My First House Hack in Chicago

[Michael J Scanlon]

Investment Info:

Single-family residence buy & hold investment in Chicago.

Purchase price: $300,000

Rent by the room house hack. Currently living for free and getting $123 on top of all payments.

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

The ability to buy "B class" yet still live for free and cash flow when I move out

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

MLS deal, negotiated myself since I was the realtor.

How did you finance this deal?

3.5% FHA.

How did you add value to the deal?

Bought right.

What was the outcome?

I have about $27k equity and make money every month.

Lessons learned? Challenges?

Hustle to find tenants, expect the unexpected.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Myself.

[Alleia James]

@Michael J Scanlon Hi Michael!

What do you think about the south suburbs? Ex: Oak lawn, Chicago Ridge, etc. I am searching for a multifamily building (4 unit), but I need help finding good deals.

Warmly,

AJ