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Updated almost 6 years ago on . Most recent reply
Looking to buy first home / investment property / house hack CHI
Greetings everyone,
I am new here and rather new to the real estate game. Luckily, I do have access to resources from friends and family in regards to having an agent, real estate investor with prior experience, and more. However, I still wanted to do some of my own homework and due diligence. For starters, I decided to join this forum to further expand my knowledge on how one may leverage an FHA loan on a 3/4 unit multi family here in Cook County, Chicago. I have been pre approved for the full amount of $707,000 which is the max on 4 unit multi family, but I would like to know if anyone can help me with the following questions below.
1. What's a good area in Chicago to look into to accomplish "house hacking" on a 3/4 unit multi family in Chicago using an FHA loan? Assuming I was to start looking NOW.
2. Is running with an FHA loan the best way to take a shot as a first "investment" cash flow producing property as a first time home buyer while seeking a 3/4 unit? My plan is to have the other units at the least cover my expenses and anything extra would go towards the mortgage as I have a solid 6 figure income.
3. Is it true that you can refinance after rehabbing a multi family through an FHA loan after 6 months? Is the option of switching from an FHA loan to a conventional loan after this time period the best route to take which would ultimately allow me to also rent out the unit I was living in for extra income / more towards the mortgage?
4. If you switch from an FHA loan to a conventional loan after 6 months, do you open up another opportunity to use an FHA loan the second time around to rinse and repeat this process?
5. What are the main concerns, tips, and tricks one should be aware of for finding the perfect 3/4 unit multi family in Chicago?
Lastly, if you have previously had sucess in accomplishing "house hacking" using a FHA loan to leverage a 3/4 unit multi family as a first time home buyer please share your story.
Respectfully,
Mike