3 flat in Chicago

[Madeline Walsh]

Investment Info:

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

Purchase price: $330,000
Cash invested: $15,000

Legal 3 Flat (that was not for sure in the beginning). FHA BRR/house hacking. Potentially turning into section 8 if there is tenant turnover. I would love to have a section 8 empire. Next move is New York, New Jersey, or Connecticut 3 flat then an office building.

Lessons learned? Challenges?

I had to go through one eviction in the beginning, which is potentially why he was selling the property. However, there are no 3 flats that cost that low in Chicago. Crime in the area is not the best but it is close to Humbolt Park downtown, Garfield Park Conservatory, the 606, etc.

[Madeline Walsh]

@Jonathan Klemm we are in the process of making A LOT of renovations. The property is old so we are having unforeseen expenses. We found out the potentially the whole block has led pipes so we are needing a contractor to cut a hole in the floor.