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Updated almost 4 years ago on . Most recent reply

Account Closed
  • Chicago, IL
6
Votes |
12
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Buying my First 3-Unit In Portage Park Chicago

Account Closed
  • Chicago, IL
Posted

Hello , I have been looking for a while now and we found a 3 unit building we like in portage park. We looked at some in Jefferson Park and Portage Park also. Any tips , ideas and suggestions are welcome here. Thank you 

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Jonathan Klemm
  • Contractor
  • Chicago, IL
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Jonathan Klemm
  • Contractor
  • Chicago, IL
ModeratorReplied

 mentioned you just need to be submitting offers on a regular basis if you are a serious buyer.

I think one thing first-time investors tend to do is look for the PERFECT property instead of just getting the first deal under their belt as quickly as possible. I personally always looked at my house hacking deals to just make sure I was paying significantly less on my mortgage than if I would be renting. Since I had a W2 job it was more important for me to get started than to find a deal where the entire PITI is covered.

Also, I ended up purchasing 2 units instead of a 3-4 unit because it's just easier without the self-sufficiency test assuming you are using FHA.

"Done, is better than perfect"

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