Househacking in Chicago

[Allen Bosbyshell]

Housinghacking in Chicago with an FHA loan for $250K... Is it possible? Yes, it's possible! But how?? I am looking to buy my first property as a two or three flat in Chicago, IL. I am using an FHA loan and with a max purchase price of $250K. What areas should I look at? Where can I find these deals?

So far I am approved with multiple lenders. I have an agent, though he is not he best match for an investor. I have toured multiple properties on the South and West sides that are FHA passable. Nothing that I can imagine great tenants would want to move into.

Chase bank has a program that offers $10K DPA for the 10 neighborhoods in the City's "InvestSouthWest" initiative. The City also has a $15K incentive areas in certain blocks in certain neighborhoods. (The neighborhood that has really caught my eye so far is New City "Back of the Yards"). I will also be using IDHA's fogivable $6K loan.

My question is really, where should I look? How should I conduct my search? What are the potential trade offs between more bedrooms versus nicer area, etc. I would love to set up a phone conversation if possible.

Thank you.