Updated over 2 years ago on . Most recent reply
House Hacking in Chicago
How difficult is it to find a reasonably priced duplex in a safe area in Chicago? How much will it cost? How do I begin looking into this?
Most Popular Reply
It depends on a number of variables, including your definition of "reasonably priced" and "safe area". To some people, $300k-$500k is expensive for a duplex while for others that may be $500k+. Many house hackers end up putting down 3.5%-10% down so once you know the price of the property it can easily be calculated but you also want to consider all operating expenses, closing costs, inspection fees, etc.
Low inventory is likely to remain a problem for the foreseeable future too and it's still competitive. A good first step for beginning to look into this is to browse properties online in neighborhoods and price ranges you are interested in and connect with a lender to talk about your financing options. If you need some lender recommendations, send me a PM.