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Updated about 4 years ago,

User Stats

17
Posts
6
Votes
Will Mejia
6
Votes |
17
Posts

Chicago - Equity and Credit Score enough to buy a property?

Will Mejia
Posted

Currently I own 2 duplexes that I rent out. I have some equity in them.

I live elsewhere and rent. I now want to buy a 3rd property perhaps a condo so the money I pay monthly goes to my own property.  But another option could be house hacking. I could buy a property with 2 units so I can live in one and pay it off with the 2nd unit.

The problem is Chicago is very expensive to buy at the moment and I earn very little from my job. So my job income would be out of the question to  to convince a bank I can make monthly payments. I have 800+ credit score and equity mentioned above as potential ways to put a down payment but I want to know if this is possible. 

Has anyone done something like this before?

Thanks.

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