Multifamily property in Chicago. House hacking.
Hello,
Just joined and looking to connect with investors in Chicago. I'm looking to purchase a multifamily property and live in one unit.
I could use some help to calculate if i'm making a smart investment. I found a building with 4 units selling for 580k all units are currently rented totaling 4200$ per month.
Credit union is offering 6.5% mortgage loan for multifamily property.
What do you guys think?
Thanks.
Most Popular Reply
HI Andy,
Lots of moving parts here. Are you planning to live in one unit and do repairs or is it all renovated already ? Are the leases written or MTM ? Are the tenants actually paying on time ? Insurance is likely to be 200.00 a month plus all other costs. Is HVAC separate to each unit ? What about laundry ? If rehabbed did you check to see if they pulled required building permits ? Is there a new water service copper line or an old lead water line ? I have experience in tis are so willing to answer questions.