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Updated about 2 years ago on . Most recent reply

User Stats

6
Posts
7
Votes
Darren Bloomfield
7
Votes |
6
Posts

My First House Hack - Logan Square Chicago

Posted

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $489,000
Cash invested: $25,000

Renting the first unit to tenants. Living on the second floor and running a STR out of a spare bedroom. House hacking

What made you interested in investing in this type of deal?

Great location. FHA loan has a low downpayment which allowed me to get into the property and start building equity.

How did you find this deal and how did you negotiate it?

Zillow/ MLS

How did you finance this deal?

3.5% down FHA

How did you add value to the deal?

Rehabbed bathroom. Fresh paint. Cosmetic upgrades outside. Saving for a kitchen/bathroom rehab on my unit when moving out after 1 year.

Most Popular Reply

User Stats

2,024
Posts
1,412
Votes
Mark Ainley
  • Property Manager
  • Roselle, IL (Chicago Suburb)
1,412
Votes |
2,024
Posts
Mark Ainley
  • Property Manager
  • Roselle, IL (Chicago Suburb)
Replied

@Darren Bloomfield I created a guide for self managers specific to house hacking in Chicago that I will DM you.  Congrats and love seeing new investors break onto the scene.

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GC Realty & Development LLC
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688 Reviews

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