House Hacking - Chicago & Philadelphia

[David R.]

All,

First, I would like to say I am new to BiggerPockets and I certainly appreciate a community, like this one, that helps and guides like-minded individuals. I am a 28 year old Finance professional living and working in Chicago, IL. I am tired of renting and missing out on all the benefits of being a real estate investor. Therefore, I am setting the goal of purchasing my first home within a year. However, unlike most first time buyers, I want to house-hack a three unit mulitfamily home in Chicago or the Philadelphia area. While I am starting my research, I am posting this to see if any individuals can share their knowledge or experience on house hacking with me. I am looking to put together a team (lawyer, tax accountant, mortgage broker, etc.) and want to know if anyone has any advice on this. My financing will likely be FHA and I am thinking about creating an LLC to purchase the home. However, I have heard that creating an LLC might cause me issues when I attempt to get financing. Anyway, I am looking to share ideas with like-minded individuals. Any help or knowledge would be greatly appreciated. If anyone is familiar with the real estate investor Scott McGillivray, I share a similar vision as him.

[Derek Martin]

Good luck @David R.. Finding a 3-flat in Chicago that doesn't break the bank but still cashflows is not an easy task. But it can be done. I've met quite a few at our local meetup that @Brie Schmidt has helped. Good luck!