Multi-Family Building Investing In Chicago, IL

[Janice Anthony]

Hi Everyone, Happy New Year! I hope all is well with you guys! When you are an investor in Real Estate and you can't quite find what you are looking for (area, interior design, etc.) because you plan to live in the property for a while to save money and then move out, rent that unit out as well and then go get your own house in the future. So you buy a piece of land to have a 3 unit residential building built, to live in one and rent out the other two but most banks that you have reached out to in Chicago, IL states that they only approve new construction loans for two unit properties. Do you guys have any suggestions as to what banks will approve such a project as this with 3 or more units? 

Thanks in advance!

Janice

[John Warren]

@Janice Anthony you can contact a few of the local banks that will do new construction. I believe the Wintrust banks are pretty aggressive with this type of product, but you will definitely want to go local for something like this. It won't be as attractive as an owner occupied rate though.