multifamily and house hacking

[Provi Hall]

Hi everyone. My husband and I are transitioning from Florida to Chicago and we're looking to purchase and house hack our first property. Were looking for a multifamily and hoping to start with 4 doors. I'm a licensed agent in South Florida but I have been traveling and inactive for about 2 years. I'm just getting back into the real state business and I'm a little nervous about where to start regarding which office to work with that will be familiar with house hacks to kind of guide me because I'd like to be the agent on our purchase. With us not having lived in Chicago, I feel as if I'm stepping into so much unfamiliar territory at once and I want to make sure I get things right. Any advice on the best way to find an office familiar with hacks or what to look for in the Chicago Area. Any advice would be appreciated. 

[Cheryl Foster]

@Provi Hall

Sounds like a great plan. We house hacked in NY long ago with good success. Don't forget to check out the FHA renovation loans that can be used to repair one unit of the 2-4 unit building that you buy. You get the loan based on the ARV, at only 3.5-4.5% down payment. You could do a reno to your unit as extensive as a full remodel, or just a roof, HVAC system, and/or upgraded electrical service (you get to add it to the reno because it affects your 1 unit but it is great because that infrastructure improvement benefits the other units incidentally).