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Updated over 3 years ago on . Most recent reply
Buying my First 3-Unit In Portage Park Chicago
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
Most Popular Reply
![Jonathan Klemm's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/648424/1621952201-avatar-jklemm.jpg?twic=v1/output=image/crop=1426x1426@492x573/cover=128x128&v=2)
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"
- Jonathan Klemm
- [email protected]
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