House hacking in west side Chicago

[Timothy Chung]

Investment Info:

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

Purchase price: $311,000
Cash invested: $13,000

This is my first RE deal. House hacking a duplex with finished basement in west side Chicago.

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

Living for cheap/free in an area that is gentrifying. Would get the benefits of appreciation, depreciation, tax benefits, and cashflow.

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

MLS. Multiple offers were put in day 2 on the market. Other offers were declined because the other buyers were looking to kick out old tenants that have been living there for 7 years. I told seller I would keep them, and take care of them. This had the sellers accept my deal.

How did you finance this deal?

Conventional.

How did you add value to the deal?

Rehabbing kitchen, windows, and doors.

What was the outcome?

Still in the beginning process.

[Timothy Chung]

@Jennifer Hyman I just finished up rehabbing the 1st floor. I already replaced the windows and doors for the long term tenants. After a year or two, I will ask long term tenants if they would be willing to switch floors so i can fully redo their kitchen.