New Multi-Family house hacker investor

[Dahtanun Combest]

Hello,

I am currently a W-2 employee who is ready to start my real estate investor career. It has been a journey that includes purchasing  online courses, attending a couple  of meetups ,viewing plenty Youtube videos and reading numerous of real estate books. This has led to bouncing from bouncing strategy to strategy in my mind only . Finally , I have come to the conclusion that the strategy that is the most conducive for my lifestyle is small multifamily househacking (midterm rentals) . I am preparing to move and use a down a payment in the next 6 months to obtain my first property. With interest rates being at the all time high, I am hoping to find an off market deal or creative finance deal. I reside in Chicago and upon research it is best to  connect with like minded and experienced real estate investors. So the question is, are there any local meetups in the Chicago area or nearby cities that are newbie friendly that does not focus on sales pitching and purchasing an expensive mastermind program ? Any advice or tips are highly appreciated . Thanks!

[Joseph Konney]

Hi @Dahtanun Combest

Unless it's a pocket listing or something you've sourced from a motivated seller directly, most off market 'wholesale' deals will not work with traditional financing due to condition, time, and otherwise. 

If you want less of an uphill battle, are looking for 3-4 units, and only have funds for a small down payment, I suggest an FHA 203K renovation loan with as little as a 3.5% down payment to force equity. If the property is habitable and you have cash to update it as you go or immediately, you can now get a conventional loan (without a rehab loan component) for 5% down with 2-4 units.

If you're looking for something smaller like a duplex, you might qualify for up to 10K in down payment assistance from IHDA and/or other down payment assistance programs. 

Happy to help with you search if you'd like to connect.