1st Deal - Househacking in Bronzeville, Am I Too Eager?

[Marteki Codjoe]

Hey everyone!

First post here (although I’ve been lurking 👀). I am a newborn baby when it comes to real estate. After the shenanigans of 2020 (dealing with unemployment, uncertainty with jobs, etc.), I realized I couldn’t rely on a 9-5 job, nor did I want to.

So around November 2020, I started doing my research on RI by all of the conventional methods we all read on here. 

It was rental property vs. house hacking for me, but I’m leaning towards the latter. I decided I want to explore househacking a duplex in Bronzeville, outside of Chicago. My current lease ends in August.

As mentioned, I'm a newborn and still learning the ins and outs of RI. However, I'm still searching for deals and run across some properties that look interesting. I started a new job last month which brings much needed stability. I've paid off all credit card debt, saving all my bonuses and as much as I can from my paychecks, so I want to make something haI'm hoping to use a FHA loan to finance.

I need some advice!

1. Should I wait and learn more about RI before jumping into it (maybe I’m an eager beaver) as well as raise more capital for upfront costs? I go back and forth, but I also think the best teacher is experience, but would like to hear your thoughts.

2. My current lease ends in August, but seems like the market tends to get more competitive in the summertime (am I wrong?). Do you think it’s a viable option on potentially purchase a property needing work, rehab & renovate, then start the hack months down the road (assuming reno will be done, but I know nothing is absolute)? I’m aware that I would have to pay 2 rents, etc., probably not the smartest. Or if I find a deal before my lease ends that is hard to pass, would you recommend going for it? 

3. Anyone have experience in the Bronzeville area that can shed some light into that market or would like to connect?

I would love to hear any insight you all have to hear. Trying to soak up as much as I can. I’m not shy to ask any questions, even the most basic or strange, because I believe we all started from somewhere.

Thanks everyone! 😁😁