All Forum Posts by: Sharie Jackson

@Amber Forkey Would you mind sending me your guidelines as well?

Persistance, determination and research....those are key!

Congratulations on your win!😄

I'd say it was a little over a year till we found our "forever" 1st deal.

We started researching the possibilities of purchasing a 2-4 flat and househacking on Biggerpockets in July 2015. We found a few deals that fell through in negotiation or after inspections and then finally we found our current duplex in August 2016. We did a 203k rehab on this as well. 

I don't think we would have done much different aside from starting 20 years ago. I'd say having a great contractor that truely understands what a full 203k rehab is. We wasted about 3 months finding and vetting our new contractor & getting a great architect for the major structural changes.

Was this process a trial by fire? Yes...but it is also the best decision we ever made!  Now we are planning to acquire another property. And another...and another! 

@Emmanuel Eluobaju unfortunately the time constraints made it impossible for use to use the CIT down payment program with the 203k in our situation. You must occupy the home within 60 days under this program. We are doing a full 203k which will be 4-6 months of renovations. If you are doing a streamlined 203k <$35,000 that may make the difference. @Harjeet Bhatti the Chicago Infrastructure Trust Home buyer assistance program allows you to puchase up to 4 units as long as it is owner occupied. A great opportunity for house hackers who don't need major rehab on a 2-4 flat.

That was our intention too. Only issue seemed to be using it with a 203k loan. I say go for it. A few more hoops won't hurt if it starts you building your portfolio.

You would have to pay back the prorated  balance of what you recieved. It is prorated by the years you stay in the home. We started out looking into the Chicago infurstructure trust program. Do the homeowners class and get that out of the way first.

It must be completed beforehand.

Happy hacking!

Welcome to BP!  I would say option 1 absolutely! I wish I had the knowledge I have now and had started at 22. 

Good luck to you on your journey!

We were in the same boat. Started last year researching, reading, discussing and dreaming. Went through 3 agents, multiple lenders, saw multiple buildings 2-4 flats but have learned so much through this process. Do not get discouraged. This is the best part where you learn and grow and realize what you want to do. Don't sit on the sidelines too long though. The first property you buy will be the the start of your real estate portfolio and the start of finiancial freedom. I wish you the best on your journey. 

Welcome to BP! You will find a ton of information and help on this site.

@Cory Gardner 

Great job on the post!

So did one of us get the Englewood building? The smell of $$$ was all over that building & I see it is now pending online.