Multifamily property in Chicago. House hacking.

[Andriy Chuchman]

Hello,

Just joined and  looking to connect with investors in Chicago. I'm looking to purchase a multifamily property and live in one unit. 

I could use some help to calculate if i'm making a smart investment. I found a building with 4 units selling for 580k all units are currently rented totaling 4200$ per month. 

Credit union is offering 6.5% mortgage loan for multifamily property. 

What do you guys think?

Thanks.

[Perry Farella]

HI Andy,

Lots of moving parts here. Are you planning to live in one unit and do repairs or is it all renovated already ? Are the leases written or MTM ?  Are the tenants actually paying on time ?  Insurance is likely to be 200.00 a month plus all other costs. Is HVAC separate to each unit ?  What about laundry ?  If rehabbed did you check to see if they pulled required building permits ?  Is there a new water service copper line or an old lead water line ?  I have experience in tis are so willing to answer questions.