows of any programs that offer properties to live in investors before opening them up to all investors.
A little about me My name is Aras and I am 27 years old and work in the advertising industry and will most likely be working in the Loop. I am really interested in House hacking when I move to the city, but looking at the MLS am not sure how possible that will be in the neighbor hoods I am familiar with.
From my visits I am only familiar with trendy areas such as Wicker park, Lake view, Lincoln park etc. Ukrainian Village. I would really like to be within half an hour of the loop by public transit when I do buy a property, but don't know how feasible that will be with my budget. Should I be looking at any other neighborhoods? Do you think I will be able to find anything in the neighborhoods I have listed?
Right now I have about 50k (hopefully more more by the time I am ready to buy) for my down payment etc. and would hopefully be able to get an FHA loan but have not done to much research into my financing options. My girlfriend would likely be living with me and we would be fine if the building did not cash flow with us living their but would like to be sure that if we were to move out in a few years that we could have the property cash flow, even while hiring a manager.
One question I had right away is anyone familiar with programs that open up new listings to live in buyers first? I have heard of people getting house hacking properties on more than one bigger podcast episodes but have into been able to find any programs to follow in Chicago.
Well I am sure I will have lots of questions but right now if anyone has any resources they suggest I study to get a better understanding of the city and the different markets I how prices have changed etc I would really appreciate any help.
Thanks in advance!
Aras