First Time House Hacker in Chicago

[Zach Taylor]

I currently live in Chicago and I want to get started with real estate investing, specifically house hacking. Does anyone familiar with the area have any tips on getting started? Mostly I want to know more about how to find a good deal. Would it be better to find a cheap place and fix it up, or should I find a place that's in decent condition already? Once I find a place, what's the best way to find tenants? Any advice would be appreciated! 

[Jonathan Klemm]

@Zach Taylor - Definitely go the house hacking route!

Finding a good deal is tough but building a team that knows the market is the best way to find a good deal.  You are on the right path with @John Warren if you are looking in the Western Suburbs.  If you were looking on the North/Northwest side you should connect with brokers like @Brie Schmidt or @Henry Lazerow, they both work with a lot of house hackers and know this area very well.  Lastly, if you were looking on the Southside like Bronzeville or Hyde park I'd connect with @Rj D. who's helped a lot of house hackers in those areas.  

Talk with some great lenders like @Michael Barbari or @Michael Facchini who we are able to help you with your upset limit for purchasing, which will be a great place to start for your search. They'll also be able to advise you the best loan solution for you such as FHA or the home possible loan program.

More than anything I'd just stress getting started.  The deal doesn't have to be perfect when you are house hacking, that's the nice thing about the strategy.  

P.S.  Once you are up and running if you need help with maintenance in the Chicago area shoot me a PM.