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Updated 10 months ago, 02/19/2024
House Hacking Chicago Multi-Unit Properties in 2025
Hi everyone,
My name is Andrew and I am currently located in Boston, MA. My girlfriend and I are looking to move to Chicago some time in 2025 (likely the fall) for her job, and we are looking to buy a small multifamily property (2-4 units). We will live in one of the units and rent out the other(s).
I became extremely interested in real estate investing in 2023, and with the help of my dad I actually purchased an out of state single-family investment property in Northwest Arkansas that is set to close in a couple weeks. I have already secured renters and am very excited to get started.
Regarding the Chicago market, I have come to understand that there is an abundance of multi-family properties, but it is important to note the property taxes outside the city limits can be very high. It is also obviously important to make sure the property is located in a good neighborhood.
I am still over a year away from buying a property in Chicago, but I wanted to post here to get to know some people in the market and hear any advice/thoughts any people on here may have. While I do currently have one investment property, this will be my first house hack, so I am very excited to learn any tips and tricks to look out for in this particular market.
Looking forward to hearing from you guys!
Andrew