House Hacking in Evanston, IL?!

[Jonathan Seyfert]

Hey BiggerPockets community,

I am a brand new to the real estate investing world and excited to start investing in some brick and mortar as opposed to more index funds. My wife and I love Evanston, IL and were wondering if anyone had any experience in the city with rentals and what that has been like for you?

We are still trying to nail down our desired city to start investing and have lived in Evanston in the past, so know the city fairly well. We would be considering a house hack using FHA loan on a $750k - $1.25million multifamily property, living it in for 2-3 year and then moving on to our next adventure as we turn all units to rentals.

We live in the Northern suburbs of Chicago and are also considering starting to invest in either Chicago or Milwaukee, although neither of those options would be a house hack.

Any opinions or experiences you can share about Evanston, IL would be much appreciated!

Thanks and happy fall,

Jonathan

[Michael Facchini]

Hey @Jonathan Seyfert, kudos to you for getting started in real estate investing! I happen to know Chicago, Evanston, and the surrounding burbs very well. Born and raised in Chicagoland, have been in lending for 19 years, real estate investing for 17, and have focused on 2-4units. I'm a fan of Evanston and think there's a lot of good opportunity up there. But of course, it's all block/area and building specific...so need to whittle down further. Also, keep in mind, if you're looking for a low down payment option (whether a standard purchase or a purchase with renovation), you'll be capped at $570k for a loan amount on a 3unit and $708k on a 4unit, if going FHA (as low as 3.5% down). Again, that's loan amount...not purchase price...so you can always put down more to bridge the gap. Anyhow, happy to help so never hesitate to reach out!