House hacking in Chicago

[Robert Regis]

Has anyone bought a property or house hacked with the Express purpose of just lowering your monthly mortgage payment? I live in Chicago and there isnt much, if anything that seems to cash flow positively. It seems like the best bet would be to buy a property and have some of the tenants pay as much if the mortgage as they can. I am wondering if anyone does this as their goal. With a lower mortgage payment you can still save more money, so just curious.

[Michael Facchini]

@Robert Regis, this is definitely a big strategy in Chicago that is growing by the month.  I actually started my real estate investment career by house-hacking and it has blossomed from there.  I have tons and tons of clients that use this strategy as well.  It's become very popular throughout the years, nationwide and especially so in big cities like Chicago.  It takes effort and patience though.  Many people aspire to start their portfolio with a house-hack, but not all make it.  Need to spend time, be realistic, be willing to flex a little, and be persistent.  While it's a competitive market and there are only so many 2-4units to choose from, the opportunities are out there.  In the end, the 1st property you house-hack will likely be one that you own for decades and will become a great retirement asset that produces income along the way.  However I can be of help, please never hesitate to reach out!