NEW BP Chicago member, seeking first 3-4 unit house hack!

[Colin Hudson]

Hello All!

Long time visitor, first time poster. I'm looking for my first deal in Chicago, specifically a 3-4 unit building to house hack with a FHA 203k loan. I've begun vetting deals with a broker, and am targeting the near West Side (i.e., Ukrainian Village, West Town, East Humboldt Park), Pilsen, and northern neighborhoods (i.e., Edgewater, Uptown, Lincoln Square). I'm finding these markets to be pretty challenging, with properties that meet the FHA loan limits few and far between, but am not giving up hope! I'd love to chat with folks who have successfully navigated the local markets, as well as those in my shoes who are also embarking upon this journey. Really appreciate all that the BP community has contributed to the advancement of my RE knowledge thus far, and I look forward to contributing to the conversation!

Regards,

Colin

[Michael Facchini]

Hey Colin, happy to help! Briefly, there are options outside of just FHA. And you mentioned 203k...are you looking to do rehab work? Sizeable amount?